Statute of Limitations on Debt in Idaho

Are you constantly being hassled and harassed by debt collectors who are telling you they are going to file a lawsuit against you? Well, there is such a thing called statute of limitations on debt. This basically states that there is a limit on the amount of time you can be sued for debt. Once this statute expires, your debt will still exist and may be listed on your credit report but you will no longer be legally required to repay the debt.

Oral Contract 4 years
Written Contract 5 years
Promissory Note 5 years
Open Accounts 4 years

There are four different kinds of debt and each has its own specific statute of limitations. The first types are oral contract. These are agreements made verbally between two or more parties. No contract is written on paper or signed when the agreement was made. These contracts are legally binding, but are very hard to prove in court since there is no physical evidence.

Another type of debt is a written contract. This agreement is similar to an oral contract, but it is on a printed document that has been signed by both the lender and the borrower. These are also legally binding and easier to prove than oral contracts when in court. A few examples of this type of debt are automotive loans and other installation agreements.

A third kind of debt are promissory notes. These are a type of written contract but a promissory note includes the details on the method of payment, how much the payment will be, interest rate, and the full amount that is being borrowed. Regular written contracts do not require this much detail. An example of this would be a mortgage. The last types of debt are open-ended accounts. These are revolving lines of credit that can have varying balances, such as credit cards.

In the state of Idaho, the statute of limitations on these various types of debt, respectively, are 4 years, 5 years, 5 years, and 4 years. If you believe that the time limit has passed on any of your debts, then you can bring up this point in court to get your case dismissed. If you have fallen behind on debt payments and keep getting hounded by creditors, make sure you do some research. Knowing the statute of limitations in your state can really help you defend yourself if taken to court. Collectors will make a much less effort to collect a debt after it has crossed the statute of limitations.

Archana Sabesan

Archana Sabesan

Archana Sabesan is a junior at North Carolina State University. She is currently pursuing a major in Psychology, with a primary focus in Child Psychology, and a minor in Spanish. After graduating, she plans to attend graduate school to obtain her PsyD degree in Clinical Psychology. Her experiences at Stanford University and Duke University as an Undergraduate Research Assistant have helped her to develop an effective research regiment and build on her observation skills. She hopes to open a private practice of her own in the future.

Every summer, Archana works at Kumon, a math and reading workshop, tutoring children between the ages of three and 18 in these subjects. She used to be enrolled in this program herself, so this allows her to connect with the students and give them the one-on-one help that they need. Archana is also currently a member of NC State’s Psychology Club, Rotaract Club, and EKTAA (NC State’s premiere South Asian Student Organization).

Archana was born in India, and moved to North Carolina with her immediate family when she was 7 years old. She speaks mostly Tamil, the native language of South India, and English in her home. In addition, having taken Spanish classes since 6th grade, she can speak and understand it pretty well too. Archana enjoys spending time with her family and friends, watching movies, listening to music, and going to the gym. She also loves to travel, and hopes to travel the world one day and learn about all the different cultures!
Archana Sabesan