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Is it true that if a person owed money 1999, and the collectors were unsuccessful at collecting the money after 7 years they no longer can come after you,
Posted from: Ontario
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Posted on Sunday, August 31, 2008 12:09 pm
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This is definitely something that is not true. Just because they haven’t been successful doesn’t mean you still don’t owe you the money. There is a statute of limitations act in each province that sets a time whereby if a creditor does not take sufficient action then the debt becomes statute barred, but typically if they have been trying to collect, obtained the proper judgment etc. then this legislation is of no effect.