Q: I have 3 months left before my four years of statute of limitation is completed for unsecured debt.
I defaulted on unsecured debt from the lender/creditor named, Lending Club after I lost my job and underwent a very difficult financing situation. The last day of activity in the debt was 02/2019 when I made minimum payment. I thought their collection company gave up on me after repeatedly calling and sending dozens of mails in the first year after default. I was hoping that 4 years will be passed on 02/2023 when the statute of limitation of 4 years will take effect so that they cannot file a lawsuit and I would get away with the debt. Suddenly, I received a mail this week with the balance I owed from the collection company. They also called me last week and ask to pay some but I did not have money for it.They did not say they will file a lawsuit. Is this a bad sign they are likely to file lawsuit before it get 4 years in 02/2023. When I researched i found creditors send written notification at least a month before they file lawsuit. The debt amount is huge too ie around $29,000.00.
A: They may file a lawsuit. It is hard to say, but one thing is certain. The best defense is a good offense. I have dealt with situations like this be fore for much larger sums of money and was able to position my client well. I need to learn more about the facts, but there may be an opportunity to mitigate this issue.
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