How long can a debt collector try to collect a debt after the loan is defaulted?
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How long can a debt collector try to collect a debt after the loan is defaulted?
I was a third party guaranter on a loan about 7 years ago. I never heard anything about it until a month ago.
Asked on December 12, 2011 under Bankruptcy Law, Utah
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you were a third party guarantor for a debt 7 years ago, how long has the debt been in default? if more than 4 years, there is a good chance that if no law suit has been filed on the debt that it might be time barred by the applicable statute of limitations in your state.
From my experience third party debt collectors will try and collect upon a debt even if it is barred by the applicable statute of limitations if no law suit has been filed. In your situation, I suggest that you consult with an attorney that practices debt collection law.
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