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After the Seven Years Bankcruptcies Can Any of My Creditors Go After Me Again

Written By Tuesday, April 5, 2022 Add Comment Edit
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Tin collector come after me for 20-twelvemonth-old debt?

Janna Herron
Janna Herron

Dear Credit Card Adviser,
I have been receiving letters from a debt collector for about twenty years maxim I owe a residue of $xviii,000 on a credit bill of fare. I have never responded to them and there is zip on my credit report. In the twenty years they take been after me, I have moved four times and each time they notice me. What is this, and what tin can I practise to stop them?
-- Ginny

Dear Ginny,
Unfortunately, creditors and debt collectors can attempt to collect an old debt ad infinitum. What they can't practise is sue you for the debt after your state's statute of limitations has passed, which has probably happened in your case. The debt collector -- which probably bought your debt from the credit bill of fare issuer for pennies on the dollar -- is hoping you don't know that or that y'all volition satisfy an old debt out of some lingering moral obligation.

Hither's the thing: This debt tin can't injure yous. Information technology'south as well erstwhile. The collector tin can't get a judgment against you lot from the courts, and the bad history of that debt is too old to exist found on your credit report. Negative items fall off your credit report later on seven years from the engagement of the first malversation (bankruptcies take ten years from the court filing), under the Fair Credit Reporting Act. And so, the debt collector can't say the debt volition hurt your credit, because that is a prevarication and a violation of the Fair Debt Collection Practices Act, or FDCPA.

Now, this is how you tin can go the letters to finish. Write a alphabetic character of your ain, proverb to finish contacting you. Copy the alphabetic character and send the original by certified postal service to the debt collector. Become a return receipt for the letter to record that the collector received the letter. The U.S. Postal Service charges $two.55 for a mail receipt and $i.25 for an electronic mail receipt.

The collector cannot contact you again once they receive your letter nether the FDCPA. There are two exceptions. A debt collector tin contact you lot to ostend there will be no more contact or to inform y'all of a specific action, such as filing a lawsuit. In your case, the debt collector can't practice the latter.

If for some reason you make up one's mind to pay the debt, make sure you pay it in full or settle the debt for an agreed amount. If y'all transport a small, expert-religion payment that doesn't satisfy the debt, you restart the statute of limitations on the debt's life span. That means the debt collector then has the power to sue you for the debt.

If the debt collector gets a judgment for the debt, that judgment can prove upwards on your credit written report because, as a public record, it'southward counted as a dissever item from the original malversation, charge-off and collections account of the debt.

So, write the letter, and either pay all or nada. The choice is yours.

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Source: https://finance.yahoo.com/news/collector-come-20-old-debt-070025531.html

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