Stanley’s plan on Debt and Credit

Do you have a Moral Obligation to repay your debt to a debt collector. You should know, the older your debt is, the less the collection agency pays to own the account. If my creditor appoints a collection agency to collect on their behalf then the case is different, but why should I pay to a debt buyer who buys debts for pennys on thousand dollars?

Thanks texaslawyer for coming up with such a nice topic in DebtCC forums

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While going through the forum I got surprised to read that Creditor and subsequent collection agencies sold out the account that was opened fraudulently. The victim lost his/her identity and the thief opened these accounts with victim’s name. Now after long days, collection agencies are calling the person asking for money, as usual. Disputing the debts, sending tons of letters are of no avail.

I know, if this collection agency even stops, they would resell it to another one. What is the remedy? Will the ball keep rolling forever? I know, once the accounts are past SOL, no one can force the victim to pay it, however, there should be a better cure. What do you say?