I was one of the "College Gullibles" and ended up with 2 Credit Cards my first year in College in 1997. One of them is paid off, the other (Discover) I defaulted on almost immediatly. The card was written off by discover late 1998/1999.
The card still shows up on my Credit Report with a balance due of about $5,000 (originally a $1,000 limit... :-/ ) and the status shows "Write Off" or "Charge Off", I can't remember.
I have disputed this about 3 times claiming "Statute of Limitations" (once with a Certified Letter, twice online), all three responces from the CRAs has been "debt is valid".
I haven't paid on the debt in probably 3 years, but prior to that I would pay $100 here or $100 there 2 or 3 times a year when they'd call and harass me.
I have read conflicing information about the Statute of Limitations law in Florida.
This Credit Card was opened in Florida in September 1997, however I haven't lived in Florida since September 1998.
What concerns me is what I've read about the SOL basically "pausing" if you move out of state...
"The limitations period begins from the date the last element of the cause of action occurred, (95.051). NOTE: The limitation period is tolled (stopped) for any period during which the debtor is absent from the state and each time a voluntary payment is made on a debt arising from a written instrument."
I have also read quite a bit about the date 8/7/1997, in which all debts opened prior to that date don't have the "absent from the state" provision.
Of course my debt was opened a month after this date.
So, with that being said... Will this debt ever dissapear from my Credit Report? It has been 10 years since it was opened.
I have also read to the contrary on the "voluntary payment" part, and that the SOL is actually from the date the debt was opened, irrregardless of "voluntary payments".
So, as you see, I'm pretty confused. I've spent hours researching and that has only led me to more confusing... My main question is just about the "absent from the state" part, and could that be why my debt is still on my credit report 10 years later.
If that is the case, this seems so crazy that Florida is the only state that STOPS the Status Of Limitations. It seems sort of unethical.