Recent Feedback
I have a collection for an unsecure personal loan with a balance of 16.980 dollars. date of the loan March 2007. Last payment June 2008. is there a statute of limitation. What is my best option. thank you
Optional Information: Country relating to Question: United States State (if USA): Florida Already Tried: settlement with collection agency.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.
Good afternoon. Is the Loan evidenced by a written promissory note? Thanks.
the loan was with house financial. I am not sure
Thanks. There is a Statute of Limitations. If there is a written contract or promissory note, the statute of limitations is 5 years from the last payment date; otherwise it is 4 years.
I hope this has givenyou information that has been helpful to you. If the information seems moregeneral than specific, please be aware that we are only allowed to provideinformation and not specific advice. If you have a follow-upquestion, please remember that there might be a delay between your follow upquestions and my answers because I may be helping others or taking a break.
If you do have any additional questions aboutmy answer please click the "ContinueConversation Link" so I can provide you with a fullysatisfactory answer. Pleasebe aware that any rating of 1 or 2 is reflected as a negative rating and I receiveno credit for my answers.
Thanks for allowing meto be of service to you. Please be aware that the information provided here isnot legal advice. Rather it is simply general information. All states have intricacies in their lawsand any information given is simply information only and specifically is notintended to be, nor does it constitute, legal advice. This communication doesnot establish an attorney-client relationship with you. I hope this answer has been helpful to you.
that will be on June 213 ? . its time for the collection agency to fail a sue ?
in the Yes, the collection agency would have to sue by June, 2013 in order to come within the statute of limitations....otherwise you'll have an absolute defense.
thay asked me to pay the full balance in 60 months $ 289 a month. they asked my to provide my account information to do a monthly debit. it this my best option.
It depends upon your financial situation. If you don't have anything for them to take, you might want to push back. Everytime you make a payment it starts the statute of limitations over again. Also, the collection agency bought this loan in all likelihood for pennies on the dollar so they have a huge profit spread in it even if they settle it. If it were me, I would work to settle this for much less by convincing them there is nothing for them toget, and that if they were to pursue a judgment, I would simply filefor bankruptcy protection and get the judgment discharged-and even if I have no intention of doing so, it is still good leverage with them because they do not know whether I will not do so--- then it isunlikely they will spend the time and money necessary to get a judgmentthey believe is uncollectible in the end.
Experience: Attorney/Developer