Is there a chance to sue the collection company?

It depends on the specific situation. If the evidence can fully prove the fact of the loan after the prosecution of the arrears of payment, the people's court will generally decide to win the case within the limitation of action. The specific probability of winning depends on whether the facts are clear, whether the evidence is sufficient and whether the procedure is legal. If a lawsuit is filed beyond the limitation of action, the creditor loses the right of victory and the debtor gains the right of defense.

Legal basis:

Article 188 of the Civil Code of People's Republic of China (PRC)

The limitation period for requesting protection of civil rights from the people's court is three years. Where there are other provisions in the law, those provisions shall prevail. The limitation period of action shall be counted from the date when the creditor knows or should know that the right is damaged and the debtor knows it. Where there are other provisions in the law, those provisions shall prevail. However, the people's court shall not protect the rights that have been damaged for more than 20 years. Under special circumstances, the people's court may decide to extend the time according to the application of the obligee.