craft_momma Posted April 18, 2007 Report Share Posted April 18, 2007 Do I understand this right? Store credit cards are considered open and the statue of limitations is 5 years. And Bank credit cards such as citibank,chase are considered written and the statue of limitations is 15 years? Please advise. Link to comment Share on other sites More sharing options...
someonesomewhere Posted April 18, 2007 Report Share Posted April 18, 2007 http://www.creditinfocenter.com/rebuild/statuteLimitations.shtmlOpen-ended Accounts: These are revolving lines of credit with varying balances. The best example is a credit card account. Please note: a credit card is ALWAYS an open account. Link to comment Share on other sites More sharing options...
craft_momma Posted April 19, 2007 Author Report Share Posted April 19, 2007 Can you explain to me why in some states a credit card is sometimes considered a open account and other times a written contract? I checked with my state attorney on this and was told that our statue of limitations on a credit card is 5 years to 15 years. That both have been won in court. Link to comment Share on other sites More sharing options...
TwoFaced Posted April 19, 2007 Report Share Posted April 19, 2007 This does confuse me too. Seems that everyone has different opinions. I have read my state laws and I can not determine from what is actually considered an open account. Link to comment Share on other sites More sharing options...
someonesomewhere Posted April 19, 2007 Report Share Posted April 19, 2007 Looks like this is where KRS addresses SOL.http://www.lrc.state.ky.us/KRS/413-00/CHAPTER.HTM Link to comment Share on other sites More sharing options...
craft_momma Posted April 19, 2007 Author Report Share Posted April 19, 2007 This is great! But, the only thing is, I don't understand the legal talk. Could you tell me which applies to credit cards? I'm so confused. Link to comment Share on other sites More sharing options...
thomassl Posted April 19, 2007 Report Share Posted April 19, 2007 I agree with Someonesomewhere! Credit card payments are considered open ended accounts. KY's SOL for this is 5 yrs. A written contract or promissory notes are for 15 yrs. For example, you signed up for a gym membership for a certain amount of time and a certain payment amount. This is a written contract as it has an beginning and ending date. Credit cards are revolving accounts. Link to comment Share on other sites More sharing options...
craft_momma Posted April 19, 2007 Author Report Share Posted April 19, 2007 Thank you for the advice. Our State Attorney General says different. I emailed them and asked what the statue of limitations was on a credit card. And was told that it could be 5 years and it could be 15 years. That lawsuits have been won with both. I don't know how. But that's what I was told. I'm just trying to figure out why it could be considered both. Open and written contract. Any ideas? I really need some clarification on this one. Link to comment Share on other sites More sharing options...
someonesomewhere Posted April 21, 2007 Report Share Posted April 21, 2007 http://www.naca.net/find-consumer-protection-attorneys/Might be time to contact an NACA lawyer and see whether you can get an answer in a free consult. Link to comment Share on other sites More sharing options...
craft_momma Posted April 22, 2007 Author Report Share Posted April 22, 2007 Oh, My Gosh! This is too funny! I can't even get a lawyer with NACA for Kentucky. I really appreciate your help anyways. You've been great in answering what you could for me. A great big Thank you goes out to you. Link to comment Share on other sites More sharing options...
someonesomewhere Posted April 25, 2007 Report Share Posted April 25, 2007 Oh, My Gosh! This is too funny! I can't even get a lawyer with NACA for Kentucky. I really appreciate your help anyways. You've been great in answering what you could for me. A great big Thank you goes out to you.This is a long shot, but it may be worth trying.The AGs of most states aren't allowed, sometimes by law, to answer questions from the public which interpret the law. "The law speaks for itself" is the answer sometimes given.However, the AG does usually have to respond to inquiries from legislators. Whether it's one of your state legislators, or any state legislator who is friendly to consumer issues, if they ask then an AG opinion could carry a LOT of weight in determining whether the SOL is 5 or 15 years for CCs.It's possible the AG could answer the matter is unclear under law, given legal precedents to date, and that could in theory cause the legislature to act, clarify the issue, and if it's the right legislator asking they might introduce a bill that would improve the lot of consumers. Link to comment Share on other sites More sharing options...
IHateCAs Posted April 25, 2007 Report Share Posted April 25, 2007 Actually, store cards are generally (not always) considered contracts for the sale of goods.It is my belief, after reading lots of state laws and caselaw, that it is in your best interest to assume a credit card will be considered a written instrument/contract in writing.This is assuming they can actually produce something that could be considered a written contract, not evidence that a contract exists.Credit card suits are fact specific. It depends on what evidence is presented and what the state laws are. Your goal is to find a specific state law dealing with consumer credit cards that gives a shorter SOLC (exists in a few states that I've seen) or to argue that the evidence submitted (copies of billing statements) do not meet the criteria for a written instrument/contract in writing.Vs a JDB, it's harder for them to prove written instrument, because of rules of evidence hurdles. Link to comment Share on other sites More sharing options...
scdawn28 Posted July 8, 2007 Report Share Posted July 8, 2007 With whom do you start the dispute & how, when the statue of limitations is up? I have one that is past the statue of limitations. Start with the credit bureaus? There are three accounts on my reports for the same CC with 3 different companies, the OC and two CAs. HELPPP!!!! PLEASE I am confused! Link to comment Share on other sites More sharing options...
bigjohnstud4200 Posted July 9, 2007 Report Share Posted July 9, 2007 With whom do you start the dispute & how, when the statue of limitations is up? I have one that is past the statue of limitations. Start with the credit bureaus? There are three accounts on my reports for the same CC with 3 different companies, the OC and two CAs. HELPPP!!!! PLEASE I am confused!Just because the SOL has run, doesn't mean they can't report it. If it's not greater than 7.5 years, they can still report accounts that are beyond SOL except for WI and Missississippi. Link to comment Share on other sites More sharing options...
scdawn28 Posted July 13, 2007 Report Share Posted July 13, 2007 This isn't against the FCRA? Maybe I misunderstood that then. Link to comment Share on other sites More sharing options...
IHateCAs Posted July 13, 2007 Report Share Posted July 13, 2007 Also, that Ohio lawyer I frequently recommend can practice in Kentucky I believe. Link to comment Share on other sites More sharing options...
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