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    tigra69's Avatar
    tigra69 Posts: 2, Reputation: 1
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    #1

    Mar 17, 2009, 05:22 AM
    Statute of limitations
    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 ?
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Mar 17, 2009, 08:36 AM

    It is out of statute but they can attempt to collect from you forever.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #3

    Mar 18, 2009, 06:00 AM

    Hello t:

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

    excon
    JimGunther's Avatar
    JimGunther Posts: 436, Reputation: 38
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    #4

    Mar 18, 2009, 06:03 AM

    Not to mention what it does to your credit rating.
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