meld9672 wrote:
I've been reading about the SOL's today and just wanted to get a better understanding of the following:
Can someone give me a good example of what would fall under the following catagories:
Written Contracts * Oral Contracts* Promissory Notes * Open Accounts (OTHER than credit cards since obviously those fall there)
Written Contract-- apartment lease- anything you agree to pay in writing.
Oral Contracts- not sure this would apply to creditor/debitor relationship. But maybe. But would be an agreement you made verbally that you would pay
Promissory Notes- loans from banks, CU, automobile loans, etc.....when you get a loan, you normally have to sign the promissory note(the promise to pay)
Open accounts- utilities - accounts where you don't agree to pay X amount, but you agree to pay whatever charges accrued......accounts where the amount you have to pay isnt' set until at the end of the term(monthly utilities- you find out at the END of the term what you are to pay) from a website I got this definition- "An open-ended credit account, also known as a revolving account, is a credit plan in which the creditor has a reasonable expectation of repeated transactions, stipulates the terms of those transactions, and provides for a finance charge that may be computed periodically on any outstanding balance."
Also, is the SOL based upon where you were living when the credit was extended or where you are living currently?
The creditor or CA, whichever is suing can use EITHER SOL.
And if it's where you were living when credit was extended, can you use the SOL for the state you are currently living in if they are unable to prove residence in other state? (i.e. going to school in one state, not a 'resident' of said state, all personal information under the non-school state)
Wow I've had a lot of questions today and done a ton of learning -- you guys are all great and such a huge inspiration!
