>> I heard that too, but apparently if you make a new payment, the clock is started all over again and your credit can suffer.
I am an attorney, and worked in debt collection law while I was in law school.
I know that is is the case in Texas ... I’m not sure about Florida (though I would assume it is similar). The Texas statute of limitations is 2 years from the point at which the debt first went into default. Making a payment can reset that date - thus restarting the statute of limitations, and allowing the debt-holder to sue.
Debt collectors will often try to pressure you to make a payment to reset that date (though they won’t expressly say so). You certainly don’t want to do that on a 20-year-old debt ... as I am virtually certain that the Statute will have run.
H
In some states a payment can reset the limitations period but never the 7-1/2 year credit reporting period. In most, but not all, states, a mere verbal acknowledgement of the debt won't restart the SOL.