Debt expiration, credit file and student loans
Hi,
Apologies if I am repeating some previous questions, I just want to get a confirmation that my understanding of the matter is correct.
Let's say X defaulted on credit cards and student loans (OSAP), and having read equifax notes did not make any payments so that the last activity would not get offset.
I also saw somewhere in this forum that debt actual expires after a number of years (could someone please advise what is the statue regarding this expiration, if it was made before 2003?).
Is this then correct to assume that if in 2008 it will be 6 years since date of last activity and all items on the credit file, it should become clean and nothing will remain on file?
Also, is this then correct to assume that after that period (6 yrs) has passed, the collections have no legal ground to come after you?
Forgot to mention that this is Ontario, Canada.
Appreciate your response.
Thanks,
Anna