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Help! I have a debt thru original creditor Household Automotive. I had a n automobile that was totaled in Feb. 2004. My insurance company paid what it worth and since I was upside down in equity, it did not quite pay off the loan. Now a debt buyer CACH LLC has purchased this account and are trying to put a judgement on me. I have been to court but had it delayed until I find out what my options are. What are Statute of Limitations for NC on Automobile loan? Since it has been over 4 years since payment was made, can I use SOL for this? Do I need to hire an attorney and if so, do you have a suggestion for a good one in Eastern NC?
Statute of limitation on all types of written contract is 3 years in North Carolina and since auto loan falls under written contract, it should also be 3 years. However, you should check it once with your attorney because if the SOL has expired and you make a single payment, then the creditor can sue you to the court to bring judgment against you. However, they cannot bring judgment against you if the SOL has already expired.
You should also send a debt validation letter by certified mail to the and wait for 30 days for their response. In the meanwhile contact an attorney and then decide whether you should pay back the debt or not. However, even if they validate the debt, but your SOL has expired, you should not pay it off, since it may rewind your SOL as Mary said. However, if the SOL has not expired, I think that you should make necessary arrangements to pay off the debt because if they bring judgment against you, it will give a negative impact on your credit score.
I would do as these members suggested and you should be on the track to full recovery on this debt. Have you sent debt validation yet?
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That's 2 cleevr by half and 2x2 clever 4 me. Thanks!