Word to the Wise
When I was in college 20 years ago, I had a Sears credit card, which I used to buy clothes, a typewriter (yes, it was 1986 so a computer wasn't even a thought) and other stuff to the tune of about $700. A good portion of that balance was probably charges racked up when I stopped paying it off.
Eventually Sears wrote off my debt, and the account has long since dropped off my credit report. Nonetheless, a dirtbag collection company bought my old account and has started sending me letters and calling me in an attempt to get me to pay.
After a little research, I found out that this is a growing business - they probably paid a couple of bucks for my old account, so anything I pitch their way is a profit. The only thing is, federal law and the state laws regarding the statute of limitations on old debt now prohibit them from actually doing anything about it.
I know that the Indian phone monkey that called me is probably getting paid some meager commission if I break down and pay, but the woman simply would not give up, so I had to very firmly say "this conversation is over. Unless your company would like to sue me to retrieve the funds, please do not call again"
If anybody tries this on you, know your rights. The crazy thing is that actually giving them even a partial payment may do substantial damage to your credit rating, as acknowledging the debt can re-start the statute of limitations all over again.
Eventually Sears wrote off my debt, and the account has long since dropped off my credit report. Nonetheless, a dirtbag collection company bought my old account and has started sending me letters and calling me in an attempt to get me to pay.
After a little research, I found out that this is a growing business - they probably paid a couple of bucks for my old account, so anything I pitch their way is a profit. The only thing is, federal law and the state laws regarding the statute of limitations on old debt now prohibit them from actually doing anything about it.
I know that the Indian phone monkey that called me is probably getting paid some meager commission if I break down and pay, but the woman simply would not give up, so I had to very firmly say "this conversation is over. Unless your company would like to sue me to retrieve the funds, please do not call again"
If anybody tries this on you, know your rights. The crazy thing is that actually giving them even a partial payment may do substantial damage to your credit rating, as acknowledging the debt can re-start the statute of limitations all over again.