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I Have a 12 Year Old Debt I’m Paying On. – Steve

By on October 9, 2009
I Have a 12 Year Old Debt I’m Paying On. – Steve

“Dear Steve,

I leased a ford vehicle about 12 years ago and had some financial issues and had to turn it back in….long story short I have had money taken from my bank account recently and also made payment arrangements to pay an amount each month of $100…are ther any statue of limitations laws that I should be aware of…do I have to keep paying this since it has been so long? Thanks….

Steve”

Dear Steve,

I’m not sure how the fact that you have recently acknowledged the debt has impacted you moving forward but the statute of limitations is the limit at which you could be sued for an old debt and it sounds like you skipped right over than and agreed to a payment.

Just because a debt is old does not mean you don’t have to pay it and they can’t still try to collect from you. It just means they can’t sue you.

Best advice, go talk to a local attorney licensed in your state.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

morehelp1

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

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About Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

One Comment

  1. Dan

    October 10, 2009 at 8:25 am

    How long ago was it that you were unable to pay on that specific debt? It sounds like the creditor was awarded an absenty judgement against you for not showing up to small claims court. You can look up what the statute of limitation information, in google, for your state specifically. If you have any more questions I would recommend speaking to legal council. Generally, you can speak to an attorney who could break in down for you in just a few minutes. Just call their office and ask to speak with an attorney. Good luck
    .-= Dan´s last blog ..Homeowners can rebuild credit after foreclosure or short sale =-.

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