Expert: Ray A Miller - 10/7/2011

Question
In May 2005, a bill from March of 2000 for $2K was placed the bureau as CHARGE OFF for extenuating circumstances. No collection was ever attempted.  (that's 5 years of no collection attempt)... In December of 2010, contact was made with CapOne, to pay a different account, PAID, still no mention of the "hidden" account.  October 2, 2011 (total now of 10.8 years of no addressing this)  A phone call comes, regarding the never mentioned account).  NCO has started phoning - have not talked to them yet.  IS the bill still collectable after so many years with not ONE attempt to collect?   Their cc agreement mentions "waiving the right to the statute of limitations".  Can they do that?  What, are my rights, after so long of never hearing from them - and now it isn't them - it is NCO.  ?????

Answer
Here is the FL statute of limitations web site: http://credit.about.com/od/statuteoflimitations/g/flsol.htm

I can not find reference to a waiver of this statute but if it is in your contract I guess it can be.  It sounds like CapOne has sold your account to NCO. Check with an attorney about this waiver of the statute of limitations.  If it is true, the best thing to do it offer NCO a settlement amount. They will usually settle for 50% or less depending on your circumstances. Good luck with this.

Here is another web site that says CapOne trys this often:  http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml