Clarification on SOL
Date: Mon, 03/27/2006 - 12:19
This is Ohio law...I got this info from creditinfocenter...
Oral Contract:(SIX YEARS) You agree to pay money loaned to you by someone, but this contract or agreement is verbal (i.e., no written contract, "handshake agreement"). Remember a verbal contract is legal, if tougher to prove in court.
Written Contract: (FIFTEEN YEARS) You agree to pay on a loan under the terms written in a document, which you and your debtor have signed.
Promissory Note: (FIFTEEN YEARS) You agree to pay on a loan via a written contract, just like the written contract. The big difference between a promissory note and a regular written contract is that the scheduled payments and interest on the loan also is spelled out in the promissory note. A mortgage is an example of a promissory note.
Open-ended Accounts: (SIX YEARS) These are revolving lines of credit with varying balances. The best example is a credit card account.
Ok...So where do medical bills fit in? And utility bills?
Example...I have an emergency room visit delinquent as of 7/1999...Is this out of SOL? Or does this fit somewhere in the 15 year category??
I think some lawyer would answer it perfectly. What I understand
I think some lawyer would answer it perfectly. What I understand, if you have not signed any agreement papers, it is considered as oral agreement. If you buy some utilities, you do not sign any contract with your creditor; hence it is an oral agreement. I'm not sure about medical bills; chances are it will be counted under oral agreement as well. Hope VLD will help us here.
VLD, I have heard that in some states, credit cards are considered as written agreement, is this true?
OK Jessi, from everything I can find, I have come to the conclus
OK Jessi, from everything I can find, I have come to the conclusion that medical bills fall under the UCC and so that makes the SOL 4 years. I will search a bit more and try to find something more concrete, but that comes from a pretty reliable source.
~Mary