what are the statute of limitations for payday loans?

Question

I had a payday loan in june of 2008 that went into default. I never heard anything from the company after that until now in 2012, in form of a legal judgment. What are the limitations for filing a legal judgment? also, how long after the loan went into default does the company have to report to credit bureaus?

Answer 1

It depends on your location, the Statue of Limitations (SOL) vary by state and tolling begins from the date of last payment???



Read up on it here

http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml#2



Go to your state, city, or county website to get specific information for your locale. In any case never admit to anyone that you actually owe anything because if you do the SOL will start over again.



If you have been served with a legal judgment you will have to appeal the judgment based upon the fact that you were not properly served to appear (the creditor probably received a default judgment), then use as your defense that the creditor failed to sue you in the time allowed by the applicable statute of limitations.

Answer 2

You didn't say if moved since you received that loan. The only address they had was what they had on file. So, if you moved and didn't notify them, that isn't their problem. So, you weren't properly served because you moved is not a defense. They win by default; they got a default judgement.



States have various SOLs on debts and it depends upon the type of debt. The SOL for credit card debt, payday loans, car loans & mortgages may be different.



Check this site. It has a lot of good info: http://www.fair-debt-collection.com/statue-limitations.html



But even if the debt is beyond the SOL, they can still hound you until the end of time to collect. The SOL only sets limits on using the court system to get a judgement against you. And if you don't respond to the subpoena, the SOL does not apply - you have to appear to show that the debt is time barred from collection through the court system. It's not up to the court to defend you against time barred debt collection.

Answer 3

The statute of limitations is different in each state. There are 50 states, and 50 different statutes of limitations.



The amount of time to report to credit bureaus is 7 to 7 1/2 years, in every state.

Answer 4

the SOL doesn't apply to judgments, only to suing to get one. Judgments are usually good for about a decade; renewal of such is state-dependent. might be impossibble, allowed once, or allowed multiple times.

Answer 5

they never have to report to credit agencies that is their chose. 7 years to sue and judgments are usually good for 20 years but they have to sue and win first. They will win if you owe there is no defense for not paying

Answer 6

Were you served a summons to appear in court? Creditors do not issue their own judgements. They have to take you to court and win a judgement.