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    pennybot's Avatar
    pennybot Posts: 57, Reputation: 18
    Junior Member
    		  
    #1

    Jun 30, 2006, 04:54 PM
    BC collections
    What is the longest that a debt collector has to collect on a loan in BC?

    What kinds of bearing does the statute of limitations have on this?
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #2

    Jun 30, 2006, 06:07 PM
    According to BC's Limitation Act, section 3(5), which states:

    (5) Any other action not specifically provided for in this Act or any other Act may not be brought after the expiration of 6 years after the date on which the right to do so arose.
    Since the other subsections made no reference to debt, I assume this applies.

    The only exception is that if the debt is secured by collateral, in which case there is no SOL.

    But, in general, 6 years.

    Read the statute in more detail to be sure.

    Website reference: http://www.qp.gov.bc.ca/statreg/stat...1.htm#section3
    pennybot's Avatar
    pennybot Posts: 57, Reputation: 18
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    #3

    Jun 30, 2006, 11:37 PM
    Thank you for that!
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