Old Debt & SOL

[Sooz123]

What is the name of your state?What is the name of your state? Florida

I've read a lot on here about the Statute of Limitations but before I assume I'm in the clear I want to make sure my specific case applies. Bear with me, I want to make sure I state it all clearly.

In 1998 while still living in Tennessee, unemployed and stupid, I got a loan for $1500 for a computer which came with a really high interest rate. Long story short, no money, high interest, I ended up with a monster bill really fast. So, I just gave up. I stopped paying altogether by no later than Y2K, I can't remember exactly but it could have been and probably was 1999.

The last payment was made directly to the original creditor. Since then, they have charged it off and sold the debt... who, like many others, have sold it to people who sold it, and on and on. The debt is now over $3k.

The demands died off after a while, my credit was dormant having been so bad. I met my husband and moved to Florida with him, and combined we managed to actually achieve good credit.

When we bought our house they had us pay up two small other charge-offs that came from that same time period, but they didn't mention this one and we didn't offer. Since then, we've received probably several letters from different places that bought it, the last two of them looking rather menacing (one was even fedexed, no signature required- but it looked like a well known arbitration company... I didn't respond). The last one appeared to be from a law firm stating "respond or we'll take further action", but didn't say what action they'd take. To keep me from worrying, hubby said it was BS and shredded it on the spot so I don't even know who it was from.

So we're looking at a time frame of at least 5 years since the last payment, most likely 6, originating in Tennessee but now for a Florida resident.

I'm worried I'll get sued for it, but until I get something formal I won't worry that I am. I'm content just ignoring all these other places, but what do I do if I do get formal notification of a suit? Does SOL apply to the degree that any court would rule in my favor, and I could respond to one of those letters stating that I claim SOL and tell them to cease and desist?

If so, how long have they been known to recycle an old debt? Will I be getting these letters until my dying day?

I wonder if it did go through arbitration and was thrown out due to SOL, or if that was yet another scare tactic.

[Debt Guy]

One of two things will happen -- you will be sued or your will not be sued.

Then two more things will happen - the debt will be within SOL or will not be within SOL.

As to getting one of those letters -- well, I have them for sale -- they are $50 each and guaranteed to be genuine.

OK, enough joking around. I think you are worrying too much about something that has not happened.

Just because a debt is out of SOL, does not mean you cannot be sued. SOL is only an affirmative defense to the suit.

Don't ignore any summons you get. Don't ingore any mail you get from a creditor.

Your understanding of what can and cannot happen is largely wrong. You need to be self-educated as that is the way you best become able to take care of your situation. Spend 30 days reading the posts in this forum and then reask any questions you have.