Statute of Limitations 4 general debt
Date: Tue, 05/01/2007 - 16:56
Hi everyone,
I have a couple questions. How long is the statute of limitations on collecting a consumer loan debt? Back in 1998, I took out a loan for 8k and began making payments immediately but after a year, I moved overseas and lived there for seven years. I had a major debt problem that started with college loans and this loan, for 8k, got lost in the shuffle.
I've sinced moved back to the US and after a year, I got a letter from a texas based collection agency demanding I pay back the loan.
Before I begin to negotiate or even speak with these people (there's been no contact at all since I moved away) I'd like to know what my options are.
Any help would be very appreciated. Thank you...!
Maria
I have a couple questions. How long is the statute of limitations on collecting a consumer loan debt? Back in 1998, I took out a loan for 8k and began making payments immediately but after a year, I moved overseas and lived there for seven years. I had a major debt problem that started with college loans and this loan, for 8k, got lost in the shuffle.
I've sinced moved back to the US and after a year, I got a letter from a texas based collection agency demanding I pay back the loan.
Before I begin to negotiate or even speak with these people (there's been no contact at all since I moved away) I'd like to know what my options are.
Any help would be very appreciated. Thank you...!
Maria
I am pretty certain that moving out of the country stopped your
I am pretty certain that moving out of the country stopped your SOL clock. It restarted upon your return to the States. Ultimately, though, the SOL would depend on the state you were in when you took out the loan-I believe this would fall under a written contract.
Morningstar is right. Your time away doesn't apply to the SOL c
Morningstar is right. Your time away doesn't apply to the SOL clock generally I believe. Also remember, there is no SOL for student loans.
