Received letter from a debt collection agency who have bought debt I owe from 8yrs ago do i have to pay?

I have received a letter saying this debt collection agency has bought the debt, it is 8 years old and was occurred in a catalogue payment in a previous marriage, I have had no contact with this company since my first marriage broke up and to be honest had completely forgotten the debt. I have recently paid off in... show more I have received a letter saying this debt collection agency has bought the debt, it is 8 years old and was occurred in a catalogue payment in a previous marriage, I have had no contact with this company since my first marriage broke up and to be honest had completely forgotten the debt. I have recently paid off in full all the iva.s that I incurred in the marriage break up , now being in a better financial situation. I was feeling quite proud of myself and now this one comes out of the woodwork! Do I still owe this money I dont even know if the 750.00 they are requesting is the right amount, they are threatening court action and bayliffs but as to yet I havent contacted them. Any advice anyone?
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