Comments on: need some help http://www.bankruptcy-canada.ca/credit-repair/2009/10/need-some-help.html Personal Bankruptcy Canada Blog Fri, 10 Feb 2012 15:23:44 +0000 hourly 1 By: Ted Michalos, CA trustee http://www.bankruptcy-canada.ca/credit-repair/2009/10/need-some-help.html#comment-110843 Ted Michalos, CA trustee Wed, 21 Oct 2009 12:14:40 +0000 http://www.bankruptcy-canada.ca/credit-repair/2009/10/need-some-help.html#comment-110843 You are confusing a couple of different things - the statute law in Ontario that you are refering to menas that a creditor can no longer actively try and collect a debt if it's been dormant for 2 years. That doesn't mean the debt is "gone" - they simply can't pursue you. There is further confusion around this law in so far as what constitutes "acknowledgement of the debt" - a payment certainly does, but does a phone call or letter? And if you fail to report your address so that the creditor can no longer find you the law may no longer apply.... So, the statute does not clear up your credit report. In regards to the rest, you'll need to speak to a lawyer to get a legal opinion - I can't help you with that. You are confusing a couple of different things – the statute law in Ontario that you are refering to menas that a creditor can no longer actively try and collect a debt if it’s been dormant for 2 years. That doesn’t mean the debt is “gone” – they simply can’t pursue you. There is further confusion around this law in so far as what constitutes “acknowledgement of the debt” – a payment certainly does, but does a phone call or letter? And if you fail to report your address so that the creditor can no longer find you the law may no longer apply….

So, the statute does not clear up your credit report. In regards to the rest, you’ll need to speak to a lawyer to get a legal opinion – I can’t help you with that.

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