I just received a call on my cell phone from a debt collector in regards to a 10+ year old debt, which was removed from my credit report after 7 years without any action being taken. Are they able to collect this old debt even though it's been removed from my credit report about 10 years ago? Are they able to garnish the wages from my pay check?
2007-06-19 07:26:50 · 5 answers · asked by Gicy 2 in Business & Finance ➔ Personal Finance
They would need to be able to prove that the debt is owed by you. Most likely they are not able to, or they would have tried to keep it from being removed from your credit record.
Tell them that you don't recognize the debt, and ask them to furnish proof of the original debt. If they can't do that, they can't continue to try to collect.
If they ARE able to do that, they would be within their rights to try to collect it in any way that they wanted to, including garnishing your wages. However, if the debt it 10+ years old, and it's not a significant amount, I would venture to guess that they're not interested in actually going to the trouble to garnish your wages. My guess is that they purchased the debt for pennies on the dollar and are just trying to collect.
With all due respect to Jacqueline below, a judgment stays with you forever. It stays on your CREDIT REPORT for 7-10 years, but the judgment is enforceable in perpetuity.
2007-06-19 07:32:14 · answer #1 · answered by Scotty Doesnt Know 7 · 2⤊ 0⤋
If the debt is that old probably not. The statute of limitations starts with the date of your last payment and differs by state. On written contract the statute is anywhere from 2-6 years. Unless there was a judgment obtained. The Judgment will stay in place for up to 20 years.
2007-06-19 07:32:15 · answer #2 · answered by Jacqueline M 5 · 1⤊ 0⤋
This question relates to principles of common law, believe it or not. And much of common law was based on biblical scripture. The bible says that you shall be forgiven your debts every 7 years. This is where the "7 years" comes from in debt and bankruptcy statutes--it is a biblical tradition.
However, common law expanded on the biblical interpretation and allows a debt more than 7 years old to be collected provided the debtor reasserts the debt within that 7-year period. Lawyers call this the "account stated" doctrine.
So, if your debtor did not send you a statement demanding payment before the expiration of the 7-year period, the law cuts that debtor off from ever collecting on the debt.
2007-06-19 07:35:47 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Get a paid for credit checklist in case you have not already. it could have your previous account quantity and direct touch quantity. some circumstances they are going to handle it or a minimum of shift you to whoever they use for collections. the series employer won't be set as much as address letters or emails. merely supply them your telephone quantity and contact. in the event that they called you for the money....... no biggie as you're keen to pay. determine you get all of this in writing so which you will deliver this directly to the credit companies. The paid for checklist could have all the help in regard to a thank you to pass approximately this.
2016-10-18 01:20:28 · answer #4 · answered by zaragosa 4 · 0⤊ 0⤋
don't make any payment to them. if you do it reopens the debt. as of now there is nothing they can do but try to harrass you
2007-06-19 07:30:45 · answer #5 · answered by whiteman 5 · 1⤊ 0⤋