[TITAN308]

Yes. If it were a 3 party contract, you would have legal remedies. It's not, it's an asset that was sold.

Correct. Just a generic sell off of an account. The type where they buy them by the thousands in a single portfolio, start throwing **** at the wall and see what sticks.

 

[rmodel65]

7 years - yes if you carefully refrain from any contact with the creditor (it restarts the clock)

I think it only restarts if you pay on the debt?

 

[psrumors]

I think it only restarts if you pay on the debt?

Or promise to pay the debt

 

[AtlPhilip]

If the debt is over 7 years from last activity (check) tell them to pound sand.

If not, and you want to be rid of this, offer 3c on the dollar. Negotiate down to what they paid for the asset (probably 1c). Let them know that you know that you will fight and that their BEST case scenario is recouping their investment.

 

[atlsrt44]

If the debt is over 7 years from last activity (check) tell them to pound sand.

If not, and you want to be rid of this, offer 3c on the dollar. Negotiate down to what they paid for the asset (probably 1c). Let them know that you know that you will fight and that their BEST case scenario is recouping their investment.

Good advise. The only thing i will add is keep meticulous records. I payed off a debt when i was 20 only to have them come back 2yrs later claiming i missed a payment and owed them a bunch more.

 

[AtlPhilip]

Get a signed letter stating the debt will be discharged in full once $xxx is paid. Do not pay one cent without it.

 

[GATimberdoodle]

While unpaid debts remains on a credit report up to 10 years from the date of default, most fall off at 7.

Notwithstanding, the statute of limitations enabling OP's suit to go forward may have run. Check what type of debt it is: note, contract, etc. IIRC, consumer credit debt would be a suit on a contract, so six year SOL from when debt was due (OCGA §9-3-24).

Different debts may have different SOL, say sale of goods, commercial sales, etc. YMMV.

While a frivolous (uncollectable) lawsuit is frowned upon, it happens LOTS in consumer cases.

Just my observations- not a legal opinion.