The rule known as the statute of limitations on debt is a regulation that limits the amount of time that a creditor or debt collector has to file a lawsuit against you for a delinquent account. It varies considerably from state to state and form to type of debt. In Virginia, the statute of limitations for payday advance is three years. If you do not repay your loan within the given repayment period of three years, the lender can no longer take legal action against you to collect on the debt.