DEBT MANAGEMENT

Once upon a time, you had debt that you could not pay. The creditor wrote it off as uncollectible. Now, out of the blue, you are being harassed for that debt. It is bad enough to be bothered by a debt collector, but to be hounded for something that you believed to be ancient history is doubly annoying. If you are being pestered by someone for old debts, then more than likely you have come across what is called a scavenger debt collector. Or actually, they have come across you. Scavenger debt collectors purchase bundles of dated debt for incredibly low prices. These collectors buy low and hope to collect high. They have very little invested; therefore, they have the opportunity to make big profits. And they will do basically whatever it takes to get those profits. They don’t care if their method is unethical or something that would make their dear old granny cry or give ‘em swat with the broom.

In the scum-filled pond of bottom dwellers, these guys are even lower than the regular debt collectors. Who knew? Paying a debt that is too old is not required of you. How old is too old. That depends upon your state’s statute of limitations period, or expiration date. Every state has different laws, but it can be as early as three years. If you have a debt that was written off six years ago and there has been no activity on your credit report for the debt since then, you are probably free of that debt forever. You can find out the statute of limitations on debt for your state so if a scavenger comes round, you can tell him to bug off. These guys will be very surprised to hear you say that because they are assuming that you have never heard about these laws.