I Have a 12 Year Old Debt I’m Paying On. – Steve

Posted by Steve Rhode in 401k Rollover, rollover
0 Comments

“Dear Steve,

I leased a ford vehicle about 12 years ago and had some financial issues and had to turn it back in….long story short I have had money taken from my bank account recently and also made payment arrangements to pay an amount each month of $100…are ther any statue of limitations laws that I should be aware of…do I have to keep paying this since it has been so long? Thanks….

Steve”

Dear Steve,

I’m not sure how the fact that you have recently acknowledged the debt has impacted you moving forward but the statute of limitations is the limit at which you could be sued for an old debt and it sounds like you skipped right over than and agreed to a payment.

Just because a debt is old does not mean you don’t have to pay it and they can’t still try to collect from you. It just means they can’t sue you.

Best advice, go talk to a local attorney licensed in your state.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

Big hug.

Steve
@GetOutOfDebtGuy

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Source: I Have a 12 Year Old Debt I’m Paying On. – Steve