Legal Question in Credit and Debt Law in Virginia

Dear Sir,
We live in the state of Virginia and loaned an individual, monies in the amount of $1603.00 in May 2002. At the time of the loan we all signed a promissory note. After making 14 payments of $25.00 totaling $350.00 deposited into our account, she stopped all payments, and moved to the state of Massachusettes. We had no contact until recently when we received her current address.
We sent her a follow-up letter on July 15, 2010 asking for the balance owed. She in return sent a money order for $50.00, with no explanation, or payment plan, or phone call.
With her living in another state, we want to know our rights and options on collecting this debt?

Asked on 8/23/10, 4:25 pm

Michael Hendrickson Law Office Michael E. Hendrickson

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The applicable Virginia statute of limitations would appear to have expired

on this particular the loan, i.e., more than 5 years with no payment,

making the loan uncollectible, but the recent referenced $50.00 payment which you've received may in fact have revalidated the obligation, now

making the balance owed on the loan fully collectible.

Answered on 8/29/10, 8:06 am

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