Legal Question in Credit and Debt Law in Texas
collections
if owe 10.000 to aloan company is there a statue or time limit for them to collect.
Asked on 10/21/05, 5:47 pm
1 Answer from Attorneys
Peter Bradie
Bradie, Bradie & Bradie
Re: collections
Yes. In Texas the statute of limitations requires suit within four years of the date of default. Other states may go as high as seven years. You need to know which law applies to your loan, and whether the language of the loan actually starts the clock with each individual payment coming due.
Answered on 10/21/05, 6:05 pm
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