Legal Question in Credit and Debt Law in Iowa
statue of limitations
We currently live in MO, and have been here for almost 9 years. We recently received a letter from a collection agency stating we had an outstanding bill with a company in Iowa, and they want the money owed plus interest. This bill is over 8 years old, the letter states it was for 1996. We are still trying to find out what the bill is for and who this company is. So after all this time with no other notice or attempt to notify are we still liable for this bill? I appreciate your time and help.
PS. They did offer to drop the interest if we pay the balance in full by a certain deadline.
1 Answer from Attorneys
Re: statue of limitations
You need to immediately send awritten letter to teh collection agency, telling them that you dispute any alleged debt(s), and want them to verify it with the alleged creditor.
You have teh righ to know who the creditor is. If you already know, then the question as to whether you really owe the debt is unfair, because the type of debt somewhat determines the answer,and you have given no indication.
Get the letter off quickly, it should buy you some time. I can not guarantee it, but it has been my experience that the collection agency's first offer is not the creditor's best offer.
If you feel the original debt may have been somewhat legitimate, offer to pay half. They will probably take it after eight years. If the debt was not one with a writing to prove it, then you may not have to pay anything other than the attorney you hire to make it go away.
Good Luck,
Tony Smith
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