Regarding the point that the statue of limitations is 2 years in Ontario is it 2 years from the date of your last payment or from the date say that the original creditor got tired of trying to collect and sent it to a collection agency?

I ask only if you are paying monthly on a payment scheme and then stop for one reason or another does that 2 years keep getting extended? Also if the debt stays on your credit report for 6 years again what is the starting date of the 6 years? When the date went to collection or from the date of the last payment made?

Thank you!

Dear Footloose:

Thank you for clarifying that for me! I really appreciate the input!

You are absolutely correct in that the SOL in Ontario is 2 years for defaulted debts after January 1, 2004. After reading your blog, you are very much misinformed as to the purpose of a SOL.

The SOLE purpose of an SOL is to provide a time frame ( window ) in which a creditor, collection agency or debt buyer can initiate legal proceedings to sue you and bring the matter into a court of law whether it be Small Claims Court or the Superior Court of Justice. Once the SOL has expired, you cannot be sued for your outstanding debt, but it doesn't disappear. The creditor, collection agency or debt buyer can continue to hassle and harrass you

( technically until you die ) to collect on this debt. In reality, a collection agency or debt buyer will only pursue you for so many years and then move on to a softer target. Notice that I did not mention creditors because usually after 6 months, the debt is written off and assigned to a collection agency to collect or sold to a debt buyer.

On your credit report, this debt will show as a R9 or an I9 or a C9. This is the worst rating that you can have for a debt. If a collection agency or a debt buyer reports this debt to a credit bureau, it will remain on your credit report for a period of 6 years from the date of delinquency, even if you subsequently repay this debt in its entirety. It is impossible to remove it from the credit report until the 6 years have passed, at which time it will be purged from the credit report, but the debt still exists. It just doesn't show on the credit report.

I have read thru the posts on this forum. So I have the proper information, the SOL for Ontario is 2 years if the debt was after 2004? Is this correct? If so, what do I do now?

I'm looking thru my credit bureau reports and most are 2007 to 2008. Do I write a letter to each collection agency stating that the SOL has passed and I DO NO OWE the debt? Will they or are they obligated to take their information off of my bureau?

Any advice or suggestions would be AWESOME!!! BTW.....CBV is one of my collectors.