Jul 27, 2011
You technically still owe the debt, but more than likely the company wrote it off and received a tax break on the loss they took. Most states have a statute of limitations (which means they cannot take you to court for the debt after a certain amount of time), I know in Texas its 4 years. Beware, if you ever acknowledge that you know of the debt, owe the debt, think you may have paid it off, etc...The statute starts all over and it also starts over on your credit report because it is a new company. I have them on a block list and the few times I did answer, it wasn't my debt they were calling about. Since you know you owe the debt...deny...deny...deny and tell them they have the wrong person/phone number. You do not want this to pop back up on your credit as a collection.