topic Re: A 10 Year Old Debt Has Surfaced in General Credit Topics

A 10 Year Old Debt Has Surfaced

Anonymous — Fri, 03 Apr 2015 00:40:07 GMT

I've been rebuilding my credit for the past three years, and doing quite well. Out of the blue, I was contacted by Atlantic Recovery Solutions regarding a 10 year old debt. Of course, they are being super aggressive. I am not unwilling to pay, however, I would like to know what my options are given there is a five year statute of limitation for credit card debt in my state. When I mentioned this to the guy who called, he stated that my information is completely false and that a creditor can come to you at any time, 15-30 years, for unpaid debts. Is this true? I have no idea how they arrived at the amount being requested. Does anyone have any ideas on how to handle?

Re: A 10 Year Old Debt Has Surfaced

gdale6 — Fri, 03 Apr 2015 01:07:16 GMT

@Anonymous wrote:
I've been rebuilding my credit for the past three years, and doing quite well. Out of the blue, I was contacted by Atlantic Recovery Solutions regarding a 10 year old debt. Of course, they are being super aggressive. I am not unwilling to pay, however, I would like to know what my options are given there is a five year statute of limitation for credit card debt in my state. When I mentioned this to the guy who called, he stated that my information is completely false and that a creditor can come to you at any time, 15-30 years, for unpaid debts. Is this true? I have no idea how they arrived at the amount being requested. Does anyone have any ideas on how to handle?

If its past the SOL, and if you can get their address send them a FOAD letter. I would not discuss anything on the phone except their address. Technically they can attempt to collect forever but they cannot use threats and deceptions to do so that would be a violation of the FDCPA. The FOAD is a type of C^D letter.

Welcome to the My FIco family

Re: A 10 Year Old Debt Has Surfaced

Anonymous — Fri, 03 Apr 2015 01:34:06 GMT

Thanks so much for the quick feedback!!

Re: A 10 Year Old Debt Has Surfaced

RobertEG — Fri, 03 Apr 2015 01:39:18 GMT

Collection on time-barred debt (i.e., debt for which the SOL has expired) is currrently a high-profile practice that is under increased scrutiny by bothe states and the CFPB.

The trend is to require, by statute or regulation, that debt collectors include, in any communication pertaining to a debt that is likely past SOL, specific advisement that they cannot pursue legal action to collect on the debt. NY state recently enacted such regulations, and the CFPB is in the middle of a rulemaking process thst includes such a requirement on the national level.

Their statemnt or implication that they can pursue any legal action is a direct viiolation of FDCPA 807(5). and heopefully will also be directly covered by new federal regulatins.

Re: A 10 Year Old Debt Has Surfaced

Anonymous — Fri, 03 Apr 2015 13:01:12 GMT

This is a very common practice in today's society. Google the number they are calling from and follow the forums. You are not alone my friend, My best advise is do not answer the phone from an unfamilar number. Guaranteed they will not leave you a voice mail. Good luck

Re: A 10 Year Old Debt Has Surfaced

Anonymous — Fri, 03 Apr 2015 13:52:52 GMT

Caller ID can and often is faked. Never assume the number that's shown, even if it appears familiar, is real. A mostly sure way to determine whether the number shown is likely the number that called is dialing it back (dial-back security brings back my BBS hobby days), but that comes with risks of its own, and not totally full-proof these days.

In my view, it's generally best to avoid talking with debt collectors at all unless one intends to negotiate prompt settlement of the debt. Debt collectors are pros at extracting information, and can cause much trouble. Safest route is hanging up, or even better, screening all calls.

Re: A 10 Year Old Debt Has Surfaced

sarahlee7 — Fri, 03 Apr 2015 22:20:18 GMT

Ignore the calls. Speak to no one. I wouldn't even send a letter. They could use that as grounds of you opening the case/acct up and they could update it to the bureaus whether right or wrong, legal or illegal. I would not risk having any correspsondence with them.

I get a collection notice every now and again and I honestly don't know what it's from. It goes straight to the trash...Been getting that same nice for several several yrs now.

Re: A 10 Year Old Debt Has Surfaced

DaveInAZ — Sat, 04 Apr 2015 13:54:55 GMT

@Anonymous wrote:
Caller ID can and often is faked. Never assume the number that's shown, even if it appears familiar, is real. A mostly sure way to determine whether the number shown is likely the number that called is dialing it back (dial-back security brings back my BBS hobby days), but that comes with risks of its own, and not totally full-proof these days.

In my view, it's generally best to avoid talking with debt collectors at all unless one intends to negotiate prompt settlement of the debt. Debt collectors are pros at extracting information, and can cause much trouble. Safest route is hanging up, or even better, screening all calls.

Good advice. I once got a collection letter for a couple thousand of CC debt. I had rented out my house while I was working overseas and had just moved back, and I was afraid the renters had gotten a pre-approval CC letter and had opened an account in my name, so I promptly called the number. It turned out to be a CC opened in the early 1980s, this was the early 2000s! Only thing it could have been was a joint CC my ex-wife kept when we divorced in 1983. I told them "You can't be serious!". He assured me he was and made all kind of threats, so I hung up. Now they had my phone # they called every day, I just screened my calls and never spoke to them again. They eventually went away. SOL doesn't mean they won't try.

Re: A 10 Year Old Debt Has Surfaced

Shogun — Sat, 04 Apr 2015 14:48:31 GMT

If a cease and desist letter or FOAD as it is referred to is sent. Then any communication with you is a violation and you can actually go down to your local court house and file a $1000 claim against them, then hire a collection agency to harass them. Just an option.

Re: A 10 Year Old Debt Has Surfaced

Berk — Sat, 04 Apr 2015 16:35:28 GMT

I will still get phone calls once or twice every few years on a 30 year old debt. I just tell them good luck collecting and hang up. I wrote one FOAD letter 5 years ago to a collection agency that sent me a letter with all the info I needed. They never bothered me again but they did sell the collection to an other company, who sold it to another company, who sold it to another company. etc, etc. Don't discuss the debt with them and don't give them any of your information. The cannot collect one cent from you no matter how much they yell and scream. Sometimes, if I get a really aggressive one on the phone I make them so mad that they hang up on me. Don't let them intimidate you. It is called Zombie Debt Collecting and it is becoming huge business. Think of it as collection agencies playing the lottery - they buy a bunch of tickets - old debts - for pennies on the dollar. Every once in a while they hit big or find someone intimidated into paying them. The more people they intimidate the better their odds.

Re: A 10 Year Old Debt Has Surfaced

EW800 — Sat, 04 Apr 2015 17:01:03 GMT

A 30 year old debt? Talk about not letting go! It would sure be interesting to know how much the sleezy collection agencies are paying for that account - literally pennies on the dollar!