Old Debt Past Statute of Limitations

DO NOT respond back to Genesis and also DO NOT acknowledge the debt either. Once you acknowledge the old debt and start paying off it will again start rolling. And this will reappear on your credit report for another seven years.

Once the SoL has expired you are not legally responsible to pay the debt, though you can always acknowledge it morally :D

Don't worry they can't report it back to your credit report :D

If it is your debt you should pay it. Send them a validation letter. A debt doesn't go away just because it is out of the SoL or off of your credit report. An expired SoL doesn't mean you aren't legally responsible for the debt, it means they can't sue you for it.

I DID call Genesis today when I received their notice. I asked them what other options I had. They said if I payed it today, they would accept a payment of 40% of the original amount. Did I screw up and acknowledge the debt with that call and reset the SOL?

In Cali SOL is 4 years. There is a book that my MIL told me about when I told her about this company Oxford Mgmt. Here is what it told me to do.
Tell them the SOL is whatever it is in your state and the ALLEGED debt that you are talking about has EXPIRED state that you will also be mailing them a certified letter and that if thet contact you again you will sue them.
Now I am not sure which attorney would even take my case or yours. My debt with that was never my debt I never did that one my sons dad did and now I have a lot on there because of him.
But once you fess that it is yours I do think that you have confirmed that debt

throw them a bone totally agree unc!

By acknowledging the debt did the OP restart statutes. I thought only a payment could do this.

My boyfriend had a student loan back in 1985. It was sold to Sallie-Mae without him being contacted. H paid this off back in 2000. Here it is almost 8 years later and just the other day a collection company acting on behalf of Sallie-mae said he has a balance owed of 3,000. They had no comment when he asked why anyone would wait so long to try to collect. Also when he tried to get a free credit report he found out they froze his account. How can anyone allow this. I want to know what the SOL is on student loans with as private company like Sallie-Mae.???

that's right fire,only a payment can restart the SOL clock.if anybody reports to the credit bureaus.you can dispute it.verbally acknowleging a debt should not restart the SOL.

I was a student and left US 7 years ago without paying my credit card bills. If I want to go back again to US for vacation now, will it be any consequences? such as being stopped in immigration and detained?

[quote=daxr88]For over seven years a credit card debt was on my credit report. After that time, it was removed and my credit is fine now. Recently, that 10 year old debt was bought by Genesis Financial Solutions and they are attempting to collec it. My question to the community is: since this debt is past the statute of limitations and past the time it can be reported on my credit report, if I don't pay it now, will it be put BACK on my credit report??? Please respond.[/quote]

I would respond to Genesis, if only to stop their shenanigans cold.

I'd send them a customized version of JCEMT's strong-arm DV letter, to start. If [and that's a mighty big little word] they validate the debt, I'd send them a settlement offer of maybe ten cents on the dollar, take it or leave it. Under no circumstances would I admit that it was my debt. Only that I'd throw them a bone to shut them up.

I'd want everything in writing, on company letterhead, and signed in ink before I paid dime one. I would further insist on adding these terms to the settlement agreement:

The remaining sum of the account can never be sold or assigned, for any reason.

They will send you a zero-balance letter upon reciept of payment via certified funds.

That this settlement constitutes full and final payment for the account in question.