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
Country relating to Question: United States
State (if USA): Florida
settlement with collection agency.
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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.
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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.
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