Legal Question in Credit and Debt Law in Texas
15 Year Debt
In 1986 we purchased a mobile home, in 1988 I got a job tranferr to Hawaii. We notified finance company that we were defaulting on our loan and never heard from them. This year we are receiveing letters and phone calls at home and work, asking $16k payment from a different company. I asked for detail information on this $16k, and they refused.
I do not have the original contract anymore. Has the statue run out? What are my options.
1 Answer from Attorneys
Re: 15 Year Debt
The statute of limitations for suit on a debt or breach of contract is four years (in Texas) so it has long since passed. That does not prevent, however, attempts to collect the debt. You can send them a cease and desist letter to stop them from contacting you. They can even, technically, file suit against you - it can be argued that the statute of limitations is actually an affirmative defense which must be raised or is waived.
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