QUESTION
What is the statute of limitations for a personal loan?
Asked on Feb 08th, 2016 on Litigation - California
More details to this question:
The loan began in 2007, and kept current until 2011. It was agreed between both parties to suspend payments due to the loss of the borrowers job in 2011. A new verbal agreement was made in 2014 that the borrower would clean the lenders house for $120 per month and this amount would be deducted from the loan. Now in 2016 I would like a contract, or promise, that the loan will be paid off in 5 years. Does this meet the the requirements to get me past the statute of limitations? Can I have a contract made up so many years after the original agreement
1 ANSWER
I' m not sure what the sCalifornia statute of limitations is for breach of contract (4 years if I remember correctly, but not sure), but whatever it is it runs from the date of the breach. Since there has been no breach yet, the statute hasn't begun to run.
Answered on Feb 10th, 2016 at 10:20 AM