Dealing with Debt

questions & answers

Question: My husband got a loan online in 2007 and paid 288.00 a month until 2010. I now have been contacted by a debt collector who wants the so called balance to be paid by me. What is the statue of limitations and so I start making payments.

Answer: Typically, the Statute of Limitations doesn't start running until the contract (here the loan) is breached. Lenders usually give the borrower a chance to bring the debt current (plus late payment fees and other interest) before considering the contract breached. This time frame is typically 180 days. Once the debt is considered breached, the lender has 6 years to file an action seeking repayment. Once the time limit is reached, the lender can no longer sue you. However, they can still contact regarding the debt in hopes to collect.

Please review Arizona Revised Statute 12-548 to see the Arizona law regarding this topic.

You stated 2010 as when your husband stopped or "breached" the contract. This means you would still be inside of the 6 year period. You may want to consider speaking with an attorney who is versed in contract law.

QUESTIONS

  • My husband got a loan online in 2007 and paid 288.00 a month until 2010. I now have been contacted by a debt collector who wants the so called balance to be paid by me. What is the statue of limitations and so I start making payments.

STORIES

  • He told me that I could actually get all the money I needed by using my home as collateral. . .
  • I just helped my mother, age 89, deal with her Medicare HMO. . .
  • He told me that I could actually get all the money I needed by using my home as collateral. . .

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