Statute of limitations – debt at least 8 to 10 years old
April 30th, 2015 by Questions
I have old debt that is at least 8 to 10 years old. I’ve been contacted for the first time in at least five years or more (in which a letter was sent to my old address but I never responded as they didn’t have a number but only an address and I lost the message). They contacted me via the phone. I didn’t answer so they left a message. The company didn’t say what they’re calling about. Their name is debt control agency which I’m assuming is a collection agency. And I’m wondering if I should even consider speaking to them as this is a very old debt probably the last time I talked to someone was sometime in 2005 or 2006. During this period, I lived out of province and had only been back in the last few years. I’m wondering because the debt is so old if I call them will it begin the statute of limitations I doubt that they’ll be able to take me to court as it’s been almost ten years. Looking forward to your response.
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April 30, 2015 at 12:00 pm, Doug Stuive, CA | Trustee | CIRP said:
The statute of limitations refers to the ability of a creditor to take a debtor to court to obtain a judgement directing the debtor to pay the debt. If you have not made a payment on the debt then a phone call will not mean that they can commence legal action. However, the statue of limitations doesn’t mean that the company has to stop their collection action. You still owe the debt, they just can’t use the legal system as a means to obtain payment. They will still call you and write you. The debt can be sold to different collection agencies and can pop up in your life for years to come. If this is your only debt of concern then you may wish to negotiate a settlement with them. When a debt is so old and has been sold to various collection agencies over the years they will often accept very low settlement offers provided you have the persistence to stand your ground against what can be very harsh negotiation tactics on the part of the creditor. It should also be noted that this debt may still need to be paid at the time of involvement in a real estate transaction, if you become entitled to an inheritance or a the time of your death.