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    What Is Zombie Debt Endurance Wealth Partners

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    What Is Zombie Debt Endurance Wealth Partners

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    What is Zombie Debt Endurance Wealth Partners

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    What Is Zombie Debt Endurance Wealth Partners

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    jonathan.murphy1993

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    What is Zombie Debt?

    What is Zombie Debt?


    Ari Baum | May 4, 2021

    Zombie debt is old debt that is typically


    written off as bad debt by the original
    creditor and then later sold to collection
    agencies for pennies on the dollar. Most of
    the debt sold is years old and cannot legally
    be collected, though many consumers are
    unaware of the statute of limitations for
    legal collection of this debt. In many cases,
    zombie debt is legally unenforceable,
    meaning that unlike your current creditors,
    zombie debt collectors cannot sue you in
    order to collect the debt. However, there is
    no law against trying to collect the debt, and
    many consumers, frightening by the
    threats, end up paying the debt.

    So, what should you do if someone


    contacts you about debt that is more than
    four years old? Here are some things that
    you should do or be aware of should a
    collector contact you via mail or telephone:

    Send the collection agency a certified


    letter within 30 days of contact stating
    that you are disputing the debt in
    question. This action forces the
    collection agency to provide you with
    proof that the debt indeed belongs to
    you. They must also provide you with the
    name and address of the original
    creditor, if the debt was purchased by
    the collection agency. This action will
    also require the collection agency to stop
    all collection activity until this
    information has been provided.
    Never acknowledge that the debt is
    yours, even if you think it is.
    If the debt is yours, but it is from years
    ago, it is likely unenforceable in a court
    of law. Each state has its own statute of
    limitations on collection of old debt, and
    if the debt is more than six years old, the
    creditor cannot sue you for the amount
    owed. It’s important that you find out
    what the statute of limitations is in your
    state.
    Do not agree to a reduced payment or to
    make payment on the debt. What this
    does is actually restart the statute of
    limitations, which starts on the last day
    of activity on the account. Once you
    agree to make a payment, the debt
    becomes valid again, providing the
    creditor with the option to sue you in
    order to collect the debt.
    Under the FDPCA, a consumer cannot be
    sued after six years, nor can a debt
    collector insinuate that arrest or
    imprisonment is a possibility if you do
    not pay the debt. They also cannot
    continue to contact you if you have
    written a cease and desist letter, nor can
    they contact your employer, friends,
    relatives, or neighbors.

    If you determine that you want to pay off


    the debt, keep in mind that you will not be
    paying the debt to the original creditor, but
    to someone who has bought that debt for
    pennies.

    Zombie debt continues to be a problem, but


    knowing your rights can go a long ways
    towards putting these unscrupulous
    collectors out of business.

    If you want to pay off the debt, you are


    certainly within your rights to do so, but
    make sure you know who is benefiting. The
    money isn’t going to go to the original
    lender, but instead to the debt collection
    agency. For example, if you want to pay off
    a debt to your family doctor in order to start
    seeing that doctor again, realize that the
    doctor’s practice likely sold the debt long
    ago. In this situation, you might consider
    contacting the original lender and offering
    to pay them directly.

    *This content is developed from sources


    believed to be providing accurate
    information. The information provided is
    not written or intended as tax or legal
    advice and may not be relied on for
    purposes of avoiding any Federal tax
    penalties. Individuals are encouraged to
    seek advice from their own tax or legal
    counsel. Individuals involved in the estate
    planning process should work with an
    estate planning team, including their own
    personal legal or tax counsel. Neither the
    information presented nor any opinion
    expressed constitutes a representation by
    us of a specific investment or the purchase
    or sale of any securities. Asset allocation
    and diversification do not ensure a profit or
    protect against loss in declining markets.

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    provide specific tax/legal advice and this
    information should not be considered as
    such. You should always consult your
    tax/legal advisor regarding your own
    specific tax/legal situation.

    Separate from the financial plan and our


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