Can a finance company sue for a loan that is 15 years old for the amount of $400? 10 Answers as of February 18, 2014

Out of the blue, we started receiving threatening calls about a loan from 17 years ago. We don't remember taking the loan out that many years back.

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Stephens Gourley & Bywater | David A. Stephens
The statute has probably run.
Answer Applies to: Nevada
Replied: 2/18/2014
Patrick W. Currin, Attorney at Law | Patrick Currin
The statute is 4 years. Let them know they cannot collect their claim and if they contact you again you will take action under the FDCA.
Answer Applies to: California
Replied: 2/18/2014
Meister & McCracken Law Firm, PLLC | Joanne M. McCracken
Not likely to win if they do the statute of limitations on written contracts in Arkansas is five years.
Answer Applies to: Arkansas
Replied: 2/18/2014
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
Depends when you defaulted. But you may have a fdcpa claim against them.
Answer Applies to: New York
Replied: 2/18/2014
Fluhr & Moore, LLC | Steven S. Fluhr
You can be sued, but you have the defense of statue of limitations.
Answer Applies to: Missouri
Replied: 2/18/2014
    SmithMarco, P.C.
    SmithMarco, P.C. | Larry P. Smith
    The issue is when you stopped paying on the loan. When you stopped paying is when you allegedly "breached" the contract. In Illinois, a party that wants to sue for breach of a written contract has 10 years from the breach to file the lawsuit. If it is over 10 years from your last payment, then NO, they cannot sue you. If they do, you have a good defense.
    Answer Applies to: Illinois
    Replied: 2/18/2014
    Portland Bankruptcy Law Group
    Portland Bankruptcy Law Group | Christopher J. Kane
    The statute of limitations for this type of debt is 6 years in Oregon. Therefore, the lender can no longer sue you for that debt.
    Answer Applies to: Oregon
    Replied: 2/17/2014
    Marc S. Stern
    Marc S. Stern | Marc S. Stern
    It is called " zombie debt." It is probably beyond the statute of limitations unless you have somehow revived it. Attempting to collect on zombie debt is an unfair and deceptive practice. You probably have a claim against the collector. You need to make sure that you do not accept or validate the debt.
    Answer Applies to: Washington
    Replied: 2/17/2014
    Faletti Law Office PC | Harold Faletti
    The statue of limitations, the time in which the debt is enforceable, is six years from date of default. But if you can be enticed to make a payment, the six year period begins again.
    Answer Applies to: Colorado
    Replied: 2/17/2014
    Edelman, Combs, Latturner & Goodwin, LLC | Daniel A. Edelman
    The longest applicable Illinois statute of limitations is that for a written contract, 10 years, measured from breach or last payment, whichever is later. They can sue, but you have a defense, and the lawyer that files the suit would violate the Fair Debt Collection Practices Act.
    Answer Applies to: Illinois
    Replied: 2/17/2014
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