Legal Question in Credit and Debt Law in Colorado

Payday Loan statute of Limitations?

According to a collection agency that has recently contacted me, I took out a payday loan in October 2004 for $700. I paid half of it back ($350)and my second check for half was returned by my bank. They are trying to collect the balance of ($399) What is my statute of limitations for paying this debt back? I lived in Idaho when I took out the loan and currently live in Colorado.


Asked on 2/21/08, 5:32 pm

1 Answer from Attorneys
L. Eric Lundgren Lundgren Law Offices, P.C.

Re: Payday Loan statute of Limitations?

If you were a resident of the State of Idaho at the time that you took out the loan, and the creditor was also in Idaho, there is a very good chance that the statute of limitations governing this claim will be the Idaho contract statute of limitations. I suggest that you post your question to the Idaho board instead of the Colorado board. Unless there is an Idaho licensed attorney answering questions in the Colorado section, you are not likely to get an answer.

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Answered on 2/21/08, 6:32 pm


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