>phone calls, letters, calls to friends, family, and employers if the debtor doesn't respond)
They are only allowed to call to locate you, and they aren't allowed to tell people why they are calling.
Since the debt is past the statute of limitations, there's no reason to hide from them. You can send them a cease and desist letter to make them stop contacting you.
>Collectors can (and will) put a new records on a person's credit report, preventing most debtors from rebuilding their credit.
They can’t change the date the item went into collections. If they add an item and say that it’s new debt you can dispute it.
Of course debt collectors can always break the law and do whatever they want, but if they violate the FDCPA you can sue them for actual damages and statutory damages.
>Additionally, most debts end up in the hands of collection attorneys (CA) who will sue en masse to obtain judgments.
Yes, this is the real problem if you stop paying. You can still go bankrupt after this point though.
They are only allowed to call to locate you, and they aren't allowed to tell people why they are calling.
Since the debt is past the statute of limitations, there's no reason to hide from them. You can send them a cease and desist letter to make them stop contacting you.
>Collectors can (and will) put a new records on a person's credit report, preventing most debtors from rebuilding their credit.
They can’t change the date the item went into collections. If they add an item and say that it’s new debt you can dispute it.
Of course debt collectors can always break the law and do whatever they want, but if they violate the FDCPA you can sue them for actual damages and statutory damages.
>Additionally, most debts end up in the hands of collection attorneys (CA) who will sue en masse to obtain judgments.
Yes, this is the real problem if you stop paying. You can still go bankrupt after this point though.