West Asset Management is a collection agency based out of Omaha, Nebraska. They will collect on a variety of consumer debt accounts including:
- Financial services
- Higher education
- Insurance and more
(West Asset Management was recently fined by the Federal Trade Commission for $2.8 Million dollars for violating the Fair Debt Collection Practices Act – http://www.ftc.gov/opa/2011/03/wam.shtm)
Who Is West Asset Management?
West Asset Management is a third party debt collector. This means, they will purchase the collection rights on your debt account from the creditor or another collection agency. They may work directly with your original creditor to attempt collections before your debt is charged off.
West Asset Management
11808 Miracle Hills Dr.
Omaha, NE 68154
phone number: 1-888-433-2886
4 Tips To Deal With West Asset Management
1. Protect Your Rights
Are you getting harassing phone calls, threatening letters, and just sick of the overall aggravation that West Asset Management is putting you through? You don’t have to just live with it. Regardless, if you pay the alleged debt or not. You can get them to stop contacting you!
For a full listing of your federal rights when dealing with collection agencies take a look at the Fair Debt Collection Practices Act. This is a law that Congress passed to protect consumers from being harassed by aggressive collection agencies.
2. How Old Is Your Debt?
The Fair Debt Collection Practices Act says that the majority of consumer debts are covered under a statute of limitations. This means that if your debt is commonly 7 years old or older. Then you are not legally responsible to repay it. Additionally if you still have this bad credit item on your credit reports, it is not supposed to be there.
This 7 year time window begins with the original lender. A common tactic many collection agencies use to keep bad credit on your credit reports. Is to view an debt account as brand new when they purchase it. This could result in an item being illegally reported on your credit reports for well over 7 years.
3. Make Them Prove It’s Your Debt
Thank goodness for the Fair Debt Collection Practices Act. This law also says that you can request West Asset Management validate your alleged debt. A debt validation request will require that West Asset Management, show you the legal evidence that they own your account and can legally collect payment on it.
If they can not validate your debt. Then your debt does not exist. You don’t have to pay and West Asset Management is suppose to contact the credit bureaus to tell them to remove negative credit information from your credit report.
4. Negotiate A Settlement Agreement
If West Asset Management is able to validate your debt and it is within the statute of limitations. Then you should negotiate a settlement agreement. In your settlement agreement you must get West Asset Management to stop reporting your account information to the credit bureaus. In exchange for your payment.
This is not uncommon and they will have no problem agreeing to it. It is also smart to negotiate to pay less, than the full amount due. Collection agencies have huge profit margins because they will buy your debt account for just pennies on the dollar. There are reports of one national agency buying debt for less than $.03 for every dollar.
This means if West Asset Management is trying to collect $1,000 debt from you, they may have only paid $30 for your account. And let’s say they even paid 10% for the collection rights on your account, that is still only $100 for your debt. Any amount of money you pay over $100 will be profit!
Always negotiate to pay less. The worst thing that will happen is they say no. If you would like additional help to fight West Asset Management or are facing a lawsuit. We would encourage you to consider affordable and legal credit repair attorneys. These credit attorneys typically charge a monthly fee of less than $100.
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