Letter from a Collection Agency says I owe over $1000
I got a phone call and a letter from a Collection Agency about an Old PC Financial bank account I had stopped using maybe back in 2005-2007, not really sure, they cannot give me details, but its over 1000.00 and I have no clue what its about, does the statue of limitations pertain to this?
Funny thing is 5 years ago I open a new PC Financial account and nothing has ever been said about this old one? No my name hasn’t changed.
Posted from: Ontario
In Ontario the Ontario Limitations Act states “Unless this Act provides otherwise, a proceeding shall not be commenced in respect of a claim after the second anniversary of the day on which the claim was discovered.” This applies to debts obtained after 2004. Debts from prior to 2004 are subject to a 6 year period. Please keep in mind that the clock resets should you make any payments. It is not uncommon for collection agencies to pick up on old debts that may be statute barred in hopes of collecting. Should they be statute barred you are not legally liable for the debt. In any event you should not be considering making any payments to a collection agency if they cannot provide any details of the debt.