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babycurl
Jun 8, 2007, 08:43 AM
Good morning!

First of all, what the limitation in Ontario for a debt?

I borrowed a small amount of money from my Mother 5 years ago. The debt was paid within 1 year in full. Now she wants interest to be paid. Is limitation over? If yes, what was the limitation?

Thank you,

Lowtax4eva
Jun 8, 2007, 08:57 AM
If you didn't sign a contract agreeing to interest then she can't charge any. If you did sign something that states you will pay interest and never did the statute is 6 years from the date of your last payment.

Wow, hard to believe your mom would want to come after you for some interest though...

gazelleintense
Jun 8, 2007, 12:50 PM
Your mom wants interest? Jeesh.

Lesson here. NEVER borrow from family. Never. Ever.