Do unpaid debts ever disappear?

 

Statute of limitations

Canadian legislation sets a statute of limitations on unsecured debt. This prevents creditors or a collection agency from taking debtors to court after a certain amount of time has elapsed. The clock starts ticking from the time you last made a payment on the debt, with the the number of years varying across provinces and territories as follows:

• British Columbia = 2 years
• Alberta = 2 years
• Saskatchewan = 2 years
• Manitoba = 6 years
• Ontario = 2 years
• Quebec = 3 years
• New Brunswick = 2 years
• Nova Scotia = 6 years
• Prince Edward Island = 6 years
• Newfoundland and Labrador = 6 years
• The territories = 6 years

---- ----- ----

 

 "Unsecured" means credit cards, etc. A loan against your house or car or other property is another matter.  Ditto any money owed the government. (taxes, student loans, fines, etc etc). They still want it 50 years later. (My student loans did get forgiven when the NDP came to power many years ago , but that was a one shot deal, just because they were feeling nice)

But wow, I can tell the credit card agencies to go fly a kite. I like that. Of course the credit agencies that harrass you will still harrass you , and they'll never take you to court anyways, but it's nice to know they haven't got a leg to stand on and I can just throw that stuff out as junk mail. 

I don't have an "estate". No house, no car, no property , so that's pretty much the end of that. 

2 years in Ontario. Wow, what a relief off my mind. I'll never get another credit card again , but guess what ? I dont' want one. It was quite a nightmare and I aint going through that again.