Do you know whose life was being insured with this policy?
Do you remember purchasing this policy or not?
You may want to ask them to send you a copy of the policy just so you can read the terms and provisions.
Please look at your credit report to see if this item ever appeared on it or not.
After you have received a copy of the policy, you can tell Prudential that you wish to cash the policy in and receive the payout of the $1,733.99 which you may want to use to begin paying off some this debt and then you pay the remaining $2,153.04 out of your pocket.
If I were you I would be having a consultation with a business law attorney in your local area who specializes in credit and collections, debt, etc. Or you can review your state's business law online. There is probably a loophole or technicality that stipulates that after so many years have passed that they can not continue to try to collect this debt.
I doubt that they will even go after you in court about this because they have no actual documentation/proof that you took out the loan. If it does go to court all you can do is to tell your side of the story and the court will probably believe you.
The problem is whoever discovered this item realized the significant amount of interest that had accumulated and they are simply being greedy. You also have the option, if you want to pay this debt, to settle by negotiating for a lower amount, suggesting that if they will settle this with you for $1,500.00 they may want the money so much that they will agree just to get the matter over with.
Do you remember purchasing this policy or not?
You may want to ask them to send you a copy of the policy just so you can read the terms and provisions.
Please look at your credit report to see if this item ever appeared on it or not.
After you have received a copy of the policy, you can tell Prudential that you wish to cash the policy in and receive the payout of the $1,733.99 which you may want to use to begin paying off some this debt and then you pay the remaining $2,153.04 out of your pocket.
If I were you I would be having a consultation with a business law attorney in your local area who specializes in credit and collections, debt, etc. Or you can review your state's business law online. There is probably a loophole or technicality that stipulates that after so many years have passed that they can not continue to try to collect this debt.
I doubt that they will even go after you in court about this because they have no actual documentation/proof that you took out the loan. If it does go to court all you can do is to tell your side of the story and the court will probably believe you.
The problem is whoever discovered this item realized the significant amount of interest that had accumulated and they are simply being greedy. You also have the option, if you want to pay this debt, to settle by negotiating for a lower amount, suggesting that if they will settle this with you for $1,500.00 they may want the money so much that they will agree just to get the matter over with.