19 yr older debt? I have a 200.00 19 yr old-fashioned debt which they are saying

I have a 200.00 19 yr old-fashioned debt which they are saying is very soon 1,385.17. When I checked my credit report it stated that the company had written it stale long ago. Using my parents address a collection agency contacted me yet again. Can anyone convey me why this keeps surfacing and how I can seize it to stop? Do I have to settle up 1,300 plus for a 200. debt? And like I said I stated above, it be 19 yrs ago.

Collection agencies buy the written off debt for a few pennies on the dollar, and next try to coerce the unsuspecting person that they still hold to pay the dept.
You do not own to pay it, and in that is a government agency you can report the collection company to, that will contact the collection agency and stop the maltreatment by the agency.

It seem like near should be a statute of limitations on this kind of debt. But short of hiring a legal representative to close this out one way or the other, it looks approaching it will continue to lair you.

Answers: In the US, delinquent accounts can only show on your credit report for 7 years. Payments after the depiction becomes delinquent do NOT reset the clock. The hinder for credit reporting under Federal directive, has note to do with in actual fact owing the money. Most states have a Statute of Limitations that margins the time you can be sued to collect. That limit have probably expired. Contrary to popular belief, that does NOT mean they can no longer collect, simply that they can't legally enforce collections. For a 19 year older debt, you can forget the interest and penalties and proffer around 10 cents on the dollar from the original $200 as a settlement. Be sure to get hold of a written agreement to accept you wage as "Settlement in Full" past you send them a money charge. You don't want to send a personal check. If they are still trying to collect after 19 years, giving them your checking explanation number is asking for even more headaches.

Hi Wendy

What country do you live in? In the UK, debts that hold not been chased for over six years are 'statute barred' and you would hence not have to wage it. If you're based within the UK, the website below has some token letters that you can dispatch to the debt collection agency involved.

The statute of limitations has most to be sure run out on this debt, unless you have made a stipend on it recently. If you sort a payment on the debt you restart the "timer" and the collection agency can restart their collection pains. There are many websites you can find that will narrate you what the statute of limitations is for your state and the type of debt. Do a yahoo search and you will find plenty of them. Good Luck!