Just wondering, I live in ontario, and recently after close to a decade a financial institution has sent a collection agency after me for a debt I paid a close to a decade ago. Its not for a lot of money, but I feel I should not pay anything. Now the collection has a law firm after me saying they will sue, but the info they gave me regarding these charges were incorrect. What should I do ?

Do not pay one cent or offer to make a settlement. That would restart your statute of limitations. I think you have gone beyond the statute and they are just feeling you out to see if you blink.

Just wondering, I live in ontario, and recently after close to a decade a financial institution has sent a collection agency after me for a debt i payed a close to a decade ago. Its not for a lot of money, but i feel i should not pay anything. Now the collection has a law firm after me saying they will sue, but the info they gave me regarding these charges were incorrect. What should i do ?
That's what I thought. I asked them to provide evidence that I owed the money and they could not give me an answer .

Legally, the statute of limitations begins after the last transaction, acknowledgement of debt or promise to pay. If you made any promises to pay you start the whole thing again so be careful.

Morally, why not pay the debt if you actually never paid it?

Collection agencies buy up old debt, sometimes for pennise on the dollar. All they need is for one or two people to get scared and offer a settlement and then they are ahead. Just not blink, ignore them.

Please rate my answer so I'll know if I helped you.

Good luck.

Grammadidi is making a big error here. You said "...for a debt i payed a close to a decade ago. " so there is no moral obligation. If you offer to pay anything at this point you will reopen the statute of limitations.

Grammadidi is making a big error here. You said "...for a debt i payed a close to a decade ago. " so there is no moral obligation. If you offer to pay anything at this point you will reopen the statute of limitations.


OOOPS!! Sorry, I misread the typo in the original post. I thought he hadn't paid it. If so, why even be concerned about a statute of limitations?? If you paid the debt, you don't owe it!

Sorry for the faux pas...

Didi

curiousneedanswers,

ballengerb1's answer to you is absolutely correct (post number 2).

I just wish to add that the SOL that applies in your case was 6 years. Nowadays it is 2 years (for debt after Jan 1/04)