[morph1]

Hello all,

I used to have an overdraft with RBC in 1996, after I moved to Toronto the banking machine ate my card I was unable to make my payments on a 2300 dollar overdraft,
I had gone to the closest RBC branch explaining that the machine terminated my card and that I would like to make a payment onto my account I was asked for a Ontario driver license, I just moved from PEI and did not have Ontario driver license the bank refused to accept my payment and reinstate my card, I said well let it be and forgot about the debt, it's been now 14.5 years I have never seen this loan on my credit report I had never been contacted by collection in regards to that debt.
Well the other day after 14 years I have received a phone call from collection agency stating that they are contacting me in regards to a claim from 2004.. this had never been on my credit report and the loan is from 1996... I understand there is statute of limitation after 10 years in Alberta, please can someone advise as what should I do,
I am not in a position to pay the debt at the moment.. do I contact a lawyer?? can they legally pursue a debt from the past 14 years??

Please help.

Thanks in advance.

[ballengerb1]

They can pursue you but the courts will not give them a judgement if the statute has truly run out. How long ago was your last payment made or when you last talked to anyone about making a payment? Each payment or conversation where you agree to pay restarts the statute

[morph1]

Thanks for the reply,
I have not heard or made any payment attempts since 1996,
Yesterday it was the first time in 14 years I heard about this debt, I have a credit report from 2001, 2004, 2006 and 2009 this debt has not appeared until yesterdays phone call.

[ballengerb1]

If they contact you again tell them to send you proof of the debt in writing and all other contact must be in writing from here on. Once they know you are aware of the limitations they will likely fad away. They buy old debts for pennies on the dollar. All they need is one person to slip up and offer to settle, then they got a new statute date started

[morph1]

Thanks again,
Do you think I should stop worrying?? can this affect my credit? I denied ever having an account with RBC and told them I had never had such loan, I phoned the court house and they said the SOL is 2 years here in Alberta, after 14 years can they have a judgment against me??
Can they ruin my credit??
I phoned them today and told them that I wish not to receive any more phone calls and get all the proof in writing..

I appreciate your help mate,

Thanks.

[ballengerb1]

For now, I would stop worrying but if the debt is proved it could show on your credit report. Since the statute of limitations has run out they can not use the courts to force a payment, howvere the debt lives on on your credit. They just can't force a payment.