SOL for KY. Is it 15 years for Credit Cards?

No one can seem to give a def answer for this. Is a credit card considered a written contract??

SOL for KY. Is it 15 years for Credit Cards?

No, it%26#039;s 5-years and credit cards are open contracts.

SOL for KY. Is it 15 years for Credit Cards?

i just look it up it is 5 years for open accounts all mast a states are only 5 years for any credit accounts

SOL for KY. Is it 15 years for Credit Cards?

Credit cards are generally open accounts unless the lawyer that intends to sue you can convince the judge otherwise. I would find it difficult for a collection agency lawyer to come up with the original contract that you signed. However, there is case law to support that credit cards are written accounts, but they would need to show a preponderance of evidence to support that assertion - like actually providing a contract, especially if it is a credit card you got through your bank where you actually filled in an application at the branch and signed it, etc.

I think that it is important as consumers to realize that nothing is absolute with the law, but I don%26#039;t think that attorneys that do collections are all that bright nor skilled enough to convince a judge of that, but that%26#039;s just my opinion.

I think that you could %26#039;safely%26#039; say that it is 5 years, but I%26#039;m sure that the collection agencies would try to convince you otherwise. If you%26#039;ve been contacted by a collections agency that is threatening a lawsuit, I would suggest that you send them a debt validation letter as soon as possible. They are not allowed to continue with their collections while they attempt to verify the debt, and most of them cannot.

If they have marked up your credit report without verifying the debt, I would dispute it with the credit reporting agencies. They might be able to dick you around, but they won%26#039;t mess with the credit reporting agencies.

Good luck.

SOL for KY. Is it 15 years for Credit Cards?

Per the Truth in Lending Act a credit card is considered an open account. So in KY the SOL is 5 years.

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TITLE 15 %26gt; CHAPTER 41 %26gt; SUBCHAPTER I %26gt; Part A %26gt; 搂 1602

搂 1602. Definitions and rules of construction(i) The term 鈥渙pen end credit plan鈥?means a plan under which the creditor reasonably contemplates repeated transactions, which prescribes the terms of such transactions, and which provides for a finance charge which may be computed from time to time on the outstanding unpaid balance. A credit plan which is an open end credit plan within the meaning of the preceding sentence is an open end credit plan even if credit information is verified from time to time.

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Now, there are lawyers who I have heard that attempt to treat them as a written contract, but I have not heard of any that were actually successful.