Collection companies are buying old debt at pennies on the dollar hoping to strong arm consumers into paying them something/anything, because it’s all profit.
Before entering into a discussion you must know your rights, and the potential consequences of paying against an old debt.
1) There is a statute of limitations on how long a creditor has to sue for a debt. This varies by state up to 10-years; Texas is 4-years.
2) Payment of an older debt re-ages the debt making what is old and outdated new again…. and may reappear on your credit reports as a negative item. This would be catastrophic to your credit score if a payment plan is part of the agreement.
3) Offers of new credit may contain a connection to the old debt making the consumer liable for the past, new current, and future debt, thereby re-aging the old debt as part of the new.
Do not ignore these letters demanding payment for old expired debt. In return, send them a letter demanding proof of the debt, and in the absence of this proof, they are to discontinue their collection efforts.
If you know of anyone that has hit a financial speed-bump in the past, recommend they contact Austin Credit Group to help them achieve a full recovery.
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