Clermont, FL asked in Collections for Florida

Q: What is the statute of limitations for Navient to sue for private loans?

The loans haven't been paid since 2014, but the loan holder (I'm the cosigner) has put it in forbearance for various reasons including a bankruptcy attempt. I heard the statute of limitations is about the last time you "acknowledge the debt." Someone else said "5 years since it goes into default." The loans were technically not in default till this year, but no payment has been made in over 5 years.

Related Topics:
2 Lawyer Answers
Bruce Alexander Minnick
Bruce Alexander Minnick
Answered
  • Collections Lawyer
  • Tallahassee, FL
  • Licensed in Florida

A: In order to get a definitive answer that can be relied on you will have to show all the controlling documents to a very experienced business contracts and banking lawyer and pay them to answer this unusual question.

Charles M. Baron agrees with this answer

Charles M.  Baron
Charles M. Baron
Answered
  • Collections Lawyer
  • Hollywood, FL
  • Licensed in Florida

A: I agree with Mr. Minnick. General info can be found in Florida Statutes Chapter 95, including a 5-year limitations period for breach of written agreement (including loan agreements) and a 4-year period for submitted statements of account - but to obtain a rock-solid reliable legal opinion, you need to schedule an appointment with an attorney, which will likely cost somewhere between $200 and $500.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.