Resolved Question

A debt collection agency have asked me to pay back a debt that they bought from my bank?

the debt is apparently 12 years old and i know nothing about it. my bank only hold records for 10 years so they cant help and although i still am with the bank they have never approached me baout this. the company say they will accept half of the money and write the rest off. do i have to pay this money?

Best Answer - Chosen by Asker

If as you say you know nothing about it then ask for details of the debt and until they show you the details do not give them anything

There are currently no comments for this question.

Other Answers (6)

• You didn't say where you are.... If you are in the States you are not liable for the debt, no state in this country has a statute of limitation longer than 10 years so if the debt is 12 years old is totally unenforceable.
  However a partial payment can re-start the statute
  
  Just write them a certified letter saying that you don't pay time barred debts so you refuse to pay their claim, tell them to stop any further contact with you about the debt and let them know in writing that they cannot list that account in your credit because is older that 7 and a half years, the maximum statutory limit for reporting.
  
  If they don't leave alone after that you can sue them under the FDCPA

  Source(s):

• They tried that trick on me some years ago.
  
  Write back to them and ask for proof of the debt by producing statements to prove the debt and accuse them of trying to fraudulently procure monetary funds by pecuniary deception.
  
  Don't enter any discussion, make threats or admit anything.
  
  Always works because when they buy debts from another source, they don't get the paperwork to go with it so they can't prove the debt.
  
  It's an easy money meal ticket using scare tactics. In law they haven't got a leg to stand on and they just take a 50/50 bet that you will pay up with a whimper.
  
  To just show how it works, they tried to screw £55,000 out of me when our business went bust some 18 years before. They sent the same demand to my ex wife for the same amount. But that debt had been paid by the indemnity insurance unknown to them. But here's the crunch bit, they were willing to settle for £8,000.
  
  So really in truth, they had bought the debt for £8,000 and then tried to screw £110,000 out of us! If it had worked they would have made 1,375% profit on their "bet"
• You are liable for any debt you have. Do not get confused with "write off" periods. This is only a period of time that the bank or lender will actively seek recovery themselves before passing it on to outside collection agencies. A debt is a debt and is ageless. It is a common myth that they are forgotten or written off.
• Well, it could be a scam.
  Ask them to provide evidence that they purchased the debt from the bank when they did. If they cant provide any then how can they expect you to pay it.
• I would ask for evidence of the debt. The I would check with the Citizens advice bureau (or other legal advice).
  
  This does sound like it may be a scam.
• Ignore them, do not talk to them. Do nothing.