December 5th, 2007 by Questions
I notice on my credit report that several of my debts are reporting as a Bad Debt and a Narrative added of `Written Off` – does this mean this debt can no longer be collected? Please advise, Thanks
December 06, 2007 at 10:16 pm, Barton Goth GCO Bankruptcy Trustees said:
The credit report is nothing more than a bulletin board that simply houses informaiton that is provided by some of your creditors. As a result the explanation that is listed simply is a notation and has no connection as to whether or not these debts can be collected.
While there are provincial statute of limitations laws we find that in most instances they either do not extinguish the debt or the creditors have made teh necessary movements to avoid the debt from becoming void.
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