Pittsburgh-Zombie-Debt-CollectionDebt Buyers: Making Collections A Never-ending Pursuit

Suppose you were a college freshman fifteen years ago, filled out an application for your first credit card, got a $500 limit and ordered Domino’s pizza every single night until the card was maxed out When the bill came, you didn’t know how you were going to pay it, and eventually concluded you couldn’t. It was wrong and irresponsible, but the credit card company knew they were taking a risk with you. Thats why they stuck you with an interest rate of 28.9%. Greed on that scale ought to be on the losing end sometimes, you reasoned, so you dodged the credit card company until they stopped bugging you.

It’s not like you got off clean from your college caper. For a long time after that you couldn’t get any credit, and during one stretch even the phrase “Your Job is Your Credit” was an empty promise for you. After a while you grew up and became more responsible, started a career, and began rebuilding your credit. Today, you have your own home, a new car, and excellent credit. As far as you know, you are the only person who still remembers that when you were a college freshman, you were not financially responsible.

Think again. An incessant breed of debt collectors have discovered the profits in uncovering old debts that the rest of the world has forgotten. These bottom feeders scoop up old debts paying pennies on the dollar, and then go after the original debtor years later What’s worse is that these debts are routinely sold in bulk from entity to entity, and so just when a consumer thinks they’ve resolved the matter with one bad debt buyer, another one crops up looking for payment on the same debt.

Even though it’s legal for bad debt buyers to attempt to collect an old debt, what most consumers don’t know is that bad debt cannot remain on their credit report 7 1/2 years after default. In Pennsylvania there is a statute of limitations (four years) on how long a debt collector can file a lawsuit after you default . Be wary when a debt collector attempts to seek a small payment on a debt that is almost four years old. In Pennsylvania, if a payment is made, this could re-start the four year stature of limitations.

As you can imagine, nothing is beneath this brand of debt collector, and if they can trick a consumer into making even a small partial payment on an old debt, they’ve done their job. There’s huge money in old debt. Billions will be generated and Wall Street is thrilled with this form of debt collection.

An effective consumer law attorney can and will ensure that you aren’t harassed or misled by bad debt buyers, and are treated with the respect and dignity you deserve.

If you live in Western Pennsylvania and are facing harassing tactics from a debt collector over a debt you may not even remember, contact us today to learn about proactive steps you can take to make debt collectors go away for good.