Can statute of limitations for pay day loan debt be restarted by admitting you owe the debt?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can statute of limitations for pay day loan debt be restarted by admitting you owe the debt?
I got a payday loan 5 years ago. A couple of weeks ago, I was sent me an automated voice message prompting me to press “9” to speak with someone. The lady I spoke with was very pushing about sending them a payment immediately. I told them I couldn’t send anything this month but the following month I could send something. The lady kept on pushing. They offered to “settle” for around $500, but I didn’t have any money to give them. They called me again yesterday. I told them the statute of limitations has expired.
Asked on November 29, 2012 under Bankruptcy Law, California
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
The statute of limitations in most states for such a debt is, as a general rule, from 3-7 years from the date of the last activity. However, while the date of last activity is typically the date of last payment or charge off, it can also be the date that you entered into a repayment plan or otherwise acknowledged that you owe this debt (in some jurisdictions this includes even a phone conversation that you have with your creditor or a debt collector).
eric redman / Redman Ludwig, P.C.
Answered 11 years ago | Contributor
it runs from your last payment so that is why they want to you to pay
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.