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Please help,..old debt from $339 to $1600 in 15yrs?*
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Im from Australia. I have a debt 15yrs old, and the dept collector only rang me today?
Hello, I got a phone call today from a debt collector about a outstanding balance of $339..which is 15yrs+ old, Then they tell me its a Total of $1600! because I have recieved intrest and $22 per month for late fees? Im willing to pay $400 but the rest is crazy! Why ring me now when Ive lived at this address for 10yrs? No previous contact.before no letters no previous phone calls...WHY NOW?They have the resouses to find me eg,phone book....why wait this long? Anyway please tell me what you think.
A lot has changed in my life over the years and really I cant afford this
Answers:
1) In the US, most consumer debts have a 10-year statute of limitations.
2) First, you have to determine if this is a REAL debt and if they have the legal rights to collect the money Second, if you really owe money to them, check for the statue of limitation in your area. Third, as a last resource, just settle the debt for the $400. I do not know all the details of the debt and how much in assets you have, but in most cases you will be able to agree to some sort of settlement (and do it in writing!!!).
3) find out what you statute of limitation. here in the us our UCC gives a 6 yr sol. so find out what it is and if this debt is outside of the sol meaning longer then the sol you do not have to pay it whether you owe it or not
4) If you can find your old paperwork on the details of the loan, it should state all of the additional late fees, rules and interest that you are required to pay. Usually it is up to you to tell them that you have moved. You could try ringing consumer affairs to argue the point and see where you stand legally? Or else you may have to just cop it and pay it off, try to pay it off on a weekly or fortnightly basis - an amount that will cover the interest too - as well as reduce the debt, otherwise you won't get anywhere. I am an aussie to!
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