Debt Collectors & Zombie Debts: Be Informed
A friend of mine recently received a call from a collection agency regarding a debt from over a decade ago (and on top of that, he knows for a fact that this bill was paid). He took down the information and gave me a call. I told him that debt collectors cheaply buy old debts from companies. And, as per usual, they're aggressive and unceasing in trying to make you pay for old debt.
A quick online search regarding this issue turned up too many results, which only underscores how big of a problem this is. Debt collectors will sometimes go after these zombie debts-even if they have been paid. For those of you with credit histories that are squeaky clean-just as my friend's credit history is-continue to be aware of this issue. In his case, the financial record was lost and he almost paid the bill thinking it would be the easiest option.
If you find that you're being pestered by a deb collector for an old debt, then know your rights.
You should also contact your state attorney general's office to find out the statute of limitations on years-old debts. You should be aware that there different rules apply not only in different states but also in dealing with the statutes for different types of debts (health care debts may have a different statute of limitation then a credit card debt, for example). Even if the debt is outstanding, if it falls beyond the limits of the statutes, then you are not required to repay it. (I suggest that you speak to a financial professional once you have all the information you need, though.)
Furthermore, many financial professionals suggest that, if you are contacted by the collection agency for a zombie debt, you should send them a certified letter with a return receipt asking for the details of the debt they are trying to collect.
As always, know your rights and do your research. If you are confused about an issue, you should always talk to your own financial advisor so you can make an informed decision.
Related Tags: debt, credit card debt, zombie debts, debt collectors
J. Richard Shanley writes "Molly's Brother On A Budget," an online journal devoted to helping him-and others-get their spending under control. You can visit him again at http://mollysbrother.com
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