I asked the debt colectors to validate a debt and prove that the statute of limitations wasnt up on a debt from Jan. 2003 and they advised that it was an executed and sealed contract (whatever that means) and that the SOL wasnt up for 10 years...is that true?
2007-10-15 14:17:25 · 5 answers · asked by ncsustandup 2 in Business & Finance ➔ Credit
What is the debt for?
http://www.fair-debt-collection.com/SOL-by-State.html#34
This site indicates a 10 year SOL for "Contract and sale of personal property under seal". It could be that the collector is trying to push the envelope.
2007-10-15 15:17:58 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
The Statue of Limitations for NC is 3-5 years depending on the type of debt. So depending on what it is you may still be in the SOL until January 2008.
However, you have to remember that the SOL can follow you if you move. So if you lived in a different state and that state has a longer SOL, that is the SOL the creditor can use. In some states the SOL can go up to 15 years for certain types of debts.
Below is a link by state for each Statute of Limitations
2007-10-15 14:27:45 · answer #2 · answered by OC1999 7 · 0⤊ 0⤋
This Site Might Help You.
RE:
Statute of Limitations for debt in NC?
I asked the debt colectors to validate a debt and prove that the statute of limitations wasnt up on a debt from Jan. 2003 and they advised that it was an executed and sealed contract (whatever that means) and that the SOL wasnt up for 10 years...is that true?
2015-08-14 08:23:31 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Pretty sure that you must find all financial answer at: loandirectory.info-
RE Statute of Limitations for debt in NC?
I asked the debt colectors to validate a debt and prove that the statute of limitations wasnt up on a debt from Jan. 2003 and they advised that it was an executed and sealed contract ...show more
2014-09-02 15:39:55 · answer #4 · answered by Anonymous · 0⤊ 0⤋
First in a debt validation letter do not tip your hand. Look up Debt Validation at www.creditboards.com. IF you let them know you are aware of the SOL and you are not completely sure you are out of the SOL period, you will probably let them know they should take you to court.
Credit cards are open accounts, they will try to squeeze that into a sealed contract, but there should be enough case law to prove that out. Without knowing what kind of debt it would be hard to tell if that falls under NC sealed contract law.
Last move to a consumer friendly state .
Checkout this discussion: http://creditboards.com/forums/index.php?showtopic=287283&hl=sealed+contract
Was that contract noterized?
2007-10-15 19:55:26 · answer #5 · answered by Ted 2 · 0⤊ 0⤋
i guess you are SOL, lol!
2007-10-15 14:51:23 · answer #6 · answered by Anonymous · 0⤊ 1⤋