Legal Question in Credit and Debt Law in California

Re: personal loans

In California, the statute of limitations on an oral contract is 2 years from the date of the last payment being due which was not paid. The statute of limitations on a written contract is 4 years from the date of the last payment being due which was not paid.

However, under the concept of an "open book account", the statute of limitations does not begin running until the last statement being sent showing a debt due.

good luck.