Please HELP!! About to pay settlement offer to NAFS.. .

Express or implied contract, not under seal: 3 years.

Contract and sale of personal property under seal: 10 years.

Open account: 3 years, NOTE: Each payment renews the SoL on all items purchased within the 3 years prior that payment. If no payment is made, the SoL runs from date of each individual charge. Contracts: From date of breach or default, unless waived or performance under the contract is continued.

Judgments: 10 years

Partial payment BEFORE the SoL expires renews the SoL from date of payment.

Payment AFTER SoL expires renews SoL ONLY if, at time of payment, circumstances infer the debtor recognized obligation to pay. Partial payment on open account restarts SoL on purchases made within 3 years of payment date, if acknowledgment can be inferred, starts the statute anew as to the full obligation acknowledged, even if all of the charges were not made within the last three years.NC Continued...

Partial payment by one debtor does not renew the statute of limitations as against any a co-debtor unless that co-debtor agreed to, authorized or ratified the partial payment.

Partial payments DO NOT affect the ten-year limitation on enforcing or renewing judgments.

Bankruptcy, Death or Disability: Filing of a bankruptcy tolls the statute of limitations for the enforcement of contracts and judgments.

The death, minority, disability or incompetence of a debtor also tolls the limitation period until such time as a personal representative of the estate or a guardian of the incompetent or minor is appointed.

I bought a car over 1999, it was 5997.83. I could not afford the car because of financial situations, so I turned it back in to them. they refered the account to Calvary for collection. it kept coming on and off my credit. it went to NAFS and got a really rude call when I was the one who called to fix the debt. they are charging me a little over 11,000.00 in just intrest. I told the man I wanted to make payment arrangements he told me 9,000 I said i could not afford that. He then stated there is no one you could barrow the money from. The debt of a total 16, 468.05 was then on my report. SOL kicked in and it fell off. I really do want to settle this debt with monthly payment from the original debt of 5, 997 but I am worried they will try to get me for the intrest. What should I do.

It's a scam. Debt agencys have no legal authority to collect from anyone, they only act in accordance and behalf with requests from creditors. They get a fee or share of the payment(s). Once a debt is forwarded for for collections all interest stops at that point. You very likely don't owe anyone anything. These guys are predators. RCE

Ask them to validate the debt first. If the debt is past the statute of limitations 4 yrs. with out any contact between you and the debtor. It has past that point. they can not sue you for something you no longer by law owe. No need to bother with them.. They will say they are going to 1099 you. Tell them to go ahead on 1099 you. They usually do not bother to do so. The debt was canceled or written off by another company. No longer are any collection agencies able to come after you for those debts. Remember you have rights. The right to privacy is one of them. :D

Hope this helps
Kev