Me neither, but these people are crazy it seems. Will call on Tuesday and then post here what I find out.

BTW: I've never heard of a collection agency pursuing an account over 21 years old. There's something incomplete or not right about the information you've given or have been given - I know not which. You seen disinclined, but I would definitely call to clarify the matter asap. You've got nothing to lose. Has there been some error, or was a default judgment obtained without your knowledge years ago?

LOL. Thank you so much Daniel for all your help with this. I greatly appreciate it.

Not a darn thing they can do if it's stats barred. I was thinking of the Man Upstairs. Of course though that's outside the scope of a financial forum.

I should also mention, that in Ontario (unlike in BC for example), the Collections Act allows agencies to bug people over debts that are no longer eligble for litigation. Still, I imagine, at most, they might make a few more phone calls as a last gasp attempt, before giving up.

I wonder what they would do if I just dont a thing about it :)

As I said, AK buys up portfolios of stats barred debts, each containing thousands of accounts for almost nothing, and then has their vultures work the phones in the hopes of getting lucky a few times.

Actually, it's not a bad idea for the debtor from a moral point of view because it's an opportunity to pay off a debt for a bargain price. I would forget the interest thing if and when negotiating. Offer them maybe a 100 bucks or something low. Whatever. They may swear up and down they can't take it. Rubbish. Then tell them to call you back in another 21 years. They'll probably call back within 21 hours.

Also, never give a collection agency a single penny until you have a signed agreement ALREADY in your hand that says the payment is in full and final settlement of the account. Otherwise, I guarantee, you'll be sorry.

Remember, whatever you do, this debt can no longer be reported on credit bureau files, nor can its expired limitation period be revived.

So Met Credit is representing Aktiv Kapital then on this. I found it confusing when I saw the letter and even more so that it was from 1991.

You should be aware that AK will demand 50% to 80%, but only paid a pittance for it. It's good to see you are willing to settle; I just wouldn't offer them very much. They know that out of 100 such accounts, they won't get lucky very often. Thus they expect the tiny percentage that do pay to cover for those who don't. Still, by settling, you'll dfischarge any moral obligations you have which is the main thing.

My husband says that I shouldnt pay anything. But I dont want that, I will call them Tuesday and talk to them. They are closed today.

You probably forgot about it. Later, Aktiv Kapital bought up the stats barred debt for a fraction of a penny on the dollar. Now as the principal, themselves, they have assigned it to a 3'rd party collection agency - in this case, Metropolitan. The ARO-Bay moniker refers to the fact that the Bay must have originally sold the account to ARO, who, in turn, then passed it on to AK.

As the account had a 28.8% interest rate, the outstanding balance would have mushroomed quickly. Obviously, the current balance doesn't match that interest rate, so they must have stopped it quite a while back. probably after the transfer to AK.

Anyhow, as long as no judgment was ever obtained (back then the limitation period was 6 years instead of the current 2 years), then you can choose to settle the account - if you willing to and able to for moral reasons. Maybe offer them 100 bucks or so. AK works the numbers by fishing old accounts like these.