Re: sol- statutes of limitation

Posted by Why Chat (209.240.198.61) on April 16, 2003 at 20:31:27:

In Reply to: Re: sol- statutes of limitation posted by Help me! on April 16, 2003 at 20:21:20:

It does not have to be a "credit card" to be an open ended account and fall under the shorter SOL.

If you purchased something at a store and signed an installment loan contract for a fixed payment for a specific period of time at a fixed interest rate,that is a "closed end" contract and has the longer SOL.

If, on the other hand, your account was a "revolving" loan account, where as you made payments you could charge additional items,and there was no fixed time to pay the entire amount off, then it was an "open-end" charge account and has the shorter SOL.

Another type of loan that falls into the "open-end" catagory is a home equity line of credit,which is why those HELOC's show on your credit reports the same as credit cards.

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