[Jeff0103]

Bought my wife an ingagment ring 10 years ago . Lost my job at the time and couldn't make payments . Now they are trying to collect . Am I still legally obligated to pay this ?

[ballengerb1]

Did you borrow to make the purchase, what type of loan was it and how long ago was your last payment? Helps to know where you live too.

[Jeff0103]

Yes got financed from a jewelry store in Texas . Haven't made a payment in 9.5 years . New company bought them out and trying to collect on old debt . Traced me down and pretty much threatened me to set up payment arrangement .

[tickle]

You will hear threats, they will try any tactic, but the statute of limitations on this type of commitment. In Texas, is four years from date it was initiated. Which means they are out of luck. But once you agree to pay anything at all, you are stuck and the statute starts all over again.

[Fr_Chuck]

Do you legally owe the debt, of course you do. If the loan was secured by the ring they may even make attempts to have you return the ring.

The Statue of Limitation is over for the debt so they can not sue you, but they may call and write you for the rest of your life trying to collect.

So legally and more importantly morally, you owe the money and will always owe the money till you pay it. But also legally they may not sue you any more.