Florida Debtor

Flordia Debtor => Post a Question => Topic started by: Jammin on January 15, 2015, 03:32:55 PM

Title: Statue of Limitations
Post by: Jammin on January 15, 2015, 03:32:55 PM
What are the statue of limitations for debt collections on a reposed boat?

What are the statue of limitations for credit card collections? Both are in Pinellas County.

Title: Re: Statue of Limitations
Post by: cmart56 on January 17, 2015, 08:42:24 PM
In this site there is a comprehensive section on the topic of the  statute of limitations.Credit cards generally are governed by contract law.In Florida,a written contract has a statute of limitation of 5 years.An oral contract 4 years.As to the boat being repossessed-you did not indicate how it was financed.Installment agreement,personal loan etc.You would have to refer to the contract and  then figure out   when it was breached to determine when the statute of limitations begins to run.Moreover,is the creditor coming after you for a deficiency?Was the boat sold at a loss to the creditor at the auction should that be the case? I suggest you refer to the section in this site titled -statute of limitations-which although it is dated from 2007,it is generally accurate with respect to the information in spite that it is from 2007.And definitely review the actual statute itself.Statute of limitations are the law of the State and understandably encompass all municipalities.I hope this has helped.Be advised I am not an attorney.For legal advice definitely consult with a Florida licensed attorney.

Title: Re: Statue of Limitations
Post by: Jammin on September 24, 2015, 12:42:44 PM
Thank you of replying to my previous question regarding the boat. It was purchase as an installment like a car loan through Key Bank in 2003. It was defaulted in on 10/2005 although Key Bank is reporting 9/2010, and they did sell the boat at an auction, I do not know how much. I believe their statue of limitation has run out, but I cannot get the information changed on my credit reports to show the truth on the default date. This is keeping me from purchasing a home.

Title: Re: Statue of Limitations
Post by: cmart56 on September 30, 2015, 07:37:44 PM
The statute of limitations for  written contracts in Florida is 5 years.So Retail Installment contracts are subject to the 5 yrs statute of limitations.If the facts are like you report here,then IMHO there could be violations of the FCRA ,FDCPA,and the FCCPA.The FCRA is the Fair Credit Reporting Act,the Federal law that regulates  credit bureaus and the information in credit files.The derogatory information about the repossession should have fallen off your credit report in 2012 or 2013.The FDCPA is the Federal law that regulates consumer debt collection practices.Possible violation here as well for furnishing information to a credit bureau on a debt that is no longer collectible.And last but not least is the Florida Consumer Collection Practices Act that is the equivalent of the federal debt collection law with one major difference-it defines a bill collector as just about anyone including the original creditor.

As to your efforts to clean up your credit report,what documentation have you provided the credit bureaus that continue to report the obsolete trade line? Have you contacted the original creditor and inquired why the 2010 date?Or has the account be sold or placed with a collection agency? Collection agencies tend to re-age the credit report trade lines.Also,did you make a payment to the creditor or collection agency after your default on the debt?

Finally, under these 3 laws that I have mentioned above-there are consumer law attorneys that will take your case on a contingency basis because the debt collectors and credit bureaus will have to pay for your attorney's fees if you prevail.Unless you are very well versed civil litigation,do not try to sue them yourself.Or take them to small claims court as they will have the case transferred to the federal district court.Like I said before,there are attorneys that will take these cases on a contingency basis presuming that your facts are correct and there are no other mitigating circumstances.I hoped this has helped.I strongly suggest you consult legal counsel since I am not an attorney.