Night of the Living (Dead) Debt

Zombie debt is old debt that was dead and came back to life – many times as a result of the naivety and unsuspecting actions of a consumer.

Third party debt collectors often buy debt which should be dead or uncollectable, because of lapse of time, settlement, discharge in bankruptcy, or other reasons, but is pursued nonetheless. Companies often sell these old debts to third-party collectors, who in turn hound you and use other unlawful means, often playing on feelings of guilt and fear, to get you pay.

Beware! Your actions may cause these dead obligations to come back to life!

When a person makes a payment on a dead debt that will generally revive it. It acts as an admission and an agreement to repay the entire amount. So, be careful and beware!

Never make a payment on a debt pursued by a third party debt collector, unless you are sure that

• The debt is yours
• You still owe the debt
• The debt has not previously died because of lapse of time or other reason
• The amount sought is accurate
• The collector is legitimate

You are entitled to ask the debt collector to verify a debt before making any payment. You should always take advantage of this right. Always request in writing that anyone seeking money from you for a supposed past debt provide you with verification of the debt and instruct them to cease contacting you again until they have provided this verification! If the collector does not do follow your instruction, they are violating the law and chances are that the alleged debt doesn’t exist or died long ago.

Know your rights and if you feel that they are being violated contact a consumer rights attorney right away!

Leave a Reply

This entry was posted on Wednesday, August 29th, 2012 at 3:09 pm and is filed under Articles. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.