I have be searching for solid evidence of what the statute of limitations is on collecting a debt for a credit card. I own found everything from 4 years to 15 years but nothing next to any actual legal codes stateing the time aim. Can any of you direct me to a website that will provide concrete laws on this. I own tried the fair credit bureau, I've tried googling it, I've tried Ohio Law Library and still can't make sense of the law on this. Some state that a credit card is considered a written contract consequently it is a 15 year limit. Others state that it is a revolving tale, making it 4-6 years. Any help would be greatly appreciated.
Answers: Mr. Ed is wrong.debts can NOT be re-aged by selling to another collection agency.
The SOL surrounded by Ohio is not clearly spelled out in the Ohio statutes. Because of that, unless you are in good health versed in civil imperative, the attorney will fight to obtain this considered a written contract, and force a 15 year SOL on you.
To compound problems, many of Ohio's magistrates are ignorant.
Check out this connection and it will guide you through everything you need to know on defending your 6 year SOL.
http://whychat.5u.com/States/state-oh.ht...
Based on the information contained by the link below, credit cards are considered open-ended accounts, as defined by the Truth-in-Lending Act:
http://www.creditinfocenter.com/rebuild/...
Therefore near is a statute of limitations of 6 years in Ohio.
6 years but is the credit card co sell the debt to a collector the clock starts all over!
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Answers: Mr. Ed is wrong.debts can NOT be re-aged by selling to another collection agency.
The SOL surrounded by Ohio is not clearly spelled out in the Ohio statutes. Because of that, unless you are in good health versed in civil imperative, the attorney will fight to obtain this considered a written contract, and force a 15 year SOL on you.
To compound problems, many of Ohio's magistrates are ignorant.
Check out this connection and it will guide you through everything you need to know on defending your 6 year SOL.
http://whychat.5u.com/States/state-oh.ht...
Based on the information contained by the link below, credit cards are considered open-ended accounts, as defined by the Truth-in-Lending Act:
http://www.creditinfocenter.com/rebuild/...
Therefore near is a statute of limitations of 6 years in Ohio.
6 years but is the credit card co sell the debt to a collector the clock starts all over!
Resolved Questions: