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?
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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?
According to BC's Limitation Act, section 3(5), which states:
Since the other subsections made no reference to debt, I assume this applies.Quote:
(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.
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
Thank you for that!
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