Is there a statute of limitations to collect for repayment of a loan?
Full Question:
I loaned a friend $15,000 five and a half yrs ago with repayments to commence September of 2006 at a min of $250/month. She paid back a total of $2500 from September of 2006 thru March of 2007 then stopped due to financial problems. Can I sue her even tho the original loan is more than the 4 years statute of limitations when repayment is only 11 months lapsed?
04/28/2009 |
Category: Debts and Cr... ยป Promissory N... |
State: ALL |
#16317
Answer:
When a debtor is in default of payment, legal action may be taken to collect amounts due. The statute of limitations is typically calculated from the date the missed payment was due. In Georgia, the statute of limitations on a written contract or promissory note is 6 years.
