Re: jim10101 - SOL and partial payments

Posted by WHY CHAT (12.94.52.146) on April 11, 2003 at 14:32:35:

In Reply to: jim10101 - SOL and partial payments posted by lawguy on April 11, 2003 at 12:06:08:

"lawguy" is correct as it pertains to contracts in writing, however credit card agreements are NOT contracts in writing, therefore the applicability of "common law" to open-ended credit agreements is not valid.

Acredit card agreement for personal, not business use, is subject to ALL the definitions of the TILA and FDCPA regarding status and default, as well as State statutes that exempt such agremeents from provisions regarding "contracts in writing".

Therefore, unless you actually sign a NEW written contract with specific terms and conditions, that is also signed and agreed to by the creditor, (such as a rewrite or consolidation) there is no re-aging of either the "legal" SOL or the "reporting" SOL.

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