| Yes it'e legal, they can wait another 10 years and try again if they so choose. You signed for a loan and obviously didnt re-pay it, the debt never disapears. What your probably thinking of is the statute of limitations, which states that after 6-7 years (depending which province) they can no longer sue you and garnish your wages.
So basically, it's up to you, you can pay it and they'll stop harrasing you or refuse to pay it and they'll give up after a few months and pass the debt to another collection agency that may want to try collecting next.
But, if you want to pay it and make it go away be prepared to pay it ALL and quickly. If you pay only part of it, then you are admitting once again that the debt is yours and the statute of limitations is no longer valid, meaning they can sue you for the remainder. Basically the statute of limitations begins on the date of your last payment, so if you made a payment some time after 2000, then my understanding is they can sue you.
I've been reading up alot on this, i have some old debts, some over the statute, some not. | 
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