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Statute of Limitations Ontario Canada
How does the Statute of Limitations in Ontario, affect debts (unsecured credit card) that were incurred prior to October 2003, and are now being chased by those companies that buy debt write=offs?
I filed bankruptcy in Feb 2003 and was discharged in Nov 2004, however my wife did not file and had debts incurred prior to Oct 2003, and has never been subject to collection agencies/debt buyers until the last 3 months. (We foolishly assumed her debts were covered under my filing... not so) We have not acknowledged the debt, nor made any payment or promise of payment. Do these characters have any legal recourse that I should be concerned with, as our situation has improved since 2004 and we now own a house? Thanks, brian0922 |
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Ontario - The Ontario Limitation Act 2002 , came into force on January 1, 2004. It sets two years as the term (Section 4). This limitation will be reinstated where the debtor acknowledges the debt or makes a partial payment towards repayment of his debt. If the default occurred prior to January 1, 2004, the creditor will continue to have 6 years to pursue the claim. However, if the default occurred after January 1, 2004 then the 2-year rule applies. So any debt prior to Jan 04 has a 2 yr statute of limitations. Any after has a statute of 6 yrs. But if there were payments it goes by the last payment made. |
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They have no recourse unless they have a judgment against you or your wife, and even then, they can't take a lien on your house and most companies don't allow garnishment of wages. Don't contact them by letter or phone, just let them rant on Ontario - The Ontario Limitation Act 2002 , came into force on January 1, 2004. It sets two years as the term (Section 4). This limitation will be reinstated where the debtor acknowledges the debt or makes a partial payment towards repayment of his debt. If the default occurred prior to January 1, 2004, the creditor will continue to have 6 years to pursue the claim. However, if the default occurred after January 1, 2004 then the 2-year rule applies. |
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