Summary: Settle with Worldwide Asset Purchasing by responding promptly to lawsuits, validating the debt, negotiating a lower settlement, and knowing your FDCPA rights. Solo can help simplify the settlement process.
If you have fallen into debt you might be frustrated and worried. This is totally understandable because it can feel very overwhelming. Whether the reason for your debt is an illness, a disability, being laid off, or simply forgetting to pay your bills, you are not alone. Millions of Americans suffer from debt, but if a lawsuit is being brought against you then you must take action.
If you are being sued by Worldwide Asset Purchasing, LLC for debt, then you need to be aware of a few things. Most often an original creditor (such as a loan officer or credit card company) will assign or sell your debt to a third party. This third-party debt collector (such as Worldwide Asset Purchasing) will take steps to try and collect on the debt.. You must learn your rights and take the right steps to engage with Worldwide Asset Purchasing to settle your debt.
What is Worldwide Asset Purchasing?
If you are being contacted by Worldwide Asset Purchasing, it is important to know what and who you are dealing with. This company is a debt collection agency located in Omaha, Nebraska that was established in 2007.
While it was established in 2007, over the last few years they have specifically purchased “junk debt.” This form of debt has typically been given a low credit rating by a rating agency. There is a higher risk that comes with junk debt, but along with higher risk also comes higher interest rates.
Who does Worldwide Asset Purchasing collect for?
Worldwide Asset Purchasing purchases delinquent and discharged accounts from various companies operating in different sectors of the economy, including credit card companies, auto loan companies, personal loan companies, etc.
Negotiate with Worldwide Asset Purchasing to settle your debt for less
Regardless of where you are in the debt collection process, you have the option to try and negotiate a debt settlement with Worldwide Asset Purchasing. Here are some recommended steps you can take to try and settle your debt:
- If Worldwide Asset Purchasing filed a debt collection lawsuit against you, make sure to file an Answer in a timely manner.
- Determine what you are able to afford to pay toward the balance of the debt. Why? Because figuring out how much you can pay without negatively impacting your other living expenses will help establish parameters for your settlement talks with Worldwide Asset Purchasing. Consider using the following formula: Amount available to settle = (monthly income – monthly costs) + savings)
- Convey your settlement offer to Worldwide Asset Purchasing. It is generally recommended that your opening offer be less than the amount you calculated in Step 2 above.
- Be prepared to go back and forth in multiple rounds of negotiations with Worldwide Asset Purchasing.
- If you are able to reach a debt settlement agreement, make sure to get the terms in writing.
To learn more about these tips and others that may assist you on your journey to settle debt with Worldwide Asset Purchasing, watch the following interview with a consumer rights attorney, John Skiba, where he shares the best tips for negotiating debt settlement with collectors:
The FDCPA protects you from aggressive debt collectors
The Fair Debt Collection Practices Act (FDCPA) is a set of rules that governs how a third-party debt collector may talk to you, and address you. Essentially it states how they may legally attempt to collect a debt from you. The following is against the rules of the FDCPA and, if violated, warrants a countersuit:
- Using profane language
- Harassment in any way
- Ignoring a request to cease communicating
- Threatening legal ramification that they do not have the power to enforce
- Disclosing your debt to family, friends, or any besides you, your spouse, or an attorney who represents you
- Calling at odd hours, such as before 8 am and after 9 pm
- Claiming that you owe a specific amount if it is not in the original creditor agreement
If any of the above have occurred or been inflicted on you, then you have legal recourse. These can be brought to the court as a defense to your debt collection lawsuit.
Statute of limitations for debt collection
The statute of limitations governs how long a consumer can be brought to court for debt. In some states, the statute of limitations is only three years, while it is most commonly from four to six years. In the state of New York, the statute of limitations is 20 years.
Often your debt will have been purchased by multiple debt collection agencies or individuals. When this occurs, the time will increase between yourself and the original debt. After the statute of limitation has expired, the debt collector officially loses their right to pursue recovery in court. This is because the debt is officially time-barred.
If you are being pursued for debt by Worldwide Asset Purchasing with the statute of limitations expired, this is an affirmative defense that you will need to raise in court. In this case, although the debt collector may no longer be able to pursue you in court, they may continue to attempt to collect the debt and report it to a credit bureau. This may lead to a reduction in credit score and a negative credit report.
Don't let debt collectors push you around. Make a defense with SoloSuit.
What to Do When Served with a Debt Collection Lawsuit
Answer the Summons Quickly to Avoid Default Judgment
After receiving an official Summons and Complaint by Worldwide Asset Purchasing, you will need to respond as soon as possible. This must be done in an official “Answer.” You will only have 20 to 30 days to send your Answer. If you do not respond in the allotted amount of time, then you will be given a default judgment.
Default judgments occur when you either ignore the debt or simply do not respond. This default judgment against you allows the debt collector to begin garnishing your wages, taking money out of your checking account, and even trying to recover attorney's fees and related court costs.
Another reason why you want to respond is that debt collectors typically assume you won't respond. If you do respond to the lawsuit and ask for proof of your debt, they may not be able to offer this to you.
Ask for Proof of the Debt and Get Your Case Dismissed
When a debt collector files a lawsuit against you, you are allowed to ask for proof. This means you should ask for the following:
- Challenge the debt collector's ability to file a lawsuit against you
- Proof of the original debt in any form
- Proof that you owe the amount stated
- Proof that this debt collector has the right to sue you for the debt
Make the right defense with Solo and win in court.
If Worldwide Asset Purchasing cannot produce any form of evidence that you owe the debt, you may request that the judge dismiss your case. This is important because when a debt collector sues you, the “burden of proof” legally rests with them. If the debt collector cannot prove their case, then they cannot legally pursue you for this debt.
If you are looking to beat Worldwide Asset Purchasing in court then you must act now and quickly. If you end up not creating a viable defense, then you may still be charged for the debt. In this case, you have the option to settle the debt for less than you owe. Whatever you do, always remember to respond to your summons promptly.