Sixteen Year Debt That Wasnt Mine

I received a letter from a creditor last week may 2011, stating that they would settle my debt for a $1000.00 original debt was $3500.00 for a Bally's account opened in 1995. I disputed this debt in early 2003 late 2004 because I never had a Bally's account. The account was removed from my credit reports. Now May 2011, this collector states that the bank that held all Bally's accounts was sold to Chase bank, and although they forgot about it, it must be paid. What should I do?

Reply from DebtCollectionAnswers.com: First of all, you shouldn't have to pay a debt you don't owe, regardless of who owns it. Secondly, it is likely the statute of limitations has expired anyway (not that it matters if if it not your debt).

We can't offer legal advice, but you may want to take a look at information about cease and desist letter to stop a debt collector. You can also certainly contact a consumer law attorney for advice and help as well.

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