On Wed, Jan 18, 2012 at 12:53 PM, <knowknot at mindspring.com> wrote:
> On 1/17/2012, you shag carpet bomb said in part:
>
>> [suppose someone incurred] some small debt, $25 on a credit
>> card . . . [and you] get a phone call 5 years later, oh hello! how ar
>> you! we are xyz debt collection and you own 1000$. then they offe
>> you a "deal" - ok, now you own $300. pay by x date or it will be $400.
>> etc. and we'lll start charging interest. Had they just tracked you
>> do[wn] in 1998, they maybe would have gotten 50...$100 out of you
>> for interest and fees.
>>
>> it's a real racket . . . . [especially if t]he collection agency then sits
>> on it for five years. where the hell else can you make that kind of
>> payback. spend $5 in 2000. In 2005, chump pays you $300 so his
>> credit doesn't suck hind tit. where else can you invest $5 and get
>> $300 in 5 years (minus overhead you were gonna pay anyway)
>
> In the state whose law governs the underlying contract/debt, will the
> applicable statute of limitations (the law barring suits on stale debts) not
> expired despite the lapse of five years?
>
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-- Michael Perelman Economics Department California State University Chico, CA 95929
530 898 5321 fax 530 898 5901 http://michaelperelman.wordpress.com