Hello

Looking for advice – a friend was caught in a credit card debt issue with a bank almost 20 years ago.

They paid off most of it and had their business partner foot the remaining (it was a business-incurred expense). The business partner said it’s paid (they lied) and this friend went on to live their life working and getting housing loan etc without any issues until last year, they started to receive calls from debt collectors representing the bank.

They demanded for payment for this and had some what accurate information.

1. Are these even legit? I understand that there’s such thing as statue of limitation etc.

2. Also the amount being shown despite interest is inaccurate. The principal amount doesn’t deduct any of the repayments my relative has paid.

Makes us think it’s a scam?

Here are what netizens think:

wait… you started off with “a friend” later on in 2nd last paragraph “my relative”. So the whole story just happened to yourself? And from my understanding Banks will not call demanding for payment, more likely to send a physical letter (think lawyer letter). If in doubt you can visit the bank to ask for details and nego a payment if its true.

“A friend” was caught in a credit card debt, but “they” paid off most of it and a “business partner” paid the remaining. Then theres this part about “they” lied. And then there’s actually “a relative” who made principal repayments?! So the relative is the friend, the business partner or you? (So who is lying now? You, your relative, your friend or the business partner?)

You can’t get a new housing loan if you are CC was charged off. People approaching you could be external collection agency to whom bank could have sold debt in bulk. But this generally happens within a year or 2. Not after 20 years for sure! Seems like a scam to me.