Personal Debt COllection

[averza]

What is the name of your state? Maryland

It's been awhile but looking threw some old documents, I found an old fully executed agreement of debt from May 1996 drafted by the debtee's attorney. The agreement was to pay me in the amount of $9,000 for a personal loan but only one payment was made for about $500. Is this debt (if this person could be found) still collectable under statute of limitations? If so, do collection agencies pursue this?

Thanks

 

[I AM ALWAYS LIABLE]

What is the name of your state? Maryland

It's been awhile but looking threw some old documents, I found an old fully executed agreement of debt from May 1996 drafted by the debtee's attorney. The agreement was to pay me in the amount of $9,000 for a personal loan but only one payment was made for about $500. Is this debt (if this person could be found) still collectable under statute of limitations? If so, do collection agencies pursue this?

Thanks

My response:

How is it possible that you could forget about a $9,000.00 debt owed to you?

Suffice it to say, your right to collect is more than likely barred by the applicable Statute of Limitation in Maryland. If this was simply a written contract, the SOL expired 3 years after that payment. If it was a contract that included a promissory note, it expired 6 years from the date of that payment.

IAAL