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Good morning. You have no further liability for this debt because you are beyond the statute of limitations. Pursuant to N.C. Gen. Stat. § 1-46 et. seq., the statute of limitations on a promissory note is 5 years. The debt collector, given that they can show adequate ownership of this outstanding debt, could file suit, but would not prevail because you have an absolute defense based on the statute of limitations. You want to make sure to not send them any money as any payment will serve to start the 5 year period over again. You can stop their harassment of you because it violates Federal law. You would stop this by sending them a certified, return receipt requested letter explaining the statute of limitations has run, that as a result you no longer owe this debt, and demand they immediately cease and desist all further efforts to contact you and/or anyone else to collect this debt. Inform them that any efforts to do otherwise will constitute a violation of the Fair Debt Collection Practices
Act and that you will report each and every violation to the Federal Trade Commission. Each violation carries at least a $1,000 fine, so that should be the end of things for you.
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