Legal Question in Credit and Debt Law in Pennsylvania
Collection on a 10 year old debt
In 1998 my wife attended a trade school for computer repair in Pennsylvania. While at the school she had financed most of the school loan through the government (and she's been paying it back without any late payments). The remainder of the loan she was paying during her 16 months there. After which she went about her business thinking everything was taken care of. Now last month (Dec. 08) we get a call from a debt collector saying that she still owes around $2,300 from the money she ''never finished paying''. As far as she knew she didn't owe anything else, but we did the math and it appears that she might. So we agreed to pay it and have already made 1 payment on it (the rest to be paid over the next 14 months). However, today I learn that the statute of limitations on debts is 10 years and she could have ignored them all together and not paid this questionable debt and there would be nothing the collection agency could do about it. The question is, A) is there really a 10 year statute of limitations on something like this, and B) now that we've made one payment too this collection agency can we stop now and say ''it's been more then 10 years... we aren't paying the debt''? FYI we currently live in Florida if that changes anything.
1 Answer from Attorneys
Re: Collection on a 10 year old debt
Statute of limitations is 4 years. If you had not responded, and not acknowledged the debt, and not made a payment (any of the above) you could have successfully defended against the debt and told them that the SOL had expired and to leave you alone.
Of course, now that you've made a payment, the 4 year statute of limitations starts over, so you owe the debt.
Should have sought legal advice before talking with them.
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