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zibo1960 · Mar 17, 2009, 01:01 PM

I rec'd a personal loan just over 6 years ago, and signed a home-made contract. We made as many payments as we can. The loan was for $1000.00. We owe about $200.00 and can't afford to make any more payments. The last payment we made was last summer (2008). He is now threatening to take us to small claims court. Even though we passed the statute of limitations in Michigan, can he still sue us?

JudyKayTee · Mar 17, 2009, 01:08 PM

The Statute runs from the last activity on the loan - and that is your last payment in August 2008. This isn't out of Statute.

Yes, he can sue you. And, yes, he will probably win if there's a written contract, particularly because you did make payments.

It's taken you over 6 years to pay off $1,000?

twinkiedooter · Mar 17, 2009, 05:42 PM

Yes, he can take you to Small Claims Court for the remaining $200 and win. You will also be liable for Court filing costs and cost of service together which may run your $200 up about $50.