Question
I live in ON/CAN. I had credit card debt from pre- 2004. What is the statute of limitation for repayment?
In 2000 I had stopped making payments on a credit card and then in 2002 on a Bay card. In 2005 i moved due to a new city because of serious medical situation. Now I am getting calls to repay the debt. I heard they have two years after discovering non payment to make me pay. It is now 2009... more than 7 years later...do I need to pay them...
5 months ago - 1 answers
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Chosen by Asker
Ontario - The Ontario Limitation Act 2002 , came into force on January 1, 2004. It sets two years as the term (Section 4). This limitation will be reinstated where the debtor acknowledges the debt or makes a partial payment towards repayment of his debt. If the default occurred prior to January 1, 2004, the creditor will continue to have 6 years to pursue the claim. However, if the default occurred after January 1, 2004 then the 2-year rule applies. www ...
by Michael T
5 months ago
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