Ask Experts Questions for FREE Help !
Ask
    babycurl's Avatar
    babycurl Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jun 8, 2007, 08:43 AM
    Debt Paid
    Good morning!

    First of all, what the limitation in Ontario for a debt?

    I borrowed a small amount of money from my Mother 5 years ago. The debt was paid within 1 year in full. Now she wants interest to be paid. Is limitation over? If yes, what was the limitation?

    Thank you,
    Lowtax4eva's Avatar
    Lowtax4eva Posts: 2,467, Reputation: 190
    Ultra Member
    		  
    #2

    Jun 8, 2007, 08:57 AM
    If you didn't sign a contract agreeing to interest then she can't charge any. If you did sign something that states you will pay interest and never did the statute is 6 years from the date of your last payment.

    Wow, hard to believe your mom would want to come after you for some interest though...
    gazelleintense's Avatar
    gazelleintense Posts: 175, Reputation: 13
    Junior Member
    		  
    #3

    Jun 8, 2007, 12:50 PM
    Your mom wants interest? Jeesh.

    Lesson here. NEVER borrow from family. Never. Ever.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Is credit card debt open account debt or a written agreement debt? [ 16 Answers ]

I am currently fighting a credit card debt action filed against me by Unifund. The issue is whether credit card debt is open account debt subject to 3 year SOL in the State of Washington or a written agreement debt subject to 6 years. I asked the same question on another forum and received an...

Old Credit Card Debt - Paid off. [ 2 Answers ]

We mortgaged our home to do a debt consolidation in 2000. Our debt was paid off by the company that we borrowed the money from. Now we are receiving statements from lawyers saying that they will be suing us if we don't pay them. I have papers showing what was paid off. We are getting endless...

Thought debt was paid [ 2 Answers ]

First of all I live in Manitoba.Last night I got a call from Portfolio Management Canada stating I owe on a credit card from 14 years ago. I thought it was paid. I never heard from them until now. They claimed to have spoken to someone in my house,but this was not true.They only left unclear...

Contacted by debt collector after notification that debt was not valid [ 1 Answers ]

I was contacted by a debt collection agency by phone stating that I owed $686.00 from 1991. I returned the call to find out what this pertained to and the gave me the name a store credit card that I had at that time - during that period my ex- husband filed bankruptsy and all accounts ( personal...

Question #2 Debt Validation: Should I wait out and old debt? [ 5 Answers ]

Hi, Concerning the Debt Validation / Verification process: If a debt is due to expire (over 7 years old) in a couple of months, is it better to validate /verify it; or wait it out and then get it removed - that is, will the act of verifying the debt renew the life of the debt if it is proved...

View more questions Search