There are laws that require suit to be filed within a certain number of years after the creditor had a right to sue, or after default. If you made a payment on a debt whose statutes of limitation is about to expire, it can re-start the statutes of limitations period.

Virginia Statutes of Limitation:

  • Open account: 3 years from the last payment or last charge for goods or services rendered on the account.
  • Written contracts (non-UCC): 5 years.
  • Sale of goods under the UCC: 4 years.
  • Virginia Judgments: 10 years, and renewable (extended) to 20 years.
  • Foreign judgments: 10 years.