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  1. #1
    Join Date
    Jun 2012
    Posts
    1

    Default Personal Loan Statute of Limitations

    My question involves collection proceedings in the State of: Virginia

    I found on your site the oral contract staute of limitations is 3 years. But I'm not sure when that starts. I loaned my next door neight (friend at the time) money twice when he lost his job. They were written 1 month apart on 5/14/09 and 6/16/09, and they added up to $4200. He has paid back $2000 and his last payment was in February for $100. Original payback plan was in 2 weeks when his line of credit came in. Never did. Then was going to be when taxes came in. He claimed they were lost in the mail. This is when i started to worry. He would then pay a little here and there when he fealt like it. He is now seperated and no longer lives next door and doesn't answers calls, texts, emails, etc. I do have a copy of the checks. I also kept records of his payments which were cash. Not very smart on my part, but a friend I thought I could trust at the time. He got my neighbor for $1600 a year later by selling him a trailer he didnt own. neighbor won when he didnt show up for 2 consecutive court dates and he has still not paid him any money even after losing the judgement. Would I have a case if I acted now, or does the statute of limitations start the day the loan is given. I missed it by literally 4 days.

  2. #2
    Join Date
    Jun 2012
    Posts
    28

    Default Re: Peronsal Loan Statute of Limitations

    if the guy doesn't have any money, there is probably no point in taking him to court. it's hard enough to collect on a judgement when the person refuses to pay, but has the assets. i can't imagine trying to get someone to pay if they are broke.

  3. #3
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Personal Loan Statute of Limitations

    The statute of limitations would normally start upon the date the last payment was received or, if there was a payment schedule, the first date that a scheduled payment was missed.

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