SOL?????

[Anonymous]

What is SOL and how do I look it up for my state (Ohio)?

What is SOL used for and how does it work (in my favor)?

[Anonymous]

CAN SOMEONE PLEASE EXPLAIN THIS FOR ME???         THANK YOU

Ohio Statutes of Limitation

Written or oral account: 6 years, (O.R.C. §2305.07).

Written contract: 15 years, (O.R.C. §2305.06).

Oral contract: 6 years (O.R.C. §2305.07).

Note payable at a definite time: 6 years, (O.R.C. § 1303 .16(A)); (2)).

Demand note: 6 years after the date on which demand is made or 10 years if no demand is made and neither principal nor interest has been paid over that time (O.R.C. §1303.16(B)).

Dishonored check or draft: 3 years after dishonor, (O.R.C. §1303.16 (C)).

[SmartCookie]

Check here:  http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

Debt collecting SOL is the point where you can't be sued for a debt.  This doesn't mean a creditor or CA won't try to sue you... they just can't win in court. 

[Anonymous]

So the 3 years, 6 years and 15 years, as stated above, indicate the time/years as to which I Can Not Be Sued? Is it AFTER the number of stated years or BEFORE? (I guess I'm still a little lost "lol")

Message Edited by theREBIRTHofCREDIT on 12-08-2007 11:53 PM

[SmartCookie]

Exactly, and credit cards are open accounts so that is a 6 year SOL.   But always answer a summons.

[Anonymous]

What if credit cards r closed? This whole SOL thing is like rocket science to me (lol) I guess I need someone to break it down to a kindergarten level for me!!!

[haulingthescoreup]

I found this link under Frequently Requested Threads --it's titled "DOFD, DOLA, SOL":

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=8713

Sorry, I'm in Firefox, so you'll have to copy/ paste it into your browser window. hope that helps!

[SmartCookie]

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theREBIRTHofCREDIT wrote:

What if credit cards r closed? This whole SOL thing is like rocket science to me (lol) I guess I need someone to break it down to a kindergarten level for me!!!

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It's confusing I understand.  The type of account for SOL purposes on a credit card is called an 'open' account.  This is different from the status of the credit card itself being open or closed.