9 Year Old Credit Card Debt

In October 2006 I contacted Capital One via postal mail and informed them that in an attempt to clean up my debt I wanted to make arrangements to payoff my charged off credit card debt.

They sent me a reply informing me that the account had been sold to ARS National Services, a collection agency and provided me with a telephone number and website. I then contacted ARS National Services and informed them of my intentions. Shannon Smith informed me that they did not have the account. I provided them all of the paperwork that Capital One provided me and they still could not find the account.

I forwarded a letter to the three credit bureaus informing them of what was going on with this account and what I needed to do to have it removed from my credit report. It fell off my report in 2009, as it was a 2002 account.

Now, I have received a number of calls this Month from Port Folio Recovery Services about this account informing me that I now owe $1500 on this account because of the interest that has accrued on this account. I would like to know what my options are.

This account would have been paid off long ago if Capital One had allowed me to pay it off. I think this is crazy, now that I have no bad marks on my credit report and have gotten it above 700 for the first time for something like this to raise its ugly head. I appreciate any advice that you can provide me. Ronnie Oliver

Reply from DebtCollectionAnswers.com:

You did not mention what state you live in. The statute of limitations may have expired on this debt, which means there is not a whole lot they can do to force you to pay it.

This debt cannot appear on your credit reports anymore unless the debt collector takes you to court and gets a judgment, which you may be able to stop if the statute of limitations has expired.

Be forewarned: if you start making payments, or even agree to pay this debt, it may restart the statute of limitations again.

Click here to post comments

Return to Debt Collection Questions.

Learn how debt collection laws can help you!
This website does not provide legal advice.
All information is for educational purposes only.
Copyright 2007 - 2016 by Mary Reed and Gerri Detweiler.
All rights reserved.