I was contacted last week 10/26/11 from a company that states I owe a payday loan from 2004? I asked for documentation be sent, I haven't received, they said it was sent to my old address,that I haven't lived at for more than 4 years. I'm sure if it was not paid, it was because I was financially unable, because I pay all my bills. They are threatening me with court and harrassing phone calls to my place of employment
The statute of limitations on such a debt in Indiana is 6 years but the real queston is always when the period begins to run, which is typically when the account goes into default but can be from the first date of execution. If a collection agency is harassing you at work or threatening any action they cannot or do not intend to take, you may have a claim against them for violation of the Fair Debt Collection Practices Act (FDCPA). Check out the link below for more information.
Advice on this forum is for informational purposes only and should never be mistaken as a substitute for legal advice. If you are in need of legal advice, you should consult local legal counsel.
Is the company coming after you the one you borrowed the money from? If not, they had better send you a disclosure about being a debt collector and that you have 30 days to dispute the debt. Make them prove the validity and amount of the debt and that they have the right to collect on it. Contact a local consumer law attorney now.
Also, you want to explore whether your state has laws on pay day loans. Pay day lenders tend to violate these laws too.
Mr. Goldstein is a Virginia-licensed attorney only. The information is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. Answering this question does not in any way constitute legal representation. Contacting Mitchell Goldstein or the Goldstein Law Group does not constitute legal representation, nor is any information you provide protected by attorney-client privilege until otherwise advised.