Old Debt
If you are getting calls about an old debt, you are not alone. Recently, we have heard from dozens of people who are getting calls from debt collectors about bills that are 5, 10, even 15 years old. There is an important time frame to remember when dealing with debt. You can be sued to collect the debt for 4 years. After that, you cannot be taken to court over a debt. After 7 years, a debt can no longer appear on your credit report. However, if you owe money, you owe it until it is paid. Right now, people are seeing old debt being sold off to new companies and it's the new holder of the old debt trying to collect. If this is happening to you, there are several things to keep in mind. If you owe the money and can pay, do so. If you can only pay a portion on the debt, ask the debt collector if you can settle for a lesser amount. For instance, if you owe $500.00, ask if you can pay $250.00. If the debt holder agrees, get that in writing. Make sure you get a letter that states you will pay $250.00 to settle the $500.000 debt in full. The letter should state the debt is now considered paid in full and that you are no longer obligated to pay any more. If you can make payments, but are unsure if you will be able to continue making those payments until the debt is settled, it may be best to ignore the collection agency. Once you pay a few monthly installments, then stop paying, the time frame for legal action against you starts all over again. The collection agency can sue you for up to 4 years and the old debt will get put back on your credit report.
Here's a link that explains the process a bit more:
I was recently served with paperwork indicating that I am being sued for a debt that is obviously over four years old because it has my maiden name on it and I have been married for about eight years.
What do I need to do to get this matter resolved? I don't have the money to pay the debt or hire an attorney. Please help!
Posted by: Maya | 08/28/2008 at 11:45 PM
f you are getting calls about an old debt, you are not alone. Recently, we have heard from dozens of people who are getting calls from debt collectors about bills that are 5, 10, even 15 years old. There is an important time frame to remember when dealing with debt
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shane
debt advice
Posted by: debt advice | 11/06/2009 at 02:45 PM
nice
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Shelly
http://www.easyfinancialbliss.com
Posted by: shelly | 02/15/2010 at 12:35 AM