What is the statute of limitations on a payday loan in california?

Asked over 2 years ago - San Diego, CA

i recieved a call today about a payday loan that was taken out in 6-8-2007 and charged off on 10-8-2007. they said the original amout was for roughly $380 and now if i dont pay $500 they will sue me for $1987. I believe the S.O.L is 4 years in California is this true.. can I tell them to stop calling me. The are calling me from a different company than what they said the debt was incured. so I believe they purchased the debt. I havent ammited to it since it was so long ago I dont evenb remeber it.

Attorney answers (4)

  1. Kathryn Ursula Tokarska

    Contributor Level 16

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    Answered . You are correct written contract statute of limitation is 4 years in California. You can send them a cease and desist letter as well. Here is some information that might be helpful.

    http://www.ftc.gov/bcp/edu/pubs/consumer/credit...

  2. Richard Scott Lysle

    Contributor Level 17

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    Answered . Unless they obtained a default judgment against you, the statute of limitations is, at most, 4 years from date when the last payment was due or was made. Because they are offering such a discount, it is doubtful that they have a valid claim. I advise that you do not waste your time talking with them. You will just get aggravated and you might accidently say something to revive the Statute of Limitations. If you fee that you must respond to them, have your attorney ask for a copy of all of their documents and a computation of the amount owing. This is called "validation". This is different from "verification."

  3. Michael Charles Doland

    Contributor Level 20

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    Answered . I am not sure if your pay day loan required you to sign a form or other contract setting forth terms and conditions. If you made any installment payments, then a suit might be for 4 years after the last payment. If in continuing doubt you should show all your paperwork to a local attorney.

    The above is general legal and business analysis. It is not "legal advise" but analysis, and different lawyers may... more
  4. Frank Wei-Hong Chen

    Contributor Level 20

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    Lawyers agree

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    Answered . The statute of limitations in California is four years from breach or from the last payment, whichever is later.

    The information presented here is general in nature and is not intended, nor should be construed, as legal advice.... more

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