Can a company wait 2 years to inform you that you have a debt?

I went to a university for 1 semester. They never notified me that they did not accept my student loan. Then 2 years later the debt was turned over to a collections agency. I’m not sure what to do.

Asked on August 21, 2012 under Bankruptcy Law, Pennsylvania


David Martin

Answered 8 years ago | Contributor

The time a creditor has to enforce a contract debt in Pennsylvania is 4 years.  Any partial payments made on the debt start the 4 year period running again.  You should try to negotiate with the collections agency or get an attorney to represent you in negotiating a reduction and payments on the debt and to see if you have any other defenses to the collection action.

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