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05-19-2007, 06:19 PM
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It's worse than that.There is a statute of limitations for debts.In most states, it's from 4 to 6 years.If the statute has run out, the lender can't collect the debt. However, if you make a payment on a debt, it starts the clock running again with respect to the Statute of Limitations.It's an old collection trick. "Just send me $10.00 for good faith and I can close the file." Right, and send it to the shark to file the lawsuit.THAT'S why you don't pay an old debt.
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