Payday Loans

[ksjane]

What is the name of your state (only U.S. law)? KS

Does anyone know what the statute of limitations is on a payday loan in KS? A family member is being threatened by a collection agency on a payday loan made in March of 2005. Collection agency said 7 years, but everything I find on the net shows 3, 5, and 6? Thanks in advance.

 

[swalsh411]

6 years as far as I could find. Have they moved out of KS at all since the loan was made?

 

[ksjane]

Yes, they no longer live in KS. And haven't heard anything about this loan until yesterday. Does moving out of state change the SOL? Thanks in advance.

 

[Antigone*]

Yes, they no longer live in KS. And haven't heard anything about this loan until yesterday. Does moving out of state change the SOL? Thanks in advance.

Yes, moving out of state does change the SOL. It actuall tolls (stops) it. Why does your relative oppose paying back the money they have borrowed?

He/She has deprived the lender of their asset; I don't understand why they believe they should not be held to account for the original amount owed plus interest?

 

[ksjane]

I never said he is refusing to pay the loan. I said he is being threatened about a loan that was made in 2005. The collection agency said that he made the loan and he is being sued. He says he didn't make the loan and wants to dispute it. Collection agency said that the only way he can dispute it is by going to court, and even if he can prove that he didn't make the loan, he will still be responsible for paying the court and attornies fees. When he asked why he hasn't heard anything about this loan for 6 years, the collection agency said because they wait until the SOL is about up because they don't want to lose customers. It was my understanding that the SOL would have been up regardless, so I suggested that if he was going to have to pay regardless if he took out the loan or not, then he may as well try to prove that the SOL is up. I told him I would look it up and I found 3, 5 and 6. I was not aware that the SOL stops when you move out of state. I still don't think he should have to pay to prove his innocence. Do you have a website that verifies that the SOL stops? Thanks in advance.