Legal Question in Credit and Debt Law in North Carolina

HSBC old debt over 2 years I think collection agency portofolio recovery associates bought this from ms gerald who had bought it from hsbc. I settled all of my accounts with hsbc when I lost my job and my husband became disabled. I settled them for 30% of the balance. This was only 700.00 balance but it charged off before I could pay it and I called them to settle but it had already left them. ms gerald and portofolio have really bad raps online about doing business with them. portofolio . now sent to someone named sessons and rogers. If you are never served papers to go to court how can they take you to court?

OF THE BALANCE


Asked on 1/25/12, 5:08 pm

1 Answer from Attorneys
Rachel Hunter

Sessoms & Rogers is a law firm. When you settled with HSBC, did you get a settlement letter or a settled-in-full letter after you paid? You still could have settled even after charge off, but the amount depends on the creditor. If you don't have that, HSBC was probably glad to take your money, but it means that they could sell off the balance on the debt.

The other problem with doing this on your own is that any payment revives the statute of limitations (3 years for most North Carolina debts). Which means that a creditor has 3 years from the date of your last payment in which to sue you regardless of how old the debt is.

The question is what have you received from Sessoms & Rogers? Just a letter? That is not "taking you to court." In order to do that they will serve you with a complaint.

I don't know what you or have or have not done, but you would be best off getting a lawyer to assist you with settling this debt. I give free email consults and charge $50 for a phone consult. Please contact me at [email protected] if interested.

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Answered on 1/25/12, 5:21 pm


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