I just got an email from a collection agency claiming I owe nearly $20,000 for a debt from 2011. They say it’s tied to Bank of America. I’m guessing it might be a credit card since I had financial trouble after my divorce in 2009, but I’m not sure.
Isn’t there a time limit on how long debts can be collected? It’s not on my credit report anymore. Should I reply, or will that reset the clock on the debt? Can they even try to collect after all this time? What are my options?
Don’t respond or pay. They can’t make you do anything.
Call Bank of America and ask if there’s a judgment or if the debt is out of statute. That should give you clarity.
Most credit card debts have a statute of limitations of 6 years. Ignore this. They’re just hoping you’ll panic and pay.
Emil said:
Most credit card debts have a statute of limitations of 6 years. Ignore this. They’re just hoping you’ll panic and pay.
Or that you’ll admit to something and reset the statute of limitations.
@Zion
I’m a former debt collector and now a paralegal. Admitting to the debt doesn’t reset the statute of limitations in the U.S. That’s a myth people keep repeating. Happy Thanksgiving!
@Zion
Talking to them doesn’t reset anything, but making a payment does restart the 7-year reporting period.
It’s probably past the statute of limitations. If it’s not on your credit report, you should be fine. Don’t admit it’s your debt, or the clock might restart.
Collection agencies are supposed to mention if the debt is past the statute of limitations. They’re likely trying to get you to make a payment so the clock resets.
Assuming you’re in the U.S., debt statutes of limitations vary by state. A judgment can bypass these limits, so check if one exists. If you’re unsure, consulting a lawyer might be worth it to clarify your situation.
@Olin
Agree. Make sure there’s no judgment out there.
If it’s not on your credit report, just tear it up and forget about it.
Don’t respond or pay. They’re just fishing.
Ignore them. They can’t sue after 13 years. The statute of limitations is way over. If you want, you could mess with them just for fun, but they can’t actually do anything.
Ellis said:
Ignore them. They can’t sue after 13 years. The statute of limitations is way over. If you want, you could mess with them just for fun, but they can’t actually do anything.
Ignoring them is fine, but messing with them doesn’t seem helpful.
@Tory
Two people agree with me, but you do you, bud.
Check your state’s statute of limitations. If the debt is too old, they can’t sue or report it. Only making a payment or acknowledging it resets the clock.
Don’t reply or pay. You don’t want to reset the 6-year clock on it.
This debt is already too old for them to take legal action against you.
They bought an old debt for cheap and are trying to collect the full amount. Talk to a lawyer if you’re unsure.