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debtnewbie · Sep 19, 2006, 04:27 PM

Hi everyone,
I desperately need some help!
Today TD Bank took money out of my chequing acct for a TD GM Visa I had 7 yrs ago that was written off when I was younger. I went to the bank and they told me that the last activity on the acct was in Sept 1999. Is there an SOL in Ontario, Canada? Can someone explain to me what SOL is exactly? What should or CAN I do now? They have wiped out my bank acct clean!

Someone Please Help Me:confused:

Thanks

CaptainForest · Sep 19, 2006, 04:46 PM

The SOL on debt from before Jan 1, 2004 is 6 years in Ontario.

After Jan 1, 2004 it is 2 years.

However, the SOL just means they have x amount of time to sue you.

If they went to court and obtained a judgment against you, let's say in Aug 2005, then they have gotten a judgement within the 6 years.

Then if they have waited until now to collect, then that is there choice. Judgements are outstanding for 20 years.

So, contact TD, find out why the money has been withdrawn. Was it a garnishment? Was there a judgment made against you?

Of course, another option being is that they just took your money, which they aren't suppose to do.

debtnewbie · Sep 19, 2006, 04:57 PM

Thank u so much for answering so quickly!
Don't they have to let me know that there is a judgement against me?
Is it illegal for them to take it out just like that?

CaptainForest · Sep 19, 2006, 05:05 PM

There could be a million reasons you weren't notified.

TD GM Visa was not the one to collect this money (well, maybe, but unlikelly).

What is more likelly is that they sold this debt to some 3rd party who then tried to collect it from you.

Maybe you moved and they served you at an old address? Maybe this company just made things up? There could be many possibilities.

Did anyone ever try to contact you about this debt? Did you ever move?

debtnewbie · Sep 19, 2006, 05:11 PM

Yes I did move however, no one ever tried to contact me until now. If there was no judgement, can they still take out money from my acct? Is this legal if they do without judgement?
What should I do now?
I'm pretty sure there was no judgement against me.

Hi again,

How can I be sure if there is a judgement against me?
Is there a way I can get proof?

CaptainForest · Sep 23, 2006, 01:15 PM

Ok, first go and talk with the manager of the TD Bank and ask them directly why they took money out of your account.

Tell them they had no right to, and then they will show you a legal garnishment why they did.

If they don't have one, then you should sue them for stealing your money.

Also, check out the Ontario Ministry of the Attorney General's website at:
http://www.attorneygeneral.jus.gov.o...sh/courts/scc/

Also, to find out about a possible judgment against you, go down to your local court house and talk with them.

ScottGem · Sep 23, 2006, 07:16 PM

They can't take the money without a legal order. So the fact that they took the money indicates they had one. Are you denying this debt?

The bank has to show you the legal paperwork they received.

debtnewbie · Sep 24, 2006, 10:23 AM

Hi again,
I just spoke with TD and they said that if I look at the agreement that I apparently signed prior to getting this credit card 7 years ago, it states that without any notice, TD can withdraw from any acct associated with the TD Group. So I'm guessing it was illegal for them to withdraw from my acct?

ScottGem · Sep 24, 2006, 02:08 PM

Why? Looks perfectly legal to me. Your agreement states they can withdraw from any TD Group acct.

CaptainForest · Sep 24, 2006, 03:11 PM

That is one reason why I have a bank account with 1 bank and a credit card through another.

However………

While they have a right to withdraw money, that doesn't give them the right to simply take money that doesn't belong to them.

I would go talk with the TD Bank Manager, tell him, the SOL was expired and that they had no legal right to the money either way and threaten to sue.

Then, if he doesn't do anything, I would read the agreement you signed, then possibly sue.

It also depends on the total amount they took out.

And also, take all your money out of TD and transfer it into another bank that you do not have credit cards with.

royboymatt · Sep 25, 2006, 07:14 AM

I would jut like to say that your not alone on this I have just had the same thing happen to me with td as well. My girlfriend has a friend who also had this happen to her last week. Td seems to be up to something

ScottGem · Sep 25, 2006, 07:32 AM

Originally Posted by royboymatt

I would jut like to say that your not alone on this i have just had the same thing happen to me with td as well. my gf has a friend who also had this happen to her last week. Td seems to be up to something

I disagree that TD is "up to something". It sounds more like TD is exercising a clause in the contract to collect delinquent funds. If the credit cards weren't delinquent in the first place then this wouldn't happen. If contract was carefully read then this happening wouldn't be a surprise.

CaptainForest · Sep 25, 2006, 01:43 PM

Originally Posted by ScottGem

I disagree that TD is "up to something". It sounds more like TD is exercising a clause in the contract to collect delinquent funds. If the credit cards weren't delinquent in the first place then this wouldn't happen. If contract was carefully read then this happening wouldn't be a surprise.

I got the spread it around message, but I agree.