Legal Question in Credit and Debt Law in Virginia

Re: sold debt

If the debt at issue is an old credit card account of some 3.5 years, it's likely based upon

a written agreement which in the Commonwealth has a statute of limitations of five years (from the date of breach, not the date it was signed).

Considering the above, this would appear to be still a very much collectible debt and the fact that it has traded hands a few times between

collection agencies does not necessarily signify that it cannot at this point be collected nor does such a fact in any way diminish your responsibilty to pay it if in fact it's a debt which you legitimately incurred.

You're probably well advised to pay it off, if at all possible and as soon as possible.

Re: sold debt

If you owe it, it is still collectible. It's likely not time-barred at 3.5 years, and the fact that it was sold does not diminish the legal obligation to pay it. The owner of the debt may have some problems proving it if it is disputed and they sue, but that does not affect whether you actually owe it, and if you dispute it in bad faith and they do prove it, you may end up owing significant legal fees.