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    golfguybc's Avatar
    golfguybc Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Nov 19, 2009, 12:14 PM
    Old debt
    If I acknowledge an old debt from 8 years ago and start repaying on an agreed amount and default does the collection agency have any recourse on me? The original debt has been removed from my credit bureau and I have paid more than the original amount owing to the lender I borrowed from? I live in Vancouver British Columbia and want to know if the statute of limitations starts from the date I agreed to repay the loan or from the original date I borrowed the money and it was sent to the collection agency.

    Original loan in 2001
    Repayment started in 2007 till present
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
    		  
    #2

    Nov 19, 2009, 01:06 PM

    Please don't keep opening new threads - asked and answered.

    I realize that you probably didn't like my answer but posting a second time doesn't change my answer.

    You agreed to pay a certain sum in exchange for the cc company accepting less than they were demanding. You have paid part of that certain sum and don't want to pay any longer.

    If you default on the settlement agreement you can and probably will be sued for the entire original amount.

    Did you SIGN an agreement with the cc company for the lesser amount?
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