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The first thing you want to know is…what is zombie debt, right? And the second is…are you going to have that? Answering the first question..zombie debt is really old debt that you have forgotten about or is actually not yours in the first place. This is especially true of people who’s identities have been stolen. But it is also true of those who have old credit card debt, for instance. So, the answer to the second question is that if you have collectors after you and you have no idea why, that would be the problem.
What happens is: a bank will sell an old debt to the collectors for a very small amount. That gets it out of the bank’s hair, so to speak. Then, the collectors will get extremely aggressive in trying to collect the old debt. It is right here that you should know your rights concerning this situation. For instance, if seven years have passed, it is unlikely that they could actually make you pay the debt. You would want to ask for a printout of the debt owed. Then, when you receive that, you will want to send them a certified letter stating that you know your rights, to cease trying to collect. They should back off. If not, an attorney can advise you further.
However, when it gets settled with one company, often it gets sold to the next company which will start to aggressively pursue the debt again. This could get rather involved and be very costly to fight. So, you will want to get the information as soon as possible. With that, send the letter. And if all else fails, contact your attorney and sue each company that haunts you with the zombie debt.
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2 Comments
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I’d never heard of zombie debt. Thanks for the tidbit!
Neither had I until I found out about it. I think we should probably shout it from the rooftops so that others can know about it too.
Thank you for your comment!