What is Zombie Debt?
A couple of weeks ago I did a report on zombie debts. Well, from the number of e-mails I have received, the report hit a nerve with many of you.
Because of the tremendous response to the report, I wanted to follow up and be sure that people have info on this new scam. Collection companies are buying ancient debts and trying to collect on them even though they have exceeded the statute of limitation for collection, which varies according to the debt and the state laws. Generally it is from 3 to 6 years.
Everyone should be aware of this scheme because these collection companies are calling people who don’t even owe debts and trying to pressure them into paying by making threats about ruining their credit.