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Zombie Debts

Uncategorized Feb 06, 2018


Hi everyone! In this weeks video blog I talk about Zombie Debts. Zombie Debts are old debts that you may have thought had already been paid in full and resolved, however, they come back from the financial graveyard, and typically fall into one of the following 3 categories:

1. This is debt that you have already paid off;

2. This is debt you don't even remember having; or,

3. This is debt you remember owing, but have never paid off.

Request Proof of the Debt

Whatever you do, please DO NOT send a payment to the creditor to try to "get them off your back," Instead, if you're faced with a zombie debt I want you to request that the debt collection agency or creditor send you a letter that outlines all the information related to the debt.

Statute of Limitations

Every jurisdiction, may it be in the United States, Canada or elsewhere in the world, has a Statute of Limitations, and the duration of the Statue of Limitations will be different depending on where you live.  Therefore, make sure to inquire about the Statute of Limitations where you live, so you know your legal rights as it relates to the Zombie Debt. If the Statute of Limitations has not expired, then a legal claim can still be brought against you, and you are still legally obligated to pay the debt. That being said, make sure to determine if the Statue of Limitations has expired in accordance with the laws where you live.

If the Statute of Limitations has expired, then you no longer have a legal obligation to pay off the debt. However, you may still have a moral obligation to pay off the debt, for the simple reason that it will help you sleep better at night.

If you determine that the debt is in fact yours, and you want to pay it off, make sure to enter into a settlement agreement with the debt collection agency, and offer to pay 10%, 20% or even 30% of the outstanding debt, as payment in full. Therefore, if you owe $10,000 on your debt, offer to pay $1000, $2000 or $3000 to settle the debt in full. As noted above, make sure to get everything in writing! Getting it in writing is your only proof of payment, so make sure to request a letter from the Creditor confirming that you have paid the debt in full.

Partial Payments Restart the Clock on Zombie Debts

If you decide to make only a partial payment on a debt that you are no longer legally liable to pay (i.e. the Statute of Limitations has passed), then it's important to understand that the act of making this partial payment will reset the clock as it relates to the Statute of Limitations. So, please be careful before sending in ANY payment on any Zombie Debt.

Check out this link for a FREE DOWNLOAD that helps you succeed on your debt-free  and wealth creation journey! journey.

Talk to you soon!

Adeola Omole

Supercharge. Your. Life.

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