In November of 2005 I took out an internet payday loan for $500 in Pennsylvania to cover some unexpected medical expenses. Because of many things in my life at the time I defaulted on the loan in November of 2005.
Today I was contacted by Integrity Financial Investigations. They said that Jeff Goldman & Associates has papers prepared to file a lawsuit in Clark County, Nevada (where I currently live). The amount of the settlement is now $1,345.00. They said the suit would be filed in January if I didn't come up with the money or settlement in 48 hours.
I have several questions:
1. Are these companies legitimate?
2. Is a payday loan considered a written contract or open-ended loan?
3. Is the SOL up on this loan?
4. How can I fight the interest on the loan--$845.00 is outrageous!
Thank you
The time that a creditor gets to sue his debtor may vary between states. A creditor would generally get 3-5 years to file his lawsuit. The SOL commences from the date when either the debt is charged off by the creditor or a period of 180 days to have passed without the debtor making any payment.
I guess payday loans are open-ended loans.