Stop payment? Asset

Wanted to post this to see if I could get an answer on it while I search. My friend made a payment to Asset today over the phone and agreed to the payment plan; he knows nothing about credit at all, just happened to mention that he did it and I of course flipped.

He made the payment by phone with a check from his mom's account- can I tell him to have her stop payment on the check or is the damage done and he is screwed already? It WAS out of SOL and it is for an old Ballys account.

 

I know, he lives in FL, so I have no idea, I only know CO and TX law. I just don't want to get him in trouble for stopping the payment since this is an issue I am not familiar with. Gotta go find Nana and her state laws...lol

 

Hopefully Jam or Breeze will stop by and explain this to me in English. If I am reading correctly, the SOL for a written contract is 5 years and making a payment does NOT reset the reporting sol......right??

FLORIDA


FLORIDA SOL &
CAUSE OF ACTION

Section 95.11, Florida Statutes, as follows:


OPEN ACCOUNTS.



Within 4 years -
an action founded on a statutory liability, or a legal or equitable action on a contract, obligation or liability not founded on a written instrument, including an action for the sale and delivery of goods, wares, and merchandise, and on store accounts.



Written Contracts


Within 5 years -
an action on a judgment or decree of any court, not of record, of this state or any court of the United States, any other state or territory in the United States or a foreign country, or a legal or equitable action on a contract, obligation or liability founded on a written instrument
Any action not specifically provided for in these statutes.



Cause Of Action


95.031 Computation of time.
--Except as provided in subsection (2) and in
s. 95.051 and elsewhere in these statutes, the time within which an action shall be begun under any statute of limitations runs from the time the cause of action accrues.


(1) A cause of action accrues when the last element constituting the cause of action occurs.

FLORIDA LIMITATION ON CREDIT "CONTRACTS"

687.0304 Credit agreements.--
(1) DEFINITIONS.--For the purposes of this section:
(a) "Credit agreement" means an agreement to lend or forbear repayment of money, goods, or things in action, to otherwise extend credit, or to make any other financial accommodation.
(b) "Creditor" means a person who extends credit under a credit agreement with a debtor.
(c) "Debtor" means a person who obtains credit or seeks a credit agreement with a creditor or who owes money to a creditor.
(2) CREDIT AGREEMENTS TO BE IN WRITING.--A debtor may not maintain an action on a credit agreement unless the agreement is in writing, expresses consideration, sets forth the relevant terms and conditions, and is signed by the creditor and the debtor.
(3) ACTIONS NOT CONSIDERED AGREEMENTS.--
(a) The following actions do not give rise to a claim that a new credit agreement is created, unless the agreement satisfies the requirements of subsection (2):
1. The rendering of financial advice by a creditor to a debtor;
2. The consultation by a creditor with a debtor; or
3. The agreement by a creditor to take certain actions, such as entering into a new credit agreement, forbearing from exercising remedies under prior credit agreements, or extending installments due under prior credit agreements.
(b) A credit agreement may not be implied from the relationship, fiduciary, or otherwise, of the creditor and the debtor.

Title VIII
LIMITATIONS
Chapter 95

LIMITATIONS OF ACTIONS;

95.04 Promise to pay barred debt.--An acknowledgment of, or promise to pay, a debt barred by a statute of limitations must be in writing and signed by the person sought to be charged.

95.10 Cause of action arising in another state.--When the cause of action arose in another state or territory of the United States, or in a foreign country, and its laws forbid the maintenance of the action because of lapse of time, no action shall be maintained in this state.