pay settlement offer to National Action Financial.....
Date: Tue, 06/03/2008 - 08:42
I have a deficiency balance of $5998 left from a car loan that was sent to National Action Financial. I called them and got them to take $2000 in a settlement offer. I gave them my payment information (post dated check) yesterday and they are faxing over the agreement in writing this am. The date of the 1st delinquency is Nov 2001 which according to Equifax means it will naturally fall off my report in Nov of this year.
So I'm wondering did I do the smart thing by paying it now or should I have waited to see what wouldve happened in November? What are the chances they would turn it over to another agency to continue attempts in getting the balance paid? If I should've waited, is it worth going thru the trouble of placing a stop payment on the check?
Are there any SOLs in North Carolina that I dont know about that could help me?
Thanks in advance!
Dear LucyKing, Statute of Limitations for North Carolina is giv
Dear LucyKing,
Statute of Limitations for North Carolina is given below: -
??
Regards,
Phoenix
Yup, there is a chance that the SoL might have passed for the lo
Yup, there is a chance that the SoL might have passed for the loan already.
Normally, the SoL for an auto loan should get expired after six years (you need to get it clarified as it may vary state wise). Which means your account has well passed the SoL.
However, the SoL will only protect you form getting prosecuted by the creditor. This means, the creditor can't sue you for not repaying the loan once the SoL has passed. However, you will still remain morally obligated to pay the loan you owe.
BTW, sol for any written and oral contract in NC is 3 years and for promissory and open-ended account it is five and three years respectively.
Hope the input helps.
