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Limitation periods vary from province to province.
In Ontario, where we practice, the limitation period for commencing legal action is generally two years from the date of default or when the debt was last acknowledged by the debtor in either writing or by payment. Certain other conditions may apply.
Even if a limitation period has expired and the debt ceases to appear on your credit report it can technically still exist on the creditor's books. Consequently, a credit may continue to contact you about it for sometime afterwards or deny you credit in the future.
I'm beginning to believe that a debt is collect able if a person is willing to pursue the debtor no matter how much time has elapsed.I'm being harassed eight years after I became disabled, over a small debt that is now huge but 90% interest.I hadn't heard a thing in over 6 years and some agency picked the debt up for 2cents on the dollar and is becoming quite annoying.I was told the limit was seven years but have been able to find nothing to confirm this.I offered to pay the original debt but was turned down and now I have no interest in any further discussion with the idiots.
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