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.

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