Canadian Credit Card Used Abroad – Returning Home?
September 15th, 2014 by Questions
In 2007 I moved to Europe and used my credit card limit of around 80 K to establish a business. I continued to pay the minimum payment for 1 year but after that the business did not go well and I stopped the payments. Now I want to return to Canada. How do I know if there is a judgment against me given that I did not receive any letters or phone calls from any agency?
What do you recommenced me to do at this point?
Posted from: Ontario
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September 15, 2014 at 2:12 pm, Doug Stuive, CA | Trustee | CIRP said:
The best way to find out if a judgement has been filed against you for this credit card debt is to do a credit check on yourself through both credit bureaux, Equifax and Transunion. Normally judgements are registered on your credit report under the public information section. A credit check can be done online for a minimal cost on both of these agencies’ websites.
If you don’t see a judgement registered that is not always an indication that the debt has been written off. While creditors only have two years to take legal action against you when your account falls into default, they can continue other collection activity for years. This can include frequent letters and phone calls. Further they can report to the credit bureau that your account is in default which will affect your ability to establish your self back in Canada.
If you are sure that you are going to stay in Canada, and you are definitely not going to have the means to repay this debt now or in the foreseeable future than a bankruptcy can be considered. I would recommend that you check your credit report. Then when you arrive in Canada and are settled you can make an appointment for a free consultation with a licensed trustee that can help you determine the best way to deal with your debt.