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Inside This Issue
1 Do You Have a Zombie Killer on Speed Dial?
2 The Secret to Outrunning Greedy Creditors
Our Clients Say It Best
3 DLG Attorney Amanda’s Biggest Pet Peeve
4 What Is Zombie Debt or Ghost Debt?
What Is Zombie Debt or Ghost Debt? Ghost debt or zombie debt is debt you thought was dead a long time ago, and then when you least expect it, comes back to haunt you. Many times, it is something you have completely forgotten about. Just because you don’t hear about a debt for several years or the debt was “written off” by a creditor, it does not mean the debt is no longer owed. Nothing could be further from the truth. The debt is still out there lingering … somewhere . In both of the aforementioned scenarios, you will be glad you kept careful records because, when it comes to your credit report, the creditors often get the trade lines wrong. They will try to keep the debt on your credit report as long as possible, so it hurts you.
A trade line on your credit report contains information reported to the credit reporting bureaus by either the original creditor to whom you owe money or, if a loan goes into default, the debt collector. If an organization reports to the credit reporting agencies, they are under a duty (under the Fair Credit Reporting Act) to accurately report the information. Many times, though, they do not. On the other hand, if you fall behind on a bill, it’s very important to know the last day you made a payment, as the statute of limitations in Florida begins to run when default occurs. The statute of limitations will determine the time frame that a debt can be collected using the court system. Once outside the statute of limitations, a creditor who tries to use the court system to collect a debt may be opening themselves up to a consumer law violation. But very few people know that a creditor can still attempt to collect a debt beyond the statute of limitations as long as they are not utilizing or threatening to utilize the court system to do so.
The real issue is whether a creditor or debt collector can collect the ghost or zombie debt legally. Believe it or not, debts can be owed for a very long time.
To keep track of your debts and your sanity, I want you to keep a file folder on all debts you owe. Of course, you can do this on
your computer in an electronic file format as well. If you pay your bills electronically each month, you will have a conveniently created record of when the debt
was due, how much was owed, and the due date. After payment is made, you will know how much was paid, when it was paid, and when the payment was received, too.
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