Legal Question in Credit and Debt Law in Guam

Credit ,Debt Law reg consumer right

If a small financing Co.(ABC FINANCE INC.) filed for bunkruptcy(1998) and after 4-5 yrs they sent me a collection letter claiming that i owe them $932.00 for principal and ccumulated interest at the rate of 18% to the date of payment 2002 in full +attorneys fee. But for the record i don't owe them anything and i will need a prof of receipt but that was almost 9 yrs ago and i don't ahave any record anymore and the letter stated if i want to resolvet this matter w/o a lawsuit i must bring my account current. Please help me (ASAP) reg. this matter i want to know my rights what should i do?


Asked on 5/18/02, 6:52 am

1 Answer from Attorneys
Terrence Brooks Terrence M. Brooks P.C.

Re: Credit ,Debt Law reg consumer right

The statute of limitations on a written debt on Guam is 4 years. The creditor may be out of time. Do not sign any payment agreement or make a partial payment as that could revive the debt. Have a lawyer review your loan papers or the demand letter to verify whether they are barred from collecting by the stat. of limitations.

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Answered on 5/19/02, 6:00 pm


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