Legal Question in Credit and Debt Law in Texas

Hi, I have a payday loan and its gone to collections. The loan went delinquent on Mar 26 2006 when repayment didnt clear the account. I have a collection agency that said their going to put a judgement on me. This thier a statute of limitations on payday loans? I live in texas.


Asked on 4/14/10, 5:59 pm

1 Answer from Attorneys
Mark Dunn Mark D. Dunn

The statute of limitations for debt is 4 years. The time starts (generally) from the date of the last payment - the time when the creditor should have known that the debt wasn't going to be paid.

If you are sued after the SOL passes, you file an answer that pleads the SOL as an affirmative defense.

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Answered on 4/20/10, 6:52 am


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