Some debt collectors are on hot pursuit for persons who have old debts. Though it is illegal for them to sue for your old debts, the collectors can use many ways at their disposal to make you pay your old debt. The statutes of limitations typically range from 3 to 10 years.

Once your debt passes the statute of limitations, you are not mandated to pay the debt but you can do so as a moral obligation. However, making the slightest payment on your old debt or even agreeing you have a debt can kick start the statute of limitations thus giving the creditor a chance to sue. Therefore, refrain from making any payments or acknowledging an old debt.

There are collection agencies working with banks to make you pay your old debt by loading the old debt onto the new credit card. As such, unsuspecting seniors will pay for the unearthed debts, which can be a killing for the collectors.

If the statute of limitations is not up and you owe a debt, you can negotiate with the collector to buy off your debt. The collectors can buy your debt for pennies and you should ensure all the details concerning the debt are put into writing.

Things debt collectors can’t do:

Debt collectors can ask you to pay an old debt but not threaten to sue you. Seniors who have old debts can be harassed to pay the debts by being sued. Collectors who sue you are in violation of debt collection acts set to ensure fair debt collection practices.

• Use offensive language
• Call you when you have told them to stop
• Deceitfully claim to be a law enforcement official
• Bully you with jail, arrest or lawsuit.
• Harass you by calling you continuously
• Threaten to seize your assets

What to do if it’s not your debt

You can take certain measures to dispute a debt that is not yours. You can start by sending a letter to the debt collector including the receipt that claims you owe debt and tell them the debt doesn’t belong to you. Seniors in such a situation should make it clear to the debt collectors to stop contacting them. They cannot contact you again until they verify if the debt is actually yours. Sending the letter via certified mail is essential since it acts as proof that the mail was received by the debt collector.