Can creditors put a lien on personal property?

I had a car repossessed 5yrs ago. I live in NC and I understand that there is a five year Statute of limitations to pursue action in this state. That SOL passed last month. They sent me a settlement offer of 40¢ on the dollar. I was thinking I should just let this go since it has passed the SOL and since it will come off my credit report in 2 yrs. My question is does the SOL start at the last payment, the repossession, or the sale of the car at auction?

Hi KP!

Welcome to forums!

As far as I know, the SOL period and the credit reporting time period for the "deficiency" starts on the date the vehicle was repossessed. The SOL period won't start from the date of default.

Feel free to ask if you've further queries.

Sussane

not to discount sussane's post, but i really think that when you have questions concerning specific laws, you are best served to pose that question to someone well-versed in law (lawyer, maybe?). in this case, i'd suggest slightly differently...call the state attorney general's office to get clarification about the statute of limitations. you can also check, for limitations on credit reporting, etc. with the federal trade commission.

I co-signed for my daughter for a car, she fail to pay and they repossessed the car and sold it in action and got $4,000.00, I was informed that I owe the remaining balance of 11,978.00 and if I don't pay it, they will put a lien on my home. I am a retired disabled veteran and do get disability and social secuity disability and my army retirement. Can the collector put a lien on my home. Dora

if the creditor deems it necessary to sue you, then they can place a lien on the home once judgment is received. yes, as cosigner, you are liable to pay and a lien could end up being placed on your home. most creditors who file judgment liens are satisfied to wait until the home is sold to collect their debt, so foreclosure is not a likely prospect in any event.

that was me...forgot i had logged out.

my husband was served a citation from a collection agency can they freeze my checking account it is not in his name

a creditor cannot touch your personal account unless you are obligated on the debt. please don't worry.

my checking account is a dba business account that my small business has credit card deposits put into it I was worried if maybe I should close my accounts?

ditto for a dba account - a creditor cannot attach an account that doesn't belong to its debtor.

if they win a judgement against my husband will they place leins on my home and cars can they make me sell them, they have already served him with a citation can we still make arrangments with them to pay this out, we tried before all this to make payment arrangements but they wanted so much a month if we couldn't even keep paying on the cc we sure couldn't afford the 750.00 per month they wanted. what should we do?

Hi Guest!

Welcome to forums!

If your husband's name is on the property, then the creditor can place a lien on them if he wins the judgment. You can always negotiate with the credit card company so that they can give you a payment plan to pay off the dues. So, you should have a word with your creditor and check out if he can reduce your outstanding balance.

Feel free to ask if you've further queries.

Sussane

my ex husband got a judgement againest him for a unsecured loan for his business that has since closed I just found out they put a lien on our property and we just sold it can the creditors get my half of the money? I should mention there is not enough equity in the house to pay the lien

Knowing your credit report and whats on it is very important. BuyerSelllerConnection can help.

for anyone wishing to check his or her own credit report, please use annualcreditreport.com, as this is the only authorized site in use - authorized by the major credit reporting agencies.

for credit-related and rights-related inquiries, you ought to check ftc.gov - the federal trade commission's site.