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  1. #1
    possumfat is offline Junior Member
    Join Date
    Mar 2005
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    15

    Oklahoma SOL for Debts ???

    What is the name of your state? Oklahoma

    I have charged off credit card debts (Citi, Cap 1, Wells Fargo, etc.) from a failed business I owned**************...most of the debts are on my personal credit report. All of these debts are unsecured, one of them was a credit line where they sent you checks to cash instead of a credit card, would this be an open account also ?

    My question is are these considered "open accounts" or "wriiten contracts" the difference between the two is a 3 or 5 year SOL.

    Last payment on all of these debts was November of 2002 so anyone no where I stand ?

    Tyhanks in advance for your help ?
  2. #2
    seniorjudge Guest
    Quote Originally Posted by possumfat
    What is the name of your state? Oklahoma

    I have charged off credit card debts (Citi, Cap 1, Wells Fargo, etc.) from a failed business I owned**************...most of the debts are on my personal credit report. All of these debts are unsecured, one of them was a credit line where they sent you checks to cash instead of a credit card, would this be an open account also ?

    My question is are these considered "open accounts" or "wriiten contracts" the difference between the two is a 3 or 5 year SOL.

    Last payment on all of these debts was November of 2002 so anyone no where I stand ?

    Tyhanks in advance for your help ?
    Standard answer on expired SOL and/or validation and/or dispute letters.

    SOL
    [url]http://www.bcsalliance.com/y_debt_sol.html[/url]

    [url]http://www.fair-debt-collection.com/Disputing_Collections/SoL-dispute-letter.html[/url]


    Validation letter samples you can get at :
    [url]www.creditinfocenter.com[/url]
    and [url]www.creditboards.com[/url]


    Disputes: You can write a letter of dispute to the three credit reporting agencies.

    Go this website to find instructions and samples for how to dispute: [url]http://www.creditinfocenter.com/creditreports/[/url]

    Sometimes errors are easy to remove and sometimes they stick like glue. It is inexpensive to try and not difficult.

    I am NOT a creditor-debtor lawyer; stand by for further help.

    I am NOT vouching for the accuracy of these websites!
  3. #3
    kallco is offline Member
    Join Date
    Feb 2005
    Location
    Oklahoma
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    30
    Those are credit cards, so they should be considered to be open accounts. Except maybe Wells Fargo...is that a credit card too?

    I had someone tell me that it was not true that the SOL for credit cards was 3 years in Oklahoma, that they go by the SOL that the card was issued.
    Thats stupid, b/c most credit card comps are located up north anyhow. Laws were put in effect for each state for a reason.

    Most people I have talked to about similar debts(credit card) here, go with the SOL of 3 years. Oral agreements are like a loan from a bank.....
  4. #4
    Ladynred is offline Senior Member
    Join Date
    Feb 2002
    Location
    Nashville,TN
    Posts
    15,711
    There is definitely a lot of argument in OK when it comes to credit cards. They ARE open accounts, but it seems that the judges in OK aren't buying it, or the TILA. There are several OK residents at [url]www.creditinfocenter.com[/url] who have been fighting this 3 years vs. 5 year SOL on credit cards in OK. You might want to go over there and get their input.
  5. #5
    guest. is offline Member
    Join Date
    May 2004
    Posts
    95
    Credit cards are open ended accounts.

    There is not a specific C/C SOL referenced in the OK statutes.
    That leaves 12 O.S. 95 (1) contracts or agreements in writing, 12 O.S. 95 (2) contracts or agreements express or implied not in writing, or 12 O.S. 95 (12) other catch-all.

    The first and last carry 5 year SOLs, the 2nd (generally considered oral contracts) carries a 3 year SOL

    All the web pages talked about referring to the 3 year SOL either cite 95 (2) or 12A O.S. 3-118 which is not relevant. Its all about who can argue better.

    Are you currently getting sued, getting calls, or just contemplating credit repair?

    I know of no instances where the OC state SOL applies other than to get around usery laws and bank loans are not considered oral agreements.

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