I just started getting calls from a collector who says I owe money on a payday loan from like 5 or 6 years ago. Isn't there some kind of law or limit on how far back a bill collector can go when trying to collect?
Depending on the SOL (statue of limitations) in your state, yes the debt could be already forgiven though most run 7 years; I would check online. And while you're online google "zombie debt". Your debt could be well past the SOL however there are companies will prey on consumers and if that consumer makes even a penny payment towards that debt, the counter restarts and that debt is alive and well again.
Creditors are sneaky critters! I just settled my Chase account and they told me several times they had either a) never recieved power of attorney letters from RAM and b) that they never ever settle nor deal with settlement companies; zombie debt though takes the cake! How do creditors and collection agencies sleep at night is beyond me.
