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Need information with statue of limitations with repayment of debt
Hello to all who read...
I am from Ontario, Canada and have just received a letter stating that I have an outstanding payment. Personally, I do not mind the payment of the debt, but the debt was made over 8 years ago and I don't really remember much of it. My questions are: Do the statue of limitations help me not to have to pay it back? I know there is something stating that after 2 years - 6 years. If the debt gets tossed out of court and I am not longer accountable for it, does it still hurt my credit reports and history? I can use any helpful information that I can get. Thank You, |
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After 8 years the debt would be passed the statute of limitations, I think in Ontario the statute is 7 years, unless you made payments towards this since that time.
Every time you make a payment or payment arrangement by phone, the statute begins again... for instance if you made a payment in 2004 or something than it has only been 4 years. |
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