What is the statute of limitations for credit card debt after default in Florida?

Answer 1

5 years ANSWER Actually, credit card debt in Florida falls under the 4 year SoL (as it is an "open" or "revolving" account and does not fall under "written" (meaning loans, in the simplest terms) accounts. The SoL begins on the last payment made. So if you made your last payment on July 2004, the SoL would expire July 2008. And FTR, a creditor selling your account to a collection agency (or any other "third party" does not constitute activity in terms of reseting the SoL. Meaning, even if another party purchases your debt, the original DOLA (date of last activity) still applies. So even if in August 2007, Bob's Collection Agency buys your debt from Joe's Credit Cards and the DOLA is July 2004, the SoL still expires July 2008. And note that you can still be sued for the debt. SoL expiration just provides what's called "permissible defense" -- meaning, the court will tell the plaintiff in the matter "You lose. You should have sought legal remedies within the past 4 years." HOWEVER, if you ARE sued (and some collection agencies will attempt this, despite SoL expiration), you must still show up in court. Otherwise, you lose automatically by default.

Answer 2

SOL in Florida for an Open Account is 4 years and a Written Contract is 5 years. Credit cards could be one or the other. Note that the state that is used to determine the SOL may not be the one you live in and that other factors will determine when the SOL begins to be counted. how do you determine which it is It dose not matter the debt was accumulated in the state of Florida from a local bank so their for the debt originated in the state where the credit card was purchased one has to remember if the account is open or closed account! a closed account has a 4 year statue of limitation. I'm not sure about an open account.

Answer 3

Crimes have statute of limitations, debt goes on forever.

Not all debt has a statute of limitations! When the SoL expires, it can be used as a defense to bar collectors from collecting through the courts, however the debt DOES NOT go away! Collectors can still attempt to collect the debt using other legal dunning methodsAnd, there is NO statute of limitations on several types of debts, including:

* Federal Student Loans; * Most Types of Fines; * Past Due Child Support (state dependent); and * *Taxes (In many cases, income taxes have a 10-year SoL but this can be suspended as well as have more time added by filing the proper forms. Check with a local tax resolution expert about your particular situation.

The Statute of Limitations on debt depends on the type of debt and your State's civil debt collection codes. Generally, unsecured debt expires 3 to 6 years after the last missed payment or the consumer's last activity on the account. Written contracts such as car loans generally expire after 6 years. Judgments can last up to 20 years and can require the judgment be renewed at a certain point such as the 6-year point. Generally, the statute of limitations for collecting debts begins the moment you sign a credit contract! However, just about every state has specific rules on the running of the statutory period and some even have provisions to adjust (toll) this period. The tolling can be for many things...even holidays...or from when you said you would like to work something out (and presumably didn't).

The term "toll" or "tolled" means to "stop the running of a statutory period for a certain period of time". Many states use this term in their statutes of limitation rules and civil codes for debt collection. Very simply, it can be very confusing and hard to calculate when the SOL has been running or not, and again...it only prevents COURT actions which is one of the last methods most collectors use anyway...the debt remains valid and collectible.

Answer 4

In Pennsylvania the Statute is 4 years for oral, written contracts. So it would be 4 years from the last activity on a credit card (ie 4 years from the last payment you made before the account went late)

My wife just got sued by Capital One (original creditor) and the account is 2 years past the 4 year statute so don't believe they can't sue even after the statute is past. Contact a lawyer and have him file your proof of last activity (using a credit report) at the court saying the debt need not be repaid because the debt is passed the 4 year statute of limitations.

Answer 5

A credit card is an open ended account. Florida has set the statute of limitations at 4 years. That will be from the last communications from the debtor. Please note that the credit card may be based on a different jurisdiction which could be longer! Check your agreement for the applicable jurisdiction.

Answer 6

It would be six years from the date of last payment made. If they are going by the charge off date this is incorrect.

Answer 7

Credit Card debt is considered an Open Line of Credit. The Statute of Limitations for collection in Florida is 4 years. That is typically measured from the last use or payment.

Answer 8

A credit card would be a written agreement. In Florida they have set the limitation at 5 years.

Answer 9

3 YEARS