If you're struggling with debt and Ascension Capital Group has entered the picture, it’s important to know what your options are. While debt collection is a stressful and commonly ignored topic, understanding your rights and the steps you can take will make things significantly easier.
This guide is here to help you understand how Ascension Capital Group operates and introduces five practical ways to deal with them.
By taking the right steps, you may be able to protect yourself from the stress and pitfalls of debt collections.
Who Is Ascension Capital Group?
Ascension Capital Group, Inc. is a consumer services company based in Texas, that specializes in debt-related services. They frequently operate in the industry of debt collection, either acting on behalf of creditors to recover unpaid debts or purchasing debt accounts outright, allowing them to collect under their own terms.
Address: 2201 E Lamar Blvd, Suite 200, Arlington, TX 76006
Phone: (817) 701-0500
Website Info not available.
Ascension Capital Group is a legitimate company, but its role as a debt collector can sometimes be confusing or intimidating for consumers.
Why does this matter? Once a debt changes hands to a collection agency like Ascension Capital Group, new challenges can arise, such as persistent collection calls or unclear repayment terms.
Unlike your original creditor, debt collectors often focus solely on recovering the amount owed, which can lead to more aggressive tactics.
What Debt Collection Means for You
When your debt is sent to a collection agency, it’s like handing off the baton in a relay race. Only this time, the agency’s goal is to resolve your unpaid balance on behalf of the creditor. That might mean negotiating a payment plan. In some cases, it could also mean pursuing legal actions like filing a lawsuit.
But don’t panic just yet. There are clear legal boundaries that debt collectors have to follow.
One key factor to understand is the statute of limitations for debt collection. This is essentially the ticking clock that defines how long a collector has to take legal action against you. The time limit varies by state and depends on the type of debt you owe. Once the clock runs out, collectors can no longer sue you over the debt. However, they can still attempt to collect it by calling, sending letters, or other means. This makes knowing your rights critical.
If you want to learn more about this topic, read our guide about state laws and statute of limitations.
How Debt Collection Agencies Operate
Debt collectors are in the business of recovering unpaid money, but they don’t have free rein to do whatever they want. Federal laws like the Fair Debt Collection Practices Act (FDCPA) set strict rules to prevent harassment or deceptive practices. Even so, some collectors may try to push the limits, making it important for you to stay informed about your rights.
Debt collectors might contact you by phone, email, or even through letters. They’ll often try to negotiate repayment plans, offering to settle your debt for less than what you owe. If that doesn’t work, they might escalate their efforts. But remember, you have the right to request proof of the debt before making any payments. Always double-check that the debt is legitimate and still within the statute of limitations.
The Statute of Limitations: Why It Matters
Here’s where it gets interesting: The statute of limitations is like an expiration date for lawsuits. Once this period has passed, collectors can’t take you to court to force repayment. But there’s a catch—if you make a payment or even acknowledge the debt in writing after the statute has expired, you could restart the clock. This is called “re-aging" the debt, and it’s something collectors might encourage without fully explaining the consequences.
Each state sets its own time limit for debt collection lawsuits, ranging anywhere from three to ten years or more, depending on the type of debt. For example, credit card debt might have a five-year limit in one state and a six-year limit in another. Knowing these details can save you from unnecessary stress and legal trouble. If you’re unsure about your state’s rules, consult a legal professional or look up the statute of limitations for your specific location.
Why Understanding Debt Collection is Crucial
Debt collection can feel overwhelming, but knowledge is power. By understanding how collectors operate and the legal protections available to you, you can navigate the process with confidence. Whether it’s knowing when the statute of limitations has expired or recognizing your rights under federal law, staying informed can help you make better decisions.
At the end of the day, debt collection doesn’t have to be a nightmare. With the right tools and information, you can take control of your financial situation, avoid unnecessary legal risks, and work toward resolving your debts on your terms.
If you really want to understand the debt collection process, we made a separate article about it. Click here.
Five Effective Ways to Handle Debt with Ascension Capital Group
If you are being contacted by Ascension Capital Group, here's how you can take control of the situation.
1. Verify the Debt Is Accurate
The first step is to confirm that the debt belongs to you and that the amount they’re claiming is accurate. Debt collectors are legally required to provide you with a debt validation notice, which includes details like the amount owed, the original creditor, and your rights as a debtor.
- Request full documentation to ensure the debt is legitimate.
- Double-check the amount listed from your records to ensure there are no mistakes.
- If the debt seems unfamiliar, ask for proof of ownership, as debts are sometimes sold to multiple agencies.
2. Know Your Rights Under the FDCPA
The Fair Debt Collection Practices Act (FDCPA) protects you from harassment and unethical practices by debt collectors. Understanding your rights gives you the tools to challenge unfair practices.
Under the FDCPA, collectors must abide by the following rules:
- They cannot call you repeatedly to annoy or harass you.
- They cannot contact you during unreasonable hours, such as before 8 a.m. or after 9 p.m. without your consent.
- They must stop contacting you completely if you request it in writing.
If Ascension Capital Group violates these rights, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) or your state attorney general’s office.
3. Negotiate a Settlement
If you're unable to pay the full amount owed, negotiating with Ascension Capital Group may be a feasible option. Debt collectors often accept lower amounts in a lump-sum payment.
Here’s how to effectively settle your debt:
- Start by offering a lower amount than you can reasonably pay to leave room for negotiation.
- Get the agreement in writing before making any payments.
- Ensure part of the agreement includes marking your debt as "paid in full" or "settled" on your credit report.
4. Be Careful About Restarting the Statute of Limitations
When dealing with debt, it's crucial to avoid actions that restart the statute of limitations. For example, making a partial payment or agreeing to a repayment plan may reset the clock on the legal timeframe for debt collection.
Before making any payments, verify whether the statute of limitations has already expired. If it has, consider communicating with Ascension Capital Group only in writing to avoid restarting the timeline.
5. Seek Legal or Professional Help, If Necessary
If the debt situation feels too complex or overwhelming, it’s wise to seek assistance from a debt relief professional or attorney. They can help you understand your options and negotiate with debt collectors on your behalf.
Debt counselors, for example, can work with you to create a budget and develop a plan for repayment, while an attorney can represent you if legal action is taken.
Pro tip: Many nonprofit organizations offer free credit counseling services to guide you through this process.
What to Avoid When Dealing With Debt Collectors
When dealing with Ascension Capital Group, avoid making these common mistakes that could worsen your situation:
- Ignoring Calls: Ignoring debt collectors won’t make the debt disappear and may escalate the issue.
- Providing Too Much Information: Stick to the facts and avoid discussing your financial situation or making promises you can’t keep.
- Paying Without Written Agreement: Never send money without receiving a written agreement outlining the terms.
Take Control of Your Debt Today
Dealing with debt collectors like Ascension Capital Group may feel intimidating, but understanding your rights and taking the right steps can lead to a better outcome. Start by verifying the debt, understanding your legal protections, and negotiating responsibly.
If you’re still unsure how to move forward, consider seeking professional guidance. Dealing with debt doesn’t have to be a solo effort, and help is always available.
Our credit repair experts can guide you through the process and help you work toward a stronger financial future.
Get a free consultation today!