Hi, writing from Toronto, Ont, Can, and hoping for some speedy advice to ease my mind. I've read a number of the related posts, but am looking for confirmation about my particular case:

I received a written notice today from a collections agency stating that I owe just over $5000 on a credit card debt (I believe this is the amount needed to pursue to small claims in Ontario?). Of course I knew it was 'out there', but due to a number of difficulties in the last few years, there was no way I could pay it. I am just starting to get back on my feet financially, emotionally and just can't handle paying this. Even a smallish monthly payment at this point would be really really difficult.

I'm pretty sure the two-year statute of limitations applies in this case. I had the card for years and the last purchase on it was December 2005. My last payment on the credit card was March of 2006, with no correspondance or payments made by me since then. I got a written notice from the collection agency that they had purchased the debt in October 2006 (it was $2900 at that point). After that, nothing from them --- at least nothing in writing, there have been mysterious voice mail messages from time to time that could be the collector -- until today, July 2009. The letter threatens 'further action' if they don't hear from me. :eek:

So, it seems clear to me that the two-year statute of limitations applies in this case and that beyond March 2008 they can't pursue this legally? Is this correct? Can they still take this to small claims court in hopes of getting a judgement in their favour, even if the two years have lapsed? :confused:

I plan to write to them --- or is it better to get a legal representative to do this (another bill!)? I understand I should not acknowledge the debt, but what should I say in a letter? I can't actually deny the debt. Am I asking for evidence of the debt or what exactly? I am at a loss.

Thanks in advance and I'm kind of hoping that Iknowalotofstuff is still around. :o

What I would recommend, is sending them a letter stating that you are not sure this debt is your and can the please provide verification. Further state that if it is yours you are willing to talk a settlement.

If the SOL has past, then thy can't sue you for the debt so they have no leverage. On the other hand, you do owe this money so should try to pay some of it back.