Wednesday, February 15, 2012

Beware of Zombie Debt Collection - February 15, 2012

    I saw a great article at Forbes.com about "Zombie Debt Collectors" and how you should beware of them.

     Have you have ever received a solicitation for payment of a long lost debt or a debt you don't recognize at all? If so, you have most likely been targeted as an unsuspecting victim of a Zombie Debt collector. How and why does this occur? Greed is the answer. Creditors stoop to new lows everyday with their aggressive, sometimes fraudulent collection practices. 
     Beware. In an attempt to maximize profits, some companies are buying very old debts and even though they can be: past the statute of limitations, never owed, owed by a deceased parent, previously paid in full, previously settled, or otherwise not legally collectible, they still make the attempt to collect. Collectors pay pennies on the dollar for these debts so for very little, they stand to make a very large profit. Sometimes what seems like a run-of-the-mill credit card offer is actually a guise to get you, the consumer, to sign yourself back on the hook for a portion or all of a Zombie Debt.     
     Consumers don't realize they are reanimating a Zombie Debt, as described in the very, very fine print of the new cardholder agreement and can now be sued for a balance which they were previously not legally responsible for. Consumers must be very careful and weary of creditors who try and circumvent the statute of limitations, it is important protection which is put there for a reason. If you feel that you have been a victim of this Zombie Debt collection practice, contact our office below to explore your options.



For more information on ways Bankruptcy can help rid you of new and old debt, contact The Law Office of Timothy C. Springer
 
See similar stories at Forbes.com, Beware of Zombie Debt Collectors, and
MoneyLand Time.com, Zombie Debt: A Real Life Horror Story.

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