Here’s the first thing you should know about debt collection: The people calling you every day aren’t the people you borrowed from years ago. You’re likely speaking with someone from a collection agency. And if your debt is several years old, there’s a good chance that the collector on the line may not play by the rules. In 2013, federal agencies received more than 200,000 consumer complaints, the U.S.
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Claire Davidson, NerdWallet.com
Tue, 03/03/2015 - 7:00am
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In some states, if you pay any amount on a time-barred debt, or even promise to pay, the debt is “revived.”. That means the clock resets, and a new statute of limitations begins. The collector might be able to sue you to collect the full amount of the debt, which may include extra interest and fees. Pay off the debt.
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