Teenagers are not exempt from the problem of debt, which affects people of all ages. If you owe money and are 17 years old, you might be concerned about being pursued for debt. Yes, you can be pursued for debt if you are 17 years old, to give the quick answer. You should be aware of a few crucial details regarding debt collection and your legal rights in this regard, though.
Debt can be sold to a collection agency, which is one of the possible outcomes. In other words, the original creditor has sold the debt to a third party after giving up on trying to collect it. You will get a notice from the debt collecting company advising you of the transfer if your debt has been sold. Following that, the agency will start to seek you for payment. What Takes Place If I Ignore a Debt Collector?
It’s not a smart idea to ignore a debt collector. If you don’t respond to their calls and letters, they might file a lawsuit. This can lead to a decision against you, which might have negative effects including property liens and wage garnishment. It is usually preferable to speak with a debt collector and attempt to come up with a payment schedule.
Most of the time, owing money is not a crime. However, you can be charged with a crime if you engaged in fraud or another illegal behavior in relation to your debt. Unpaid debt can have negative effects on your credit score and financial future, despite the fact that it is not a crime.
You could be considering paying a collection that has been on your credit report for five years. The response is based on your circumstances. Paying off the collection could raise your credit score and make you a more appealing applicant if you’re applying for a loan or credit card. However, it might not be required to pay off the collection if you don’t need credit.
In conclusion, if you owe money and are 17 years old, you could face legal action. Understanding your consumer rights and communicating with debt collectors are crucial if you want to avoid legal action and other repercussions. Consider your alternatives and decide if paying off a collection that appears on your credit report is in your best interest.
Old debts that are no longer legally enforceable are referred to as zombie debts, although debt collectors may still try to collect them from clients who might not be aware of their rights or who might feel forced to pay. The phrase “zombie” describes a debt that is essentially dead but is still being pursued by collectors.