I'm wondering after receiving a letter from a credit collection agency stating I owe a past due balance from an account w/ a dept. store 14 years ago that I don't remember anyway, do I need to worry about them pursuing me for this? It's accrued $1,000 in interest from a 950.00 balance in 1993. It's not even on my credit report, can they still go after me????
2007-11-28 05:05:56 · 10 answers · asked by sunoverla 2 in Business & Finance ➔ Credit
This is the latest legal scam being perpetrated on the American public.
The original debt was long ago charged off by the store, hence the reason it no longer appears on your credit report.
They then sold the debt to some collector, for 25-50% of the original debt. That collector long ago gave up too.
Now, these old debts are resurfacing with dishonest collection companies buying them for pennies (or less) on the dollar. For example they would buy $1,000,000 worth of uncollectable debt for less than $10,000.
Then they crank up the printers and start sending out notices hoping people don't remember from how long ago it was, or hoping that some percentage will just cut a check and mail it to them. If you just ignore it there is nothing legally they can do (no matter what the letter says, legally a judge would laugh them out of court).
Here is the catch, if you contact them and state that you will "try" to pay, you re-activate the debt and restart the statute of limitations. Many people end up accidently doing this and it is not until AFTER it is too late they find that they could have just ignored it.
This is just another instance where the government KNOWS that consumers are being co-erced and harassed, and they don't care. After all it is only happening to the "bad" people (with credit issues). Those same "bad" people get screwed over legally all the time. Our country stinks sometimes.
The final rub, people that have paid off the debt are contacted too, and many, idiotically pay it a second time.
Good luck to you.
2007-11-28 05:19:01 · answer #1 · answered by Gem 7 · 1⤊ 1⤋
No, if they could have they would have. This debt is "time barred" hence why it does not show up on your credit report.
They are trying to trick you into making a payment just to "re-set the clock" on this debt.
These are called "junk debt" agencies. You can find out more at the listed links.
http://www.budhibbs.com/debt_collector.htm
I invite you to join the following Yahoo group "DontGetRippedOff" dedicated to helping those in financial trouble, Here you will find information to help you with debt collection agencies.
http://finance.groups.yahoo.com/group/dontgetrippedoff/
2007-11-28 06:11:28 · answer #2 · answered by Sgt Big Red 7 · 0⤊ 0⤋
No, they cannot.
Debt has an "expiration" so to speak...check what that is for your state..in NC, it's three years. Any attempt to collect debt after the statute of limitations is up means you DO NOT have to pay anyone anything...
Some companies "buy" debt...meaning...just for example ONLY, you have an old Sears debt. Along comes a company years later who tells Sears, we'll buy your old debt for 30cents on the dollar..Sears sells them their old accounts...this new company then proceeds to hound the heck out of you to pay this old account...some people do...and if they pay in full, then this company has just "made" 70cents on the dollar profit.
Tell them next time they call you are not responsible for this old debt, tell them they are to no longer call you, and then hang up.
If they continue to call, it is illegal and you can bring action against them...
2007-11-28 05:19:23 · answer #3 · answered by Toots 6 · 0⤊ 0⤋
I worked for a Bankruptcy atty and what happens is collection agencys buy old debts and try to collect on them. They are trying to get you to contact them so they can try to strong arm you. It would be best if you do not contact them in any way, because it will encourage them to persue. Usually the collection agency will be persistent in order to scare you into paying. Do let it get to you and just leave it alone. They probably won't sue and it would get thrown out any way because if the statute of limitations.
2007-11-28 05:13:46 · answer #4 · answered by Anonymous · 0⤊ 1⤋
nah probably not, they are just trying to see if you will pay. If they are really agressive they could sue you but check the statute of limitations for your state on collecting debt.
Most of these places will never file a lawsuit, they just threaten you to recover some of the money. I wouldnt worry about it.
2007-11-28 05:11:03 · answer #5 · answered by Leizl 6 · 0⤊ 0⤋
Well it depends on where you live. For example most any store will hire you here in florida ify your 14. If you live in Tx though, you can't legally get hired anywhere untill you're 16. check out your local craigslist or read the paper. or just go around asking for job applications. that's how i got my first job at Whataburger good luck :]
2016-05-26 05:33:32 · answer #6 · answered by ? 3 · 0⤊ 0⤋
Ignore them. They probably factored your account. It is beyond the statute of limitations. Do not re-sign any papers. Tell them to go fly a kite!!
2007-11-28 05:16:41 · answer #7 · answered by trop 4 · 1⤊ 0⤋
Probably some scam artist trying to get your info.check it out real good,also,if it is not on your credit report don't worry about it.
2007-11-30 11:08:03 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Pay a lawyer a couple of bucks. They really can't go after you because of the stature of limitations law. They only have 7 yrs. After 7yrs it's their loss. Even if they took you to court over it a judge would say nope sorry.
2007-11-28 05:12:17 · answer #9 · answered by looking41thing2nite 2 · 0⤊ 2⤋
tell them to kiss your yahaa and don't call you again.
good luck
2007-11-28 05:14:15 · answer #10 · answered by Jan Luv 7 · 0⤊ 0⤋