March 20th, 2012 by Questions
in america, if you do not pay on a credit card for 2 years, the debt no longer exsists. Is this the case in Canada as well?
Posted from: British Columbia
One Response to “Credit Cards”
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March 20, 2012 at 7:07 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
There is a statute of limitations that exists. There is both a Federal and Provincial Limitations Act which stipulate a limit on the time an unsecured debt survives. If there is no activity by a debtor or the unsecured creditor for a set period of time then there is no legal action that can be taken to collect the debt. While this piece of legislation seems very straight forward, there are relatively simple strategies a creditor can employ to preserve their rights to collect on a debt. So if you think you might qualify to use this statute of limitations as a defence you are best to consult with legal council to determine if it in fact applies.