Legal Question in Credit and Debt Law in Texas
old debt collection attempt
From time to time I receive a notice from some collection
agency representing Sears about a debt they say I owe that
has to go back to prior to 1993. No legal action has ever
taken place, and my credi report does not reflect this debt.
Do they still have a case after all this time. I could have
been out or jail for a number of felonies in this length of
1 Answer from Attorneys
Re: old debt collection attempt
Limitations bars legal action (lawsuit to collect) and the FCRPA bars entry of a debt older tha seven years, or ten years for a bankruptcy. That doesn't mean the debt has gone away, simply that legal action can't be taken to collect.
Your old debt is what is called a negotiable instrument. The paper can be bought and sold on pennies for the dollar of debt. They'll try and see if you will bite. Offer to buy the paper for 3% of the debt; they just might sell it to you.