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cwwersal

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Very old debt repayment?
I recieved a letter from a creditor for a settlement offer on a debt that is more than 12 years old and I don't even think it is on my credit report. Why would the creditor be trying to collect a debt this old that does not even have derogatory impact on my current credit standing?

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Very Old Debt Repayment

First, I'd check the credit report to see if ther debt still exists.  Second (while waiting for the credit report) go online to find out what the Statute of Limitations is on debts for your state.  It does vary by state.  I just did a quick glance and a debt can remain collectable in Kentucky for 15 years.  I live in Oregon, and it's 6 years here.

If the debt is still collectable under the Statutes, you may want to accept the settlement offer since the creditor would like to get this off the books (and it would be to your advantage, too).

If the Statute of Limitations on this date has expired, notify the creditor that his offer is a tad late and, under the law, the debt is no longer collectable.  Be sure to keep copies of all communications just for your records for a few years.

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