by footloose » Wed May 30, 2012 07:33:14 AM
Unfortunately, you are so terribly misinformed about both the Ontario Limitations Act, 2002 and the B.C. Limitations Act that some of your comments are a disgrace and an embarrassment to this forum. It is quite evident that you have never taken the time to read and study these Limitation Acts, otherwise you would not have made such "assinine" comments. Remember, tis better to be thought a fool than to post on this forum and prove it.
For starters, admitting to a debt verbally on a recorded phone call is NOT an acknowledgement of a debt. Pursuant to Subsection 13(10) of the Ontario Limitations Act, 2002 and Subsection 5(5) of the B.C. Limitation Act, an acknowledgement of a debt must be in writing and signed by the debtor.
Quote "The debt will stay on your credit bureau for 6 year less a day from the last payment as well". ABSOLUTELY FALSE. All accounts are purged 6 years from the Original Date of Default with the Original Creditor.
Quote "The holding party also has only 2 years from last payment to sue". ABSOLUTELY FALSE Pursuant to Section 4 of the Ontario Limitations Act, 2002, no proceeding shall be commenced in respect of a claim after the second anniversary of the day on which the claim was discovered.
Quote "...yes it will be on your bureau 6 years less a day from when you settle" ABSOLUTELY FALSE The account is purged 6 years from the Original Date of Default with the Original Creditor. It matters not when, if ever, a debtor settles the account.
Quote "...it doesn't get extinguished or disappear forever they retain the right to at least collect" ABSOLUTELY FALSE Pursuant tp Subsection 9(1) of the B.C. Limitation Act, the Cause of Action is extinguished after 6 years. That means that the debt no longer exists, consequently, a creditor is prevented from attempting to collect on this debt and is prevented from making any inquiries to a credit bureau regarding this debt.
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Educating one Consumer a a time