Understanding Zombie Debt;
What you need to know: Zombie debt is a debt that has either been settled, nolonger collectable, or belongs to someone else.
What is Zombie Debt?
Zombie debt is debt that has either returned to haunt you after being paid off, is too old to be collected, or belongs to someone else entirely. In essence, debt collectors are attempting to recover funds without having the legal authority to do so. Also, be aware that if you fall for the scam and pay even a single cent toward your zombie debt, you’re essentially allowing the debt collectors to pursue collection! At this point, you’re probably thinking, “There is no way I would pay back a loan that isn’t mine”, but you’d be shocked at how frequently this strategy actually works.
Is Zombie Debt as scary as its name?
Unfortunately, yes it is! This is a type of debt that quite literally returns from the debt grave. It is debt that has disappeared from your credit record but is still being pursued for collection for a variety of reasons. Zombie debt might emerge if a debt collector tries to collect on it once more.
How Do Zombie Debt Collectors Operate?
You shouldn’t be shocked by some of the methods used by zombie debt collectors. They only have one task, which is to find debtors and demand payment. In order to ensure they succeed, they will take extraordinary measures and be quite intimidating. It’s also not always legal for debt collectors to use certain methods. Here are some of their known tactics:
They will try to get information out of you.