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Revolving Line of Credit (Secured)


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Here's the facts:

I live in Ohio (Cleveland Area).

I had a line of credit secured by my home (Mansfield, Richland County).

The last payment was made in 11-1999.

My home was foreclosed on in 2000 to satisfy the debt.

Action Code: Foreclosure

Status: Closed

Status Date: 4-28-2000

Disposition: Converted Disposition

Disposition Date: 8-17-2000

Original Creditor reported as revolving/secured with the CRA's

Originally reported "Charge off"

This one is deleted off of all 3 reports per my disputes!

Old Canal Financial reports it as an "Installment" account on Experian

Reported just as a collection account on EQ and TU

They verified on all of my disputes with the big 3.

Old Canal reports $9909 as the balance.

Old Canal sent me a collection letter (Via a company called "Global") demanding $13173.43.

The collection letter contains this statement:

"Your loan is in default as a result of your breach of the terms of the Promissory Note, Mortgage, and/or Deed of Trust held by Old Financial Corporation."

Questions for the experienced ones here:

Should this debt be considered

A written contract or Promissory note? SOL 15 years (O.R.C. §2305.06)

or an Oral Contract? SOL 6 years (O.R.C. §2305.07)

Which date should be used to start the clock for SOL?

I am getting ready to DV Old Canal, but need to know how to handle this (if they provide any proof on this account). The way it is going now, I believe that I can hold them off until late this year or early next year. I don't want to push it until the 15 years is up if they verify. The clock is ticking to file BK as well. Any advice is appreciated!

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