Statute of limitation prescribes the time period within which the creditor can legally collect the debt. If the statute of limitation on the debt expires, the creditor can no longer sue you for the debt. The SOL varies from 3 years to 15 years depending upon the state where you have obtained the loan.
Now, since the SOL for Ohio is 15 years for written contracts, it means the even if the item gets removed from your report, the creditor can sue you for the debt after seven years.
Hi Postaljf
Carol is right. Can you tell us in this forum whether it is a credit card debt or any other type of debt and the date of your last payment towards the debt, so that we can help you out in this forum.
yes for Ohio the SoL for Credit card debt is 6 years for everything else such as medical it is 15 years ( a bit excessive)
Can the creditor sue me if the account is past Statute of Limitation?
Statute of limitation prescribes the time period within which the creditor can legally collect the debt. If the statute of limitation on the debt expires, the creditor can no longer sue you for the debt. The SOL varies from 3 years to 15 years depending upon the state where you have obtained the loan.
Now, since the SOL for Ohio is 15 years for written contracts, it means the even if the item gets removed from your report, the creditor can sue you for the debt after seven years.
Hi Postaljf
Carol is right. Can you tell us in this forum whether it is a credit card debt or any other type of debt and the date of your last payment towards the debt, so that we can help you out in this forum.