i had a dept with a bank over 10 years ago and a dept collectors agency have recently traced me. do i have to pay the dept. i have never spoken to the bank about the dept and i had forgotten all about it until i received a letter from the dept collectors. if i do have to pay something could i get it reduced as i have nothing left each month as i've now got 2 kids and a morgage and other depts i've got to pay off.
2006-08-26 05:06:45 · 13 answers · asked by danny.ruston1@btinternet.com 1 in Business & Finance ➔ Credit
usually debt companies will settle for less than you owe if you pay it off. Otherwise if you don't it will hurt your credit. try to work with the debt company and get rid of the debt before they take it further and try to sue you.
2006-08-26 05:10:33 · answer #1 · answered by Lindsey 3 · 0⤊ 1⤋
To the best of my knowledge you do not have to pay this debt nor should you as paying it will adversely affect your credit. Simply tell the debt agency that you do not acknowledge the debt and tell them not to call you again. Check your credit report in the next two months to make sure that the debt has not been added. If the debt is over seven years old it is not supposed to be on your credit report. If you pay anything, it will become a new debt and will stay on your report for the next seven years.
This debt collection tactic is gone over in MSN money under zombie debt collectors. I suggest that you read all of the articles in this section as they are very informative and will keep you from making a serious error that adversely affects your credit.
2006-08-26 05:17:47 · answer #2 · answered by Susan G 6 · 0⤊ 1⤋
Call them and let them know how old it is explain to them that if they can reduce the fine it would be greatly appreciated and you are willing to make payments on the debt and see what they say!
I had one with an Xb/f of mine in OR when I lived out there... he over drew the bank account after I moved back home to NJ. # years later I was to get married and buy a house and that was on my history and they wanted me to pay the whole $500! I sent then $250 and gave them my Xb/fs # and address and said get the rest from him since it was his fault and I did not live in the state at the time of all the withdrawls and etc. and never heard from them again.
2006-08-26 05:12:23 · answer #3 · answered by MIKKI 2 · 0⤊ 1⤋
There is no time limit on a debt that you have incurred. It is a purchase you made and are legally liable for no matter what. However, when the debt collector has had no luck in getting the money from you, they will usually allow you to make a settlement lump sum payment around 50-70% of the original debt.
2006-08-26 05:15:20 · answer #4 · answered by sultrylilmomma 2 · 0⤊ 2⤋
The Statute of Limitations applies to this - and it expires after SIX YEARS (Sorry Jools my Dear - you're wrong - the THREE year time limit applies to Personal injury claims).
However, the point is academic, since according to your question the debt has been outstanding for 10 years. Accordingly, you tell this debt collector to stick his demand for money wherever it's most uncomfortable for him.
Furthermore, if S/He persists in contacting you that is tantamount to harassment - which is now a criminal offence.
Good luck my friend.
2006-08-26 05:17:18 · answer #5 · answered by Anonymous · 1⤊ 1⤋
The best action is to take none. If you contact the collection agency, the only purpose should be to request no more contact because it is inconvenient to you.
This debt is likely well beyond the statute of limitations (check the laws in your state) and should be removed from your credit report. If you are looking for why they are pursuing it, the following article should make it crystal clear.
2006-08-26 05:28:14 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Contact the CAB as so as possible & ask that they contact the bank on your behalf - they will let you know if you have to pay or not - last year they got me out of a £20,000 debt - do not reply or phone bank untill spoken to CAB.
2006-08-26 05:16:27 · answer #7 · answered by Sly_Old_Mole 7 · 0⤊ 0⤋
no, they only have a certain number of years in which to try and get the money off you. its about 3 years so there is no way they can chase you for it. Get in touch with the 'consumer credit counselling servie' they are a registered charity and will give you free advice about anything to do with debts. I have used them and I can't reccommend them enough
2006-08-26 05:10:46 · answer #8 · answered by jools 2 · 1⤊ 1⤋
i'm pretty sure you would. Depending on the place though, they may offer you some kind of deal...like paying half and being done with it. It really depends on the place. But they are not going to let you get out of it. Its still YOUR debt.
2006-08-26 05:11:48 · answer #9 · answered by Anonymous · 0⤊ 1⤋
apparently after 7 full years your debts are null and void so long as absolutely no contact has been made between either of you, if you made contact even by answering the phone to them you still have to pay them.
http://www.debtfreedirect.co.uk
ask them for advice.
2006-08-26 05:11:47 · answer #10 · answered by kevin 2 · 1⤊ 1⤋