Hi I live in toronto ontario canada I have an old bank debt from 97. My last payment was 2003 .I got a call from credit bureau of canada collections stating they would settle with a hardship letter and 50% off the loan.

My equifax shows no record of this loan?

Any help would greatly relieve some stress.

Thank you

Just because equifax doesn't list it means nothing. But the Statute of Limitations has, I believe expired. This means that they can't take legal action against you. But a debt never expires. If you didn't pay it you continue to owe it.

On the other hand, any action on your part could restart the SOL.

Thank you kindly scott.

On that question would you contact the bank itself and try to negotiate with them directly?

They probably don't own the debt anymore. I would consult with a local attorney to see what actions on your part will restart the SOL. You can then negotiate making sure you don't restart it.

I have an old unpaid loan from 97. Does anyone know if a signed hardship letter is admitting debt.
If not the statute of limitation in ontario will be expired ?

Thanks

What was the purpose of the hardship letter, was it asking for a payment plan? Or offering to pay

Hi chuck, thank you for responding.
This collection agency asked me to send in a hardship letter stating how much I could pay?
Then proceeded to tell me the purpose of the letter is to help negotiate my loan .

The purpose of the letter was to get you to write in and make a offer on "how much you could pay" that can be considered by some courts as action on the loan.

So yes they will use that in court to show the SOL is not over and the debt still active. You can state that was not the purporse, but it will end up in front of the judge asking for the judgement to decide.

Since the two threads did not show all the same info, the LETTER is a big detail left out of the one thread,

I have combined the two,

Scott re-read ad see what you think with the rest for the details