Legal Question in Credit and Debt Law in North Carolina
A creditor of previously charged off credit card account has invited me to apply for a personal term loan. What are the legal ramifications in the event of an application approval, does the statute of limitations pertaining to the previous bad debt reopen? Or is it a case of new app, new loan and new agreement? Previous charge-off occurred 12 yrs ago.
Asked on 6/05/10, 11:03 pm
1 Answer from Attorneys
If the charge-off occurred more than 12 years ago, I still have some questions. Was the account opened in NC? Did the credit card company ever sue you and get a judgment? The statute of limitations on the bad debt on a credit card should not re-open. It will only re-open if you suddenly made a payment on the old credit card debt.
Answered on 6/06/10, 10:24 pm
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