Yes, but be careful how you interpret the limitation period for student loans. As pointed out in previous threads, you can restart the limitation period on federal portions of student loans AFTER they expire by providing one of the 4 forms of listed acknowledgment in Section 19.1

Additionally, notice the right of offset on past and future amounts due from the Federal Government (such as tax refunds), which remain unaffected by limitation periods. Also, provincial portions of some student loans may have no limitation period, such as Ontario Student Loans incurred after Jan. 1, 1998 (6 years after the Ontario Limitations Act took effect on Jan. 1, 2004).

http://www2.parl.gc.ca/HousePublications/Publication.aspx?pub=bill&doc=C-28&parl=37&ses=2&language=E&File=100

(Note: Section 19.2(1) governs loans before Bill C28 took effect.)

In particular, note

Section 19.1.5: If a borrower's liability for money owing under a guaranteed student loan is acknowledged in accordance with subsection (4) AFTER the expiry of the limitation period in respect of the loan, an action or proceedings to recover the money may, subject to subsections (3) and (6), be brought within six years after the date of the acknowledgment.

The Statute of Limitations does NOT change no matter how many times the old debt is bought and sold. There are only two instances in which the Statute of Limitations changes.

1. If the debtor makes a payment within the limitation period even if its
only $1.

2. If the debtor makes a written acknowledgement of the debt within the

limitation period.

PLEASE NOTE If a debtor makes a payment or a written

acknowledgement of the debt outside the

limitation period, this does NOT restart the

limitation period.

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Educating one Consumer at a time

Thank you footloose, now I understand the plain english version :)

Soooo..........my next question is if a collection agency PURCHASES an old debt, does the SOL renew from the time they purchased and list it on the credit bureau, or does the old SOL date still apply???? Again many thanks for all input.

Hi had-enough

I can understand your frustrations and why you have had enough. Let me briefly review the statute of limitations, give you chapter and verse and finish with an example.

A limitation period (or, in Quebec, the prescription period) is the time frame within which a creditor must commence a legal proceeding against the debtor seeking to enforce the debt in question. Once the limitation or prescription period has expired, the right to commence such an enforcement action is generally lost.

Limitation and prescription periods are established by provincial legislation. The British Columbia Limitations Act does not specifically provide for creditor's claims as noted in Subsection 3(2). See below. Consequently, these claims fall under the B.C.'s Act general six year limitation period calculated from the date the right to bring a cause of action arises pursuant to Subsection 3(5). See below.

LIMITATION PERIODS

3(2) After the expiration of 2 years after the date on which the right to

do so arose a person may not bring any of the following actions:

(a) subject to subsection (4) (k), for damages in respect of injury
to person or property, including economic loss arising from
the injury, whether based on contract, tort or statutory duty;
(b) for trespass to property not included in paragraph (a);
(c) for defamation;
(d) for false imprisonment;
(e) for malicious prosecution;
(f) for tort under the Privacy Act;
(g) under the Family Compensation Act;
(h) for seduction;
(i) under section 27 of the Engineers and Geoscientists Act.

(5) Any other action not specifically provided for in this Act or any

other Act may not be brought after the expiration of 6 years after

the date on which the right to do so arose.

For example, if you owe Acme MasterCard $3,000 and you made your last payment on June 30, 2009 and the next payment is due on July 30, 2009, then the limitation period begins on July 30, 2009 and ends on July 30, 2015. During that time, the collection agency can initiate legal proceedings in a court of law.

I hope that this clariifies your confusion and misunderstanding of the application of the B.C. Limitations Act in the collection of a debt.

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Educating one Consumer at a time

Thanks OC, I have read that, but I can`t seem to weed through the legal mumbo jumbo between section 3 and section 5 and 6 and how they seem to conflict. Is it within 2 years for the right to sue on credit card debt, or 6 years. Can anyone on this board please clarify??? Much appreciated.

Here's a document for you to review (Pay attention to section 3):

Limitation Act
[RSBC 1996] CHAPTER 266

http://www.bclaws.ca/EPLibraries/bclaws_new/document/ID/freeside/00_96266_01

Current to June 23, 2010

Copyright (c) Queen's Printer,
Victoria, British Columbia, Canada IMPORTANT INFORMATION

Sorry if this question has come up before on this board but can anyone tell me what the SOL for BC is for a C/A sueing on an old debt? Many thanks!