[sharp_mac]

I have a dilemma. I have read through several posts on these forums and the information given has helped me gain a small understanding of how the process works. However I think that I will need some help in understanding and clearing my matter more thoroughly.

I am currently 23 and going to school and working under the Federal Work Study program, recently married and just bought our 1st home in January with my wife (who happens to be the bread winner at the moment.)

We have worked very hard to get to this point in our lives and I now am being heavily persuaded by a collection group for an outstanding dept from 09/2003. The full amount on my credit report is $3,874 and has been charged off by my previous bank. The dept collector company is ruthless and has proceeded to threatening both me and my wife with several legal actions for the amount of $9,000* (I have no idea where this figure has come from, other then the full amount of interest that incurred due to non-payment over the years.) They originally badgered me into giving me a check over the phone (which I now know was a mistake), but since I have canceled the check because I was unable to collect the amount I thought I could.

Talking with friends and family about the matter I proceeded to request written information in the amount owed (which they refused to send me, latterly telling me “Hell no”) I am now being instructed to come up with $1000 in 72 hours or else they will take my wife and I to court.

What other options do I have with this matter? In reading the other posts from users they mention a SOL and its age, I believe this stands for Statue of Limitations, but would like clarification.

Also this dept accumulated while I lived in Georgia, I have since moved to Florida where my wife and I have settled down to start our lives.

(Any other information you may need in adequately answering the post please feel free to ask, I am new to all this hooyah and would like to gain as much perspective as possible on the matter. Also since we just got married this past August 2006 they are trying to say she is responsible for the debt as well, is this true?)

Thank you for your time in helping me!

[Mr. Knowitall]

You can pay their demand, you can try to negotiate a pay-off, you can pay the $1,000.00 and wait for their next threat, or you can do nothing and see if they in fact sue you.

I believe the applicable statute of limitations in Florida is four years, and in Georgia it is generally asserted to be six years for credit card debt, so you can still be sued.

[Betty3]

Your wife should not be responsible for this debt in your name only.

It seems there is still debate whether in Fl. credit cards are considered open accts. (4 yr SOL) or written contracts (5 yr SOL). You can ask an attorney in your area how the courts there have been handling them. I believe Ga. is still considering them open accts. with a 4 yr. SOL. However, making a payment on the debt can restart the SOL in Fl. & I believe also in Ga. but only if the debt is acknowledged also in writing.

[GreatGadsby]

payment doesn't reset the SOL in florida, it tolls it. only a written promise to pay resets it here.

[Betty3]

Thanks - my ref. for Fl. said if you leave the state it tolls SOL - restarts when/if you come back where it left off. (2 yrs elapsed SOL - gone from state say for a yr. - come back & still have 2 yrs on SOL). However, it said if you make a payment the SOL restarts over at 4 yrs. when/if you stop paying again. It said you reset the clock. It just said making a payment - didn't say acknowledgement of debt needed to be in writing as it said for Ga. Thanks for the correct info.

[sharp_mac]

Thank you for your responses. I think what will do is contact a lawyer who may be able to help guide me a little better.

I wouldn’t mind starting a payment option; however after being treated as I have I don’t think that would be a option.

It is good to know that my wife is not responsible for the debt, she will feel relieved over that fact.