If you watch BNN and CBC news they keep talking about a possible housing bubble. I find the prices of homes have risen to fast and people are borrowing at a low interest rate that in a few years when the rates go up people are going to lose their homes and prices are going to fall again. In recent interviews the bank of Canada warned Canadians to slow down or be careful on the lending. The debt load in Canadian homes has risen since a few years ago. The first half in canada is going to be strong but the second half is going to be rough.

It falls under B.C. statute of limitations. So that is up in December. My last activity was December 2004.

But your talking about how long they have to sue me right? I'm just still not clear if equifax and/or transunion will completely remove the entry on my report after 6 years from last activity.

Joe would you wait or try to settle knowing house prices are going up all the time?

I would find out what statute law you fall under. If you fall under Alberta statute I would wait till it comes off in Dec.If your under BC statute they could still sue you. I would not admit you owe the debt in writing because it could reset the clock which I rarely have seen done.

Yes Joe. It's just being sitting there collecting interest I owe WAY more then I defaulted on.

Is this item in your credit file?

So just for clarity does this mean it will be removed from my report all together in 10 months? Or just that I can no longer be sued?

I'm just wondering if waiting would be better than paying it and having it show for another 6 years even though it would now show the balance at 0. Because if I settle I renewed the 6 years from last activity thing right?

The flip side to all this is how much will houses go up in that time? I'm thinking I settle for $1500 now but the house I purchase could cost 20g more this time next year.

My broker told me I 659 is enough for a mortgage but with my report showing this debt of $7863 with no payments made I'm pretty well screwed.

In BC it's six years and Alberta two years to sue someone.

I knew I'd leave something out!! I've been in Alberta since 2005 but I lived in B.C. when I took out this loan.

I think your only option is to go forward with the 659 and try to get a mortgage or wait the ten months.

You will get a mortgage with a 659 but it just likely won't be on as good of terms as you can get in ten months.

What province are you in ?