I took out a personal loan with CitiFinancial in 2008. I defaulted on the loan when I became disabled because CitiFinancial said the loan was not able to be refinanced so I could afford the payments since my income changed.
Each state has a different statute of limitations for credit defaults. In Washington, a creditor may file suit within six years of last payment. As I understand it, some other states allow for actions after ten years. According to the following link, it is six years in Ohio. However, I would confirm with an attorney or find the actual statute. https://www.debt.org/faqs/americans-in-debt/consumer-ohio/
Legal disclaimer: This answer does not constitute legal advice. I am admitted to practice law in the State of Washington, and make no attempt to opine on matters of law outside of Washington State. This answer is based on general principles of law that may or may not relate to your specific situation, and is for promotional purposes only. You should never rely on this answer alone and nothing in these communications creates an attorney-client relationship.
It depends on your state's statutes -- every state is a bit different. What is the applicable statute of limitations will also depend on the underlying nature of the debt. An attorney in your area can answer this for you.
However, the bigger question is, is CitiFinancial threatening to sue you? Or some junk debt buyer who bought the debt for pennies on the dollar after you defaulted? There's a world of difference between the original creditor vs. a junk debt buyer. If you are facing a lawsuit -- or being threatened with a lawsuit -- I recommend that you consult a consumer law attorney in your area who is knowledgeable about debt collect matters. You may also consider consulting a bankruptcy attorney. What your options may be will depend on the facts & your financial situation
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