Re: credit card debt and social security
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Posted by Bob (203.96.111.201) on May 01, 2002 at 00:12:32:
In Reply to: credit card debt and social security posted by qure on April 30, 2002 at 23:57:17:
If the debt is already thirteen years old, then the statute of limitations (i.e. time-limit to sue) is probably long expired. As a debt gets older it becomes worth less and less, as far as likelihood of recovery. As it goes through multiple collection agencies, it becomes worth less, because of the history of being ignored by the debtor (you). The current collection agency ("CA") paid just a small percentage of the "face value" of the debt (i.e. "pennies-on-the-dollar"), in exchange for the legal right to bug you about it. The debt is too old to legally appear on your credit reports, so they don't have any leverage that way, and you don't have much risk (they could theoretically submit it with bogus dates, but probably won't bother.) If I were a collector trying to generate payments, I would view your account as hopeless, forget about it, and move on to other, better prospects (i.e. more recent accounts with working debtors.)
Hope this helps.
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