Re: Help need fast answer concerning charge off

Posted by LadynRed (199.91.33.254) on February 19, 2003 at 09:34:44:

In Reply to: Help need fast answer concerning charge off posted by Ralph on February 18, 2003 at 22:35:10:

Statute of Limitations in NC for credit cards is THREE YEARS. You cannot be sued for this (legally) any more. Since the bank is generally concerned with the possibility you'll be sued, you might want to try showing them the NC state statute that proves the account is time-barred and Arrow can't win a lawsuit against you.

The Truth in Lending Act defines credit cards as open accounts, just in case the bank questions the classification of the debt. Open accounts in NC have a 3-year SOL.

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