collects on a credit card debt that’s five years old, how do you know that the collector actually has the right to collect that debt and declare it done with? I always ask for a written settlement contract specifying that the collector has the right to collect. It’s also important to get a company name and physical address.
Unlike these “investors,” I would never pay a cent for debt that was more than three years old. The statute of limitations runs out on it, and the collector no longer has the legal right to collect. The debt collector, though, sees a moral right to collect, and no law stops him from collecting on a debt that is decades old.
Education is the best defense against these people. If you need help from debt collectors, give me a call.
September 9, 2014