Re: your Credit law site

Posted by CardReport.Com on December 17, 2000 at 19:55:41:

In Reply to: your Credit law site posted by john on December 17, 2000 at 06:25:55:

To the best of our knowledge, and as per the chart
in our *Credit Laws* section, the statute of limitations
for defaulted credit cards and other open accounts
in Oklahoma is three years. This is the time limit
for the creditor to file a lawsuit after a debtor
defaults.

If the creditor has already filed a lawsuit and
won a judgement, then there is a separate time limit
for them to enforce it (i.e. collect the money),
which is five years from the date of the judgement.

Note that, with regards to the first statute of
limitations (time limit for suing), some creditors
will actually attempt to sue even *after* the SOL
has expired, hoping that the debtor won't know that.
In such a situation, the debotr/defendant must
file a response with the court, pointing out the
expired SOL, and requesting to have the suit dismissed,
which is what should then happen.

Good Luck.

--CardReport.Com Webmaster

Please note that we are *not* attorneys, and nothing
on this site should be construed as, or relied upon
as, legal advice.

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