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CMBV22
Joined: 08 May 2008
CMBV22's page
Posts: 382
4435 Magic Points
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Sun Sep 07, 2008 4:42 pm
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In Florida the statute of limitations on credit card debt (open ended credit) is 4 years. You do not make any payments to your credit card company for two years leaving only 2 years to go before the statutory period is up. Suddenly, you decide to move to Georgia, stay 12 months and then move back to Florida.
Florida statutes say that leaving the state or making a voluntary payment tolls (stops) the running of the statutory period. So, on the day you move back to Florida, the remaining 2 year statutory period begins running again.
On the other hand, if you had two years left on the statutory period and suddenly decided to make payments for 12 months but then stopped again, the 4-year statutory period begins running again. In effect you've reset the clock.
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goodnatured
Joined: 03 Nov 2007
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Posts: 4005
1187 Magic Points
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Sun Sep 07, 2008 6:01 pm
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That one is a little more involved than most that we have come across, I did not know they got that complicated. What if they do not know you left the state? How do they verify that you have left at all? What happens if you don't move back at all, if the clock is paused when you move and you never moved back is it paused forever? or is there something there that lets it start ticking again if you move and never come back?
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Justin
Joined: 17 Jul 2006
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Posts: 1298
28935 Magic Points
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Mon Sep 08, 2008 10:55 am
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No, a collection agency can never sue you if the statute of limitation in your state has expired. However, if you repay even a small amount after the SOL period, the SOL will rewind and you will be liable to repay the entire debt. Even the Collection agency can sue you to the court to garnish your wages till the time your debt has been repaid in full. So it is always advisable not to pay any amount once the SOL has expired.
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fireyone
Joined: 26 Feb 2008
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Posts: 4500
8812 Magic Points
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Tue Sep 09, 2008 2:17 pm
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| You are right that one is really involved. I am not sure how they could prove it but if you sought new employement or a change of address on your license, even applied for a new credit card using your new address this could be how they would know. Florida statutes blew me away. It just seemed a little u nfair to add the claus about moving. |
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