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Student Loans

Asked Jun 21, 2007, 09:33 AM — 2 Answers
I have Canadian/Ontario Student loans that have been "sold" to debt collection agencies. I had somenegative experience with them (they were really rude when I wasn't paying) so I stopped taking their phone calls. Now they are threatening legal action. What is the statue of Limitations on this kind of loan in Ontario, and are they seriously going to take me to court or are they just trying to scare me into paying?
Nat

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ScottGem's Avatar
ScottGem Posts: 58,096, Reputation: 28145
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#2

Jun 21, 2007, 10:05 AM


Not sure about Canada, but in the US student loans don't have an SOL. I would take seriously their plan to take you to court.
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Iknowalotofstuff's Avatar
Iknowalotofstuff Posts: 144, Reputation: 12
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Oct 17, 2007, 10:40 AM
Quote:
Originally Posted by jerrycurl44
I have Canadian/Ontario Student loans that have been "sold" to debt collection agencies. I had somenegative experience with them (they were really rude when I wasn't paying) so I stopped taking their phone calls. Now they are threatening legal action. What is the statue of Limitations on this kind of loan in Ontario, and are they seriously going to take me to court or are they just trying to scare me into paying?
Nat
There is no SOL on an Ontario Student Loan under the Limitations Act or the Interpretations Act. A Canada Student Loan has a six year limitation period with serveral caveats. See the Canada Student Loan Act and the Canada Student Financial Assistance Act (the last section of each act deals with limitations). A collection agency does not buy student loan debt. They act as agents for the creditor either the gov't or the bank. They must have the creditors permission to sue. Most student loan lenders have ombudsman to handle complaints. CA have an ombudman to handle complaints. Do not deal with an individual collector ... Go up the line until you find someone willing to exercise common sense. The fact that you are in debt is not a license to be abused. If you are being harassed or verbally abused, hang up. Talk to CA on your terms not theirs.
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