Even though there are no legal rights possessed by scavengers or Zombie debt collectors to sue you for not paying your debt, they are still allowed to attempt to get you to pay an expired debt. Usually, scavengers purchase your old or dead debts at a low cost, sometimes even just at pennies; they can earn considerable revenues from collecting them.
However, if a zombie debt collector or scavenger tries to harass or abuse you, you must immediately contact a Chicago debt attorney and file a lawsuit against them. Remember, with them, and scavengers cannot sue you, not a corporation. But for that, you must make sure you do not make any initial payment suggested by then as it can renew your debt, and then you are accountable to clear the debt legally.
Types of debts that scavengers try to pursue
- Dismissed or resolved debts
Most zombie debt collectors or scavengers collect any type of debt they can get their hands on. However, some common kinds that scavengers go after mainly because these debts are available for a cheaper rate as the collection agency have given up on them.
One such type is dismissed debts, where you are no longer responsible for paying them without violating any law. Another type is resolved debt, where the debt owner signs a written agreement stating they are not legally accountable for paying that debt.
- Time barred debts
Most debt owners are aware of the time-barred debt, and however, if you are a first-time debt owner, you must know that maximum debts available have a time limit. This time limit indicates that your debt collector cannot take legal action or file a lawsuit against you for not paying the debt after a specific time.
Time-barred debts have a statute of limitations which this time limit is mentioned. However, this rule does not apply to any federal student loans. Moreover, the law of limitation can differ in every state, but the general range is from 3 to 6 years for most debts.
Still, if you are unsure about the limitations set on your debts, you must contact a lawyer and sort it out.
- Debt that is no longer included in your credit reports
If a debt owner does not pay the pending installments of debt, it can reflect on the credit score. According to the rules, collectors can claim or sue that mistake to the credit bureaus for seven years.
Clarity and concision must be one of the skills a debt collector must harbor. Often, a debt collector will be needed to communicate and interact with the debtor. In such cases, the conversation or the interaction must be clear and concise from the collector’s end. A debt collector must avoid ambiguity. Information should be passed on whenever talking to the debtor.
Before you become a debt collector, you must become familiar with the terms and conditions of becoming a debt collector. To become a debt collector, one must understand the terms and conditions and comply with them.
Debtors are likely to use several delay tactics to avoid paying their debt. Although, a good debt collector will not waste their time using those tactics. Wasting time on one client for debt repayments should always be avoided. Developing better time management skills and using the precious time to contact other clients for debt repayment will be advisable.
Nevertheless, if the debt collector does not report it to the credit bureau in those seven years, that debt will fall off your credit report, but you must be careful of scavengers as they can renew the debt by convincing you to pay a small amount.