In debt
Date: Sun, 01/30/2011 - 14:23
Aslo what is a Zombie debt? How can I remove it or settle it?
The statute of limitations (SOL) in Florida for written contract
The statute of limitations (SOL) in Florida for written contract and mortgage foreclosure is 5 years. For unpaid wages, the SOL is 2 years. For judgments, the SOL is 20 years with a lien on any real estate property.
Zombie debt refers to an old debt which is purchased by debt collectors hoping to intimidate borrowers into paying the debt. You should check out whether or not the SOL on that debt is over. If the SOL is over, then they cannot take any legal actions against you. If the SOL is not over, then you should ask them to validate the debt. If they can't validate the debt, send them a cease and desist letter and ask them to stop contacting you.
If they validate the debt, then you will have to pay them off. You should contact the debt collector and negotiate for a payment plan which will help you in paying off the dues.
