topic Re: SOL/Written Contracts? in General Credit Topics

SOL/Written Contracts?

Schoolbuskid — Wed, 25 Mar 2009 02:49:15 GMT

I was checking out the SOL for OHIO and its 15 yrs for written contracts, exactly what is meant by writtent contract? I have an idea i just need a better understanding.

Thanks

Re: SOL/Written Contracts?

llecs — Wed, 25 Mar 2009 22:16:58 GMT

Written contracts are any contract you physically sign, whether it be at the time of purchase (e.g. a lease, gym membership, landscaping contract, car lease, etc.) or signed via an online agreement.

Re: SOL/Written Contracts?

Schoolbuskid — Wed, 25 Mar 2009 22:44:15 GMT

Thanks llecs, thats kinda what i thought!

Re: SOL/Written Contracts?

Anonymous — Thu, 26 Mar 2009 00:19:01 GMT

A credit card cannot be considered a written contract though, right? Via the truth-in-lending act a credit card is ALWAYS an open account -- correct?

Re: SOL/Written Contracts?

llecs — Thu, 26 Mar 2009 00:31:21 GMT

I don't know about TILA, but CCs are considered open accounts.

Re: SOL/Written Contracts?

Schoolbuskid — Thu, 26 Mar 2009 12:51:53 GMT

Thats what i read when i was looking up the SOL, that credit cards were considered open accounts!

Re: SOL/Written Contracts?

fishbjc — Fri, 27 Mar 2009 14:33:19 GMT

15 YEARS? Yet another good reason to move out of Ohio.

Re: SOL/Written Contracts?

Anonymous — Sat, 28 Mar 2009 03:37:23 GMT

So I did a bunch of reading and here's what I found out. Via the truth-in-lending act a credit card is always an open account BUT can be considered a written contract if the "ID Card" can be produced. Meaning if you're being sued by a collector for an old credit card balance and the SOL is up on it as an open account but your state has a longer SOL on written contracts....if that collector can go back to the original creditor and obtain a copy of the original agreement WITH your signature it can hold up in court as a written contract under whatever the SOL for written contracts is in your state.