Ask The Money Coach

I received a letter today from a collection agency for a $600 debt from 1992. Do I have to pay this debt that is nearly 20 years old?

March 4th, 2010 |

The statue of limitations has likely run out on this obligation. I recently wrote an article about what to do when a bill collector calls you for a debt that is no longer valid under the statue of limitations (which varies from state to state). Read my article on zombie debt.

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Beware of “Zombie” Debt Collectors
I Have an Outstanding Debt of $750 With a College Which is Currently Handled by a Collection Agency. The Agency is Telling Me My Debt is Now $1,000. I Didn’t Sign An Agreement Stating if My Debt Was Collected By a Collection Agency Additional Fees Would Apply. Is It Legal for the Debt Collector to Add Fees and Refuse to Settle for My Original Amount?
Should I Pay Off Old Debt From Department Store Credit Cards That Are At Least 10 Years Old? It Seems Like My Creditors Re-Sell My Old Account to a New Collection Agency Every Few Years.
5 Tips if You’re Facing Court Action from a Debt Collector
I am a 23-Year-Old College Student with a Bad Debt of About $12,000 With American Express. I Believe the Statute of Limitations in Maryland is 3 Years. I Do Not Remember the Last Time I Made a Payment to Them. I Found a Receipt Showing a Payment in December 2006. But When I Called American Express, Their Records Don’t Go Back That Far. What Should I Do? And How do I Find Out When My Statute of Limitations Has Been Reached?
You Can Stop Debt Collector Harassment
I Owe Dell Computer About $3,000 Due to Lack of Payment. I Tried to Pay Them Monthly But They Won’t Accept That. They Want a Settlement of $1,800 or Payment of $450 a Month Which I Do Not Have. I Am Dealing With Their Collection Agency. How Do I Handle This?
How Long Does An Item Stay on Your Credit Report? Which Date Do You Use for a Credit Card Opened in December 1984 that was Defaulted on (90 Days Late) In November 1986. It Went to Collection in January 1987. Which One of These Dates Applies When It Comes to the Statute of Limitations? When Will the Debt Come Off a Credit Report?
Statute of Limitations on Debt
I Received a Letter Fron a Collection Agency for a Past Due Debt. Has This Account Already Been Reported on My Credit or Will It Be After My 30 Days to Respond is Up? Also, is It Better to Pay the Creditor or Agency Directly?

Lynnette Khalfani-Cox, The Money Coach is a personal finance expert, speaker, and author of numerous books on personal finance. She appears frequently as an expert commentator on television, radio and in print.