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    orvillezaste's Avatar
    orvillezaste Posts: 1, Reputation: 1
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    #1

    Apr 24, 2007, 09:25 AM
    Statute of limitations Canada
    Hi
    I have a bank trying to collect for a loan I co-signed for, back in 1994. Is this legal? Anyone know?

    Orville
    Lowtax4eva's Avatar
    Lowtax4eva Posts: 2,467, Reputation: 190
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    #2

    Apr 24, 2007, 10:27 AM
    Yes it'e legal, they can wait another 10 years and try again if they so choose. You signed for a loan and obviously didn't re-pay it, the debt never disapears. What your probably thinking of is the statute of limitations, which states that after 6-7 years (depending which province) they can no longer sue you and garnish your wages.

    So basically, it's up to you, you can pay it and they'll stop harassing you or refuse to pay it and they'll give up after a few months and pass the debt to another collection agency that may want to try collecting next.

    But, if you want to pay it and make it go away be prepared to pay it ALL and quickly. If you pay only part of it, then you are admitting once again that the debt is yours and the statute of limitations is no longer valid, meaning they can sue you for the remainder. Basically the statute of limitations begins on the date of your last payment, so if you made a payment some time after 2000, then my understanding is they can sue you.

    I've been reading up a lot on this, I have some old debts, some over the statute, some not.
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #3

    Apr 24, 2007, 09:24 PM
    Who is to say the SOL has even expired?

    Just because the loan was SIGNED in 1994, doesn't mean anything.

    Was it a 30 year loan you CO-signed for?

    If so, maybe the person was making all their payments until 2006 in which case it has only been 1 year since the default.

    Also, SOL varies by province.
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #5

    Apr 24, 2007, 09:46 PM
    It is "statute" Matt.
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