Are you talking about the SOL on the original debt or a default judgment? I believe that if the debtor made any payments or promises to pay in writing, then the SOL usually rests on the original debt in many states. Part of the collection strategy for zombie debt includes calling the debtor's relatives to see if the relative will make a payment over the phone. It's illegal, but is rarely reported or enforced.

Doesn't this have a lot to do with the companies that buy old debts? I have a card that I defaulted on during my young and stupid days about 15 years ago and they still send me letters once in a while, but it isn't the original company, of course. I'm sure over the years the debt has changed hands numerous times.

Joker wrote: Living in New Mexico, I recently looked up the debt laws to see if there was a way to improve my credit due to the bureaus stating I have no credit now that it has been 10 years. The only recourse I seemed to have is to start completely over but opening a secured card account and go from there. Know your rights for the state in which you live!

A secure card should help you out. Slowly, but surely you can build your credit back up.

Living in New Mexico, I recently looked up the debt laws to see if there was a way to improve my credit due to the bureaus stating I have no credit now that it has been 10 years. The only recourse I seemed to have is to start completely over but opening a secured card account and go from there. Know your rights for the state in which you live!

Moneyes wrote: Isn't there some sort of statute of limitations on this though? If a bill is 20 years old, will they still try to collect? I would think that they would think it is a lost cause.

The less reputable companies will still try and collect. If they make enough threats down the phone, some people will be scared into paying debts they don't owe, and that's all money for the company. It is why you should always get written confirmation you have paid a debt off.

The statute of limitations varies by state but generally there is a limit. Example, six years in reading seems one of the more common time periods. Even the I.R.S. has to generally stay around 6+ years for most things (there are exceptions!).

I don't know the statute of limitations exactly, but I know if it over 20 years, they very likely do not have a legal right. I would not pay, it sounds like a scam.

Isn't there some sort of statute of limitations on this though? If a bill is 20 years old, will they still try to collect? I would think that they would think it is a lost cause.

This is an interesting topic and still very relevant. I didn't know that there was an actual process that these debt collectors must follow. I know a couple of people that would get phone calls from what they thought to be debt collectors stating that they owed money, but not once did I hear about them receiving a letter that states this. I guess this is the best way to tell if those phone calls are legit or not.

6/17/2009

Yes, you should pay off your old debts. But, I must mention here that some scavenger debt collector called me and threatened to freeze my bank account if I did not pay TRIPLE the original debt I owed to Citibank. At the time, I didn't know my rights and I paid the ridiculous ridiculous balance.

Turns out (after finding out via information brought to me by Finance Globe), the debt collection agency was collecting a debt beyond that given by the Statute of Limitations for New York. It also turns out that I can sue them for my money back because of unfair debt collecting practices.

So, KNOW YOUR RIGHTS!!!!!

Amen to that we have to know our rights and you know what make sure that you sue the pants and everything else off of them. And when your finished make sure that they won't even be able to afford a card board box too!

Yes, you should pay off your old debts. But, I must mention here that some scavenger debt collector called me and threatened to freeze my bank account if I did not pay TRIPLE the original debt I owed to Citibank. At the time, I didn't know my rights and I paid the ridiculous ridiculous balance.

Turns out (after finding out via information brought to me by Finance Globe), the debt collection agency was collecting a debt beyond that given by the Statute of Limitations for New York. It also turns out that I can sue them for my money back because of unfair debt collecting practices.

So, KNOW YOUR RIGHTS!!!!!

You go girl!

Another great wealth of information.

However, playing the role of the Devils Advocate,
I'm assuming this initial thread was for those of us out there who really are "Victims" of being hassled for no reason by collectors.

I mean, realistically speaking, anyone that owes, that knows they owe..... just PAY IT!! Right? I mean really, no point in running from state to state sending blast out letters asking these folks to provide us with bills that we've already recieved?!

I say rule of thumb to live by, pay it if you can, or pay what you can and keep your creditors informed. If you don't owe, and they have the wrong person, or the debt has been cleared yet their billing system has somehow gotten crossed up, I say fight to the death.

Rockin35!

I have heard about this. This is good for those who receive phone calls from collection agencies daily and are wrongfully accused of owing the CA some money.