SHOULD I BE WORRIED?

[montana586]

So long story short I get a letter in the mail from the INFAMOUS LVNV and im thinking to myself oh boy here we go about a debt that is 10 yrs or older it is a valid debt as it was some furniture that I financed when I was younger and just decided nt to pay off. Trust me I no longer use that type of thinking but anyway as im reading the letter and I get towards the bottom it states because of the age of the debt that they will not pursue me legally nor will they report to the 3 cra so my question is besides being morally obligated to repay this debt do I face any other hidden consequences that im nt aware of?

[starry1]

Probably not since the SOL in your state has probably already passed as well.  You should check to be certain.

[montana586]

I did its 6yrs

[RobertEG]

In my opinion, yes.

Expiration of both SOL and credit report exclusion periods does not erase the debt.

You still have unpaid, delinquent debt.

While CR exclusion might shield awareness of that fact by a simple pull of your CR, you always run the risk that it will pop up from some other source.

It's always best, when asked if you have any unpaid, delinquent debt, to be alble to say no.

To state that one does not have unpaid, delinquent debt based solely on CR exclusion or expiration of SOL might be a bit less than forthcoming.

Additionally, the owner of the debt can, at any time, make an inquiry for your credit report.  You could see unwanted iquiries at any time.

[montana586]

But wouldn't those inquires be considered soft pulls?

[Shogun]

You have what we term as a "Zombie debt".  It is past the SOL and the CRTP, LVNV has openly expressed that to you.  You will not have any legal repurcussions nor will you have this show up on your CR.  It is totally a moral issue now.  I always advocate paying/settling something on the debt.  These debts get passed to bottom feeders that aren't quite as up front or follow the legal means as LVNV has.

[montana586]

Thank u all for your replies and your advice in this matter it is much appreciated glad to be part of a good community

[Shogun]

We're glad to have you aboard.  Let us know if we can be of any help to you and best of luck!

[RobertEG]

Expiration of SOL and/or CR exclusion periods do not bar them from making future inquiries for your CR.

Provided they retain collection authority, they have continued permissible purpose to pull your CR based on that authority.

There is also no requirement that a permissible purpose for collection on a debt be coded as a so-called "soft" inquiry.

While perhaps not likely, the question was what are the possible consequences.

[montana586]

Yes sir robert I stand corrected my apologies (no sarcasm intended)