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Category: Business Law
Satisfied Customers: 4634
Experience:  23 Years business & securities law, NY and FL bars. SEC all states.
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if you are paying on a loan and you tell the people that you

Customer Question

if you are paying on a loan and you tell the people that you are on fixed income last month i paid them $450.00 and couldn't pay any other bills like gas and eletric , phone and today they called and said that if i don't pay them 500.00 tommorrow that they are going to have me locked up, iwould like to know if they can do this ,i made the loan on my company i was trying to start a bussiness but it went under. thank you martha talley XXX-XXX-XXXX,can they do that
Submitted: 6 years ago.
Category: Business Law
Expert:  FLCORPLAWYER replied 6 years ago.
They cannot put you in jail for not paying a loan. Technically, if this was a payday loan or a loan where you wrote a check, they can report it but you do not go to jail. Pay your other bills. Tell this guy to drop dead. Tell him you will pay him what you can, when you can. YOU have all the power in this relationship. You have the money that he wants. Stand up for yourself.
Customer: replied 6 years ago.
it has been over a year and they said that the staus of limatation has run out,and the want their money
Expert:  FLCORPLAWYER replied 6 years ago.
That does not make any sense. The statute of limitations governs how long they have to sue you, and it is longer than one year.