Hello I am an Ontario resident and I received a loan in the summer of 2001 and shortly thereafter lost my job It went to a collection agency and the last time I heard from them was late 2001. I had not been contacted bye anyone about the loan until a few days ago march 2009 claiming that I owed 4000.00 for the loan.I received the loan in ontario being an ontario resident and had believed that after 7 years it was all behind me was I wrong ?

It is out of statute but they can attempt to collect from you forever.

Hello t:

The ability to sue for a debt ends... But, the debt itself NEVER expires.

excon

Not to mention what it does to your credit rating.