She didnt have enough credit, but I found out that she died in 2000.
I think that her son kept the car (no will).
He must have made some payments, or he traded the car.
Im not sure what he did.
Ive lived in Iowa for 14 years and have long lost contact with him.
The letter said that I have to pay for the car she bought in 1999.
Can they charge me after 22 years?
c’mon let me know if I am responsible.
I am retired now.
I live off my Social Security.
Im 69 years old and can hardly survive.
-Q.
Dear Q.,
I wouldnt pay a penny of this debt.
But that doesnt stop sketchy companies from trying.
Agencies buy tons of ancient accounts for pennies on the dollar, or sometimes even less.
If they scare just a small fraction of people into paying up, they can make a profit.
Of course, you should pay debts that you know you owe when you might afford to do so.
But you really dont know if this loan actually went delinquent.
Even if it did, your roommates lender had plenty of time to sue you.
It chose not to.
Each state has whats called a statute of limitations for taking debtors to court.
This window can range from three to six years, depending on the state.
In Florida, its five years for written contracts, including car loans.
But they cant sue you for it.
Technically, you still owe old debt.
But there really are no consequences if you dont repay it.
They cant get a court judgment.
They cant garnish your wages or bank accounts.
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The true risk comes if you make even a small payment.
Depending on the laws of your state, you could restart the collection clock.
The same goes for if youd acknowledge that you owe this debt.
Normally, I wouldnt advise ignoring any financial matter.
But I think that may be your best approach here.
Im afraid that contacting them would spur them to take more aggressive actions.
This company knows it cant legally sue you.
Unpaid debt shouldnt appear on your credit reports once seven years have passed since the original delinquency.
If the account is still listed, use the Consumer Financial Protection Bureaussample dispute letterto have the debt removed.
Its essential to avoid acknowledging that you owe anything.
Under no circumstances should you provide personal information, like your Social Security number or banking info.
Report the company to the Federal Trade Commission or your states attorney general if they continue to do so.
Id only communicate with this company if absolutely necessary, though.
Youre no longer responsible for this debt.
Dont let any debt collector tell you otherwise.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
Send your tricky money questions to[email protected].
