Zombie Debt

[Anonymous]

Hi. So this is my first post. I have been lurking on here for many months and have finally signed up. Well, today I just checked my mail and I have a dunning notice from a zombie debt thats is so old its in my maiden name and has long fell off my reports. Its from Asset Management Professionals, LLC and under account identification it is showing the current creditor as Oakwood Financial Services LLC the OC is Alltell Communications and the balance they are showing is $746.69. They are offering my two options balance settled in full by one time payment of $224.01 or 3 monthly payments of $85.87. Then of course at the bottom it talks about dispute the validity of this debt and so forth. What would be the best action here. TIA

[gemntheholigram]

One thing- Is it in collections on your credit report?

If its that old, I would call Experian and get an estimated timeline for when it will drop off. Do you know when it is due ot drop off?

[Anonymous]

It is not currently showing in collections. It was at one time many years ago and fell off my report many years ago. It has not shown up on any off my annualcreditreport pulls for the past 3 years or so. I am looking right now for the oldest report I have but even still I don't believe it will be on there because it is that old. 

[Anonymous]

I am thinking that I should go ahead and DV. I'm trying to use the $$ I do have to work on the CA that are currently reporting on my CR. I was really not expecting this. 

[Shogun]

Hello and welcome to the forums.

With zombie debt like your experiencing you basicall have 2 options.

1.  Pay the debt, or part of the debt.  Offer them $50 to settle the debt and go away for example.

2.  Send a cease and desist letter.  This will prevent them from anymore contact, but it doesn't get rid of the debt.  They can sell it off to another CA.

[beb86]

How old is the debt and what is your states SOL

[Anonymous]

I do wish to pay. Like I said I wanted to focus the $ on hand for current CA. I really don't want to take any of the offers they are giving me. Being that it is years old, looking back I found it went off my report in 2010, I do have the power to negotiate. Will $50 really send them away? Would I do a PFD? I already sent off a DV because honestly I really don't believe that is the correct amount that they are claiming I owe. I don't want it popping up again I think it came up because I recently was approved for a Walmart CC. 

[Anonymous]

This debt fell off in late 2010 and the SOL for FL is 5 years. 

[llecs]

If past FL's 5-yr SOL and past the federal 7-7.5 yr CRTP, then I personally wouldn't do anything unless I morally felt compelled to pay it. They can't report and if sued you'd have a solid defense.

You can't do a PFD since it isn't reporting.

A DV is fine. They might do away or verify. If you wanted to pay, do not admit to the debt and state such, but offer a settlement of $x and see what they say. I personally have a couple of CAs chasing after debts that are over 15 years old. They send letters 2-3 times a year and I ignore them. As long as you don't admit to the debt or make a payment on it without their written response back of a settlement agreement, then you are OK.

[Anonymous]

Thanks. I have not heard back anything from the DV. And they are not reporting on my CR.