Sorry, just channeling my inner zombie.
Zombie debt is way less thrilling than it sounds but potentially scarier than the undead.
And its not just that zombie debt is annoying.
Here’s the supposed11-word phrase you can say to stop debt collectors— and why you shouldn’t use it.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
What Is Zombie Debt?
So how is a zombie debt born?
Did you know?
One collection agency might sell your debt to another and then the next agency will resell it.
That can take awhile.
And thus zombie debt is born.
Dont be a victim: Heres how to fight back.
Rather than letting it harass and intimidate you, demand that the collection agency send you adebt validation letter.
Third-party debt collectors are required by law to send the letter to you within five days upon request.
Read the letter carefully for mistakes and be ready to respond quickly.
By having the information in writing, you might begin your attack.
By law, you have 30 days after receiving a debt validation letter from a collector to respond.
Youll then have the option to fight the case in court or set up a payment arrangement.
If you dont get a response, theres a good chance the debt collector was a scam artist.
Consumer Financial Protection Bureau.
File a complaint with your state consumer protection agency through thestate attorney general.
Register a complaint with theBetter Business Bureau.
Tiffany Wendeln Connors is deputy editor at The Penny Hoarder.
Readher bio and other work here, then catch her on Twitter @TiffanyWendeln.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…