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LegalKnowledge
LegalKnowledge, Attorney
Category: Legal
Satisfied Customers: 28344
Experience:  10+ years handling Legal, Real Estate, Criminal Law, Family Law, Traffic matters.
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I have a unpaid high interest loan from 4 years ago and they

Customer Question

I have a unpaid high interest loan from 4 years ago and they are just now threatening legal action, is there a time limit or should I settle?
JA: What state are you in? It matters because laws vary by location.
Customer: Virginia
JA: Has anything been filed or reported?
Customer: not that I know of
JA: Anything else you want the lawyer to know before I connect you?
Customer: not at this time, thank you
Submitted: 2 months ago.
Category: Legal
Expert:  LegalKnowledge replied 2 months ago.

Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help with your question and concern

Expert:  LegalKnowledge replied 2 months ago.

I certainly understand the situation and your concern. If they are going to sue you under a breach of contract claim, for not paying on the loan, they would have 5 years to file the lawsuit. The time would start to run, from the date of your last payment. With that being said, it would appear they are still within the time to file suit, unless this was an oral agreement, at which time the SOL would have run. You can propose to them a settlement, to resolve this and see if they would accept it, to walk away and not file suit.

Expert:  LegalKnowledge replied 2 months ago.

Please let me know if you have any follow up questions or need any clarification on something which I stated above. Also, remember to rate my service at the top of this page, before exiting the site, so I can receive credit for my help. I hope you found it to be 5 STARS! Only rate my answer when you are 100% satisfied. If you feel the need to click either of the two lower ratings to the left, please stop and reply to me. I want to make sure your experience with the site was as pleasurable as possible and that you are satisfied with the help I provided.

Expert:  LegalKnowledge replied 2 months ago.

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!