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Old Royal Bank VISA

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    Posted: 06/January/2018 at 1:12pm
I have an original debt of around 500 on a royal bank student visa from 2002. I have made no payments and spoke with a bank employee on the phone in 2009 who basically said the debt was now around 1500, however was out of collections and any payment would be voluntary. I made no payment, and have never been contacted and no reports on my credit. Is there a way to enquire about the total of the debt now without restarting the statute of limitations? Ultimately I would like to settle this debt without affecting my good credit, and worry about accumulating interest and if the debt somehow becomes collectable in the future. Any advice on how to proceed?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 06/January/2018 at 4:54pm
The visa card would likely be statute barred.  If you make contact with them and pay it, it will likely result in your credit rating being ruined. If you paid it, it would show paid in full, but an R9 rating and a last date of activity as the date you pay it, which will be on your report for 7 years. That's how the system works.   Crazy, but best to let the sleeping dogs lie, although it is honorable that you want to pay it.  If any knows that any of the above is incorrect, please post corrections below... 

Even though it is statute barred, if you do any banking with Royal Bank, they would have a right of offset.... and could take the amount owing out of your account without warning... so best not to bank with them for the rest of your life. 

If anyone else has any suggestions on how to pay it off without ruining the posters credit rating by all means post!

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Mark O'Meara

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Post Options Post Options   Thanks (0) Thanks(0)   Quote CJB Quote  Post ReplyReply Direct Link To This Post Posted: 07/January/2018 at 2:42pm
Thanks for the reply, does anyone have any experience or knowledge of how interest would work? Would it continue to compound into astronomical numbers over the years, or would it stop and the debt remain at the amount it was at when the account was closed/defaulted? Thanks for any advice or experience.
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