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I thouht fl statue was 4 years for credit card debt.someone is persuing a case basing it on 5 year statue of limitation saying the mial in credit card application is a written instrument.can they legally do this in florida?




Hi

Welcome to the forums.

The statute of limitation for legally collecting the debt in Florida is 5 years. Legal actions are possible within this period, so you should take care of this account and get the matter settled outside the court.

The lender will be willing to work with you if you advance them some money along with your proposal letter. Make sure that you have all the papers documented with this company. Send all your mails certified with return receipt requested. Once the company has accepted your proposal, do not miss the payments otherwise all the benefits offered now won't be available to you later.

I hope your negotiation will be successful with your lenders and this will result in improvement in your credit file. Do let us know about it.

Regards
Roxette

Sub: #1 posted on Sat, 12/24/2005 - 00:38

roxette roxette

(Posts: 4009 | Credits: 559.9)

Can a collection agency legally collect on a credit card debt in Florida that is over 5 years old?

Thanks

Sub: #2 posted on Wed, 09/03/2008 - 00:24

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A credit debt is an "Open-ended" account and the statute of limitations is 4 yrs. from your last payment or purchase.

Sub: #3 posted on Wed, 09/03/2008 - 04:36

ezcontact ezcontact

(Posts: 10 | Credits: 0.84)

An unpaid debt is collectible until paid unless you live in one of the 2 states with a Statute of Repose (WI & MS). A 4 year SOL can be argued for Store Cards based on this case, but you would have a hard time fighting a 5 year SOL ruling on a Bank card:

Sub: #4 posted on Wed, 09/03/2008 - 15:51

NASCAR_Devil NASCAR_Devil
Moderators Cum Industry Expert
(Posts: 4666 | Credits: 308.23)

The Fernandes case ruling by the appellate court specifically decided that a credit card (store) obligation is subject to the 4 years limit of the Statute of Limitaions...not 5yrs!.

Sub: #5 posted on Wed, 09/03/2008 - 19:35

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Didn't I just say that?

Sub: #6 posted on Wed, 09/03/2008 - 21:09

NASCAR_Devil NASCAR_Devil
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(Posts: 4666 | Credits: 308.23)

No, you said you'd have a hard time fighting a 5yr /sol on a store card, which is erroneous information.

Sub: #7 posted on Fri, 09/05/2008 - 01:23

Unregistered


Quote:
A 4 year SOL can be argued for Store Cards based on this case, but you would have a hard time fighting a 5 year SOL ruling on a Bank card:



Read it again. Bank cards would fall under the 5 year SOL.

Sub: #8 posted on Fri, 09/05/2008 - 15:52

NASCAR_Devil NASCAR_Devil
Moderators Cum Industry Expert
(Posts: 4666 | Credits: 308.23)

Other Florida counties including Hillsborough have extended that logic to visa or mastercard credit cards...although there is no appellate decision on point

Sub: #9 posted on Fri, 01/30/2009 - 02:08

Unregistered


Over 9 yrs ago my mother consigned for my nephew to take
truck driving classes. This year she has found out that he never made any attempt to repay. They are now after her for the money ($5000.00). Yes, I know that she did cosign but
never did she think that grandson would not repay. She is 78, poor health and simply cannot make payment. She is on a fixed income and cannot afford to pay this. What is the statue of limitations for this type of obligation or is there one?
Any suggestions would be appreciated.

Sub: #10 posted on Tue, 03/17/2009 - 22:33

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