QUESTION
i gave someone a personal loan the terms were for 60 months and he defaulted almost 3 years ago what is the time frame that I have to pursue recupping
Asked on Oct 08th, 2013 on Contracts - Pennsylvania
More details to this question:
i gave the father of my children a personal loan that we had notarized, this loan took place on 10/24/2005 for a period of 60 months in the amount of 20.000 dollars.he missed many months of payments and stopped paying all together, It is coming up on 3years that the loan should have been paid off. I have not pursued this sooner because this is the father of my children so it is not easy for me to persue legal action against him but with 2 kids in college this would help with their education which is what this money was intended for in the first place
1 ANSWER
I believe that the Pennsylvania statute of limitations for breach of contract is 4 years from the breach. Thus, you are probably time barred from collecting on any installments which were defaulted on more than four years ago, but can collect on any defaults less than 4 years old. There are some exceptions which can extend the limitations period, but I don't see any that would apply from the face of your question.
Answered on Oct 09th, 2013 at 5:59 PM