SOL/Written Contracts?

[Schoolbuskid]

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

[llecs]

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.

[Schoolbuskid]

Thanks llecs, thats kinda what i thought!

[Anonymous]

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?

[llecs]

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

[Schoolbuskid]

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

[fishbjc]

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

[Anonymous]

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.