Recently, it seems like my phone has been ringing off the hook with consumer complaints of unfair and dishonest collections practices within our Michigan state courts.
For example, earlier this year, I spoke with a 19 year old woman whose entire bank account had been swiped by Asset Acceptance. All of this young woman’s money had come from a death benefit annuity which her mother had set up for her. This young woman, who was working her way through college, did not owe Asset Acceptance any money, but her father did. The father’s name was on her joint bank account so that he could deposit small amounts of funds into her bank account to help her with student housing.
Asset Acceptance failed to follow state law by taking all the money in this joint bank account without giving any due process to the 19 year old joint owner of the account. Instead, Asset Acceptance swiped the entire account, without even talking with the joint account holder. State law required Asset Acceptance to advise the court that the account had multiple owners and that a determination of ownership was needed before the funds were taken. Asset Acceptance ignored this law and just took all the money, not even leaving this young college student with one half of her account balance. As a result, the young woman dropped out of college and requested public assistance. She had no money to hire a lawyer and did not know what to do. Fortunately, she was referred to our office and we were able to get her justice. I cannot talk about it further because the settlement terms are confidential, but suffice to say our client was happy with the results.
Rex Anderson, P.C. can be reached at 810-653-3300.
Collaborative Writing by Rex C. Anderson, Esquire and Contributing Research/Writing by Kellye S. Smith