23 year debt

[kedeesmom]

So today I was contacted by a collection agency stating I have an outstanding bill from1992.. Now I thought I was pretty credit savvy because I just purchased a new home with a credit score of 750, so I now wonder is this something I need to look into or should I just ignore this because I know debts fall off in 7-10 years we talking 23 years later...

[Anonymous]

Send them a DV, and if you hear from them again send a cease communications letter.

[GoldSorata]

Just a JDB trying to collect on a past SOL debt. They are just fishing to see what they get. 

You mention you just purchased a new home, if you got a mortgage, the mortgage inquiries on your reports most likely woke them up.

[kedeesmom]

But after being sleep 23 years looks like they should have moved on.. I'm wondering just how much legal standing they have to continue to call me or even come after me.. @seezar

[RobertEG]

They realize that consumers will sometimes be requested in a loan application to list any unpaid, deliqnuent debt, and that some credtiors may require satisfaction of any such debt as a pre-condition for new loan approval.

By notifying you of their continued claim, they are hoping that it might still be paid, even though now time-barred based on expiration of SOL.

Whether you ever need to disclose it, or whether if asked you choose to do so, may never happen.

You can send a DV, which if timely will impase a total cease collection bar, and if they do validate, which is unlikely on such an old debt, you can then choose to send a cease communication letter.  Up to you.

[gdale6]

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@kedeesmom wrote:
@But after being sleep 23 years looks like they should have moved on.. I'm wondering just how much legal standing they have to continue to call me or even come after me.. @GoldSorata

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Unless you live in WI or MS which have laws that kill the debt at SOL expiration they can attempt to collect forever. You can send them a C&D as already stated if they validate the debt. They may sell it to another JDB in which case you would get another dunning and at that point I would just ignore.

[Anonymous]

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@gdale6 wrote:

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@kedeesmom wrote:
@But after being sleep 23 years looks like they should have moved on.. I'm wondering just how much legal standing they have to continue to call me or even come after me.. @GoldSorata

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Unless you live in WI or MS which have laws that kill the debt at SOL expiration they can attempt to collect forever. You can send them a C&D as already stated if they validate the debt. They may sell it to another JDB in which case you would get another dunning and at that point I would just ignore.

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Well, technically they have to stop bugging you when you die.

[needtodobetter]

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@gdale6 wrote:

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@kedeesmom wrote:
@But after being sleep 23 years looks like they should have moved on.. I'm wondering just how much legal standing they have to continue to call me or even come after me.. @GoldSorata

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Unless you live in WI or MS which have laws that kill the debt at SOL expiration they can attempt to collect forever. You can send them a C&D as already stated if they validate the debt. They may sell it to another JDB in which case you would get another dunning and at that point I would just ignore.

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Good info, gdale6.  I live in WI and wasn't aware of that - I hope I never have to use that information but it is good to have ;-)