Collection Agency Going After Old Debt
Collection agency trying to receover debt from 1991 - 1993; Isn't there a statute of limitations of how long a debt can be attempted to be collected? If I don't respond to their choices to repay within 30-days can they take the money out of my checking account? What is the best way to handle this. Obviously I don't have the money to pay it and don't know if it is even valid.
Re: Collection Agency Going After Old Debt
No doubt the SOL has probably run on this "debt". A lot of very old debt must have been purchased recently, as I have seen on other forums. The dunning letters always have "three convenient ways" to pay at a discount. This is probably in hopes that 1) you don't know your rights and the law, and 2) you'll be frightened and make a payment -- which will restart the statute of limitaions. In most states I believe the SOL is 4 to 6 years, but in states such as Ohio, as long as 15 years.