Collection Agencies - statute of limitations? What does this really mean? - Canada

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RE: statute of limitations? What does this really mean?

Postby TJ.brooks » Thu Oct 11, 2012 02:46:50 AM

Sadly... what zacksdad said is true if you live here in Ontario.
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RE: statute of limitations? What does this really mean?

Postby TJ.brooks » Thu Oct 11, 2012 02:44:12 AM

Assuming your debt was a unsecured card or loan and was 6 years old or more yes it is now stats barred.
BC is in the final stages of bringing in their new 2 yr Statute of Limitations which is almost Identical to that of Alberta and Ontario.It may infact be in effect now....not sure.
Under the old statute the debt is now extinguished and it is actually an offence to try to collect it. Unlike Ontario where the debt still exists but one can no longer use the courts to collect it.
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RE: statute of limitations? What does this really mean?

Postby zacksdad2012 » Wed Oct 10, 2012 11:06:23 PM

Some debt buyer will buy the debt and although they cant sue you legally they will bug you til the end of time and after that they will bug you some more.
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statute of limitations? What does this really mean?

Postby frustratedincorporated » Wed Oct 10, 2012 08:04:55 PM

Okay so my debt is now "stats barred". So now what? What does this mean besides the fact that I can no longer be sued for the debt?

Like is it gone, gone? I can be refused credit with certain companies now? I still technically owe the money, yes?

I'm in BC. Can they still do hard pulls on my credit account?
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