Legal Question in Credit and Debt Law in New Jersey

Is there a statute of limitations on a defaulted loan being collected.
In 1985, I got a personal loan for around $3600. Due to circumstances, I defaulted on the loan. I just received a collection letter trying to collect $6650 on that loan, and threatening to obtain a judgement against me.

My question is: It has been over 13 years since I defaulted on the loan. Can they actually obtain a judgment against me at this point? I no longer have any records of this loan, or any way to prove what I did and did not pay.

Is there a statute of limitations I can utilize?

Asked on 3/06/00, 9:27 pm

Alexander M. Rosenfeld Rosenfeld & Stein, P.A.

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Re: Is there a statute of limitations on a defaulted loan being collected.

Yes there is a s/l on most loans. The glaring exception are government guaranteed student loans.

So you must clarify the underlying nature of the loan in order to obtain the correct reply.

Answered on 3/20/00, 7:09 pm

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