I had a personal loan given to me 13 years ago. In the mean time I had a financial hardship and stopped making payments to them and had since forgotten I owed them this money. Just the other day I got a phone call asking for a payment plan. I am just making ends meet the way it is now. Can they legally come after me after 13 years of no contact from them? They have never sent me a bill or contacted me till now. After so many years isn't it a given that debts like these need to be forgiven?
2006-10-02 07:10:25 · 6 answers · asked by c_k_w_1967 1 in Politics & Government ➔ Law & Ethics
There is no expiry date on debt, especially with personal loans. Corporation may have forgiveness clauses which they can write off as bad debts where it dissapears in the accounting system as cost of doing business.
Like you the person who lent the money may have ran into hard times, and is being advised to work on collecting his "receivables"..
2006-10-02 07:16:45 · answer #1 · answered by QuiteNewHere 7 · 0⤊ 1⤋
The answer to this question will depend on the laws where you live. In the United States, each state has its own statute of limitations. In Nevada, the statute bars recovery in contract after six years. A loan is a contract. Some states allow recovery within seven years, others will vary. The "expiration date" may, but will not necessarily, coincide with the contract date, but may be determined by the date that the final payment was due.
Please seek legal advice from a lawyer in your area. There are many legal aide services available for low income individuals, check with the local bar association or courthouse for details.
2006-10-02 14:34:32 · answer #2 · answered by www.lvtrafficticketguy.com 5 · 0⤊ 0⤋
You should be honest with them and set up a payment plan. Even if it's 25 bucks a week or something. What if it was the other way around. What if they are in desperate need of the money you owe them. Just because many years have passed does not mean that you don't owe them this money.
2006-10-02 14:43:25 · answer #3 · answered by Q~T 5 · 0⤊ 1⤋
after 7 years your debts are dismiss that's a collection error just tell the debt has all ready been paid in full
2006-10-02 14:26:43 · answer #4 · answered by Dr shiznet 2 · 0⤊ 1⤋
They are long since past the time limit to collect, UNLESS you send them payment.
Tell them to not harass you anymore.
2006-10-02 14:32:15 · answer #5 · answered by open4one 7 · 0⤊ 1⤋
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good luck!
2006-10-02 21:28:48 · answer #6 · answered by ken_voss12345 4 · 0⤊ 1⤋