Student Loans / Equifax

January 9th, 2012 by Questions

In short, I ceased to be a student in 2002. I have in excess of $75 000 in Canada Student Loans. I have never made a payment. My CSL accounts have been in collection since 2003. I just this evening ran an Equifax credit report in which none of my CSL debt was reported in any manner. My question is, is there a period of time in which if no activity occurs on a student loan account that the account has been “written off” and no longer persued for reclamation of monies?

Posted from: Ontario


One Response to “Student Loans / Equifax”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

You have to take a credit report with a grain of salt as it is never a complete record of your debt and certain debts (i.e. student loans) often do not report to the creditor bureau. As for your question, yes there is a statute of limitations on debt collection, it is a rather complicated piece of legislation and if you think it applies to your situation you may want to consult with a lawyer who specializes in that area, but what it stipulates is that if no effort is taken by the bank in a 2 year period of time that statute of limitations may kick in. The reason I say may is it is really dependent on what action the creditor has taken. Now CSL is very familiar with the collection rules and likely has taken the necessary steps to preserve the debt, so I wouldn’t expect that this limitations rule will be of much help. As such you may be forced to look at a bankruptcy or a consumer proposal to help you bring these debts to a manageable leve.

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