So I am a Florida resident, and I have an unpaid debt on a credit card that has gone unpaid for years now because I am a graduate student with out any income. Recently, I received a call from a law firm, making me a settlement offer to pay this debt off. Now the last time I made a payment on this card was some time in 2002, or maybe even 2001. I applied for this card when I attended college in Michigan (but was a resident of Pennsylvania), and I am currently a resident of Florida as I stated earlier.
I have a few questions regarding my situation. First, the law firm has informed me that I have until 12 noon tomorrow to either take the offer that they have given me (by either paying a lump sum or monthly payments), or they will serve me with papers. Now as far as this matter with SOL (statute of limitations), is there really anything that they can do at this point? I don't know which state the action will be taken in. But it has been 5 years or more since I last made a payment, so is it best that I just ignore their offer, and present the SOL defense?
Also, if taken to court, is there anyway that this defense would not hold up? If so, as an unemployed graduate student, how would they expect me to pay this debt off? Thank you.

