I just received a call from a Loan Collector on a defaulted credit card. I think it was defaulted back around 1992. Am I legally obligated to pay for this loan?

Thank you.

I just realized that I spelled Statutes incorrectly and that it is Canadian Law that I am looking at. Thanks.

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Originally Posted by trasmussen

I just received a call from a Loan Collector on a defaulted credit card. I think it was defaulted back around 1992. Am I legally obligated to pay for this loan?

Thank you.

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Odds are that after 18 years, they cannot legally sue you for the debt. You may want to verify that the last time you accessed the account(payments, use of card, etc.) was actually in 1992.

Morally, you are still obligated. Legally, they most likely cannot do anything.