@resjudicata The statue of limitations in Quebec is 3 years with an exception for a court judgement, which has a 10 year statue of limitations, including TAL judgements.
How Serious is Bankruptcy Threat from Collections?
- Thread starter aaronmark
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resjudicata
New member
@harmony77 The likelihood of a collection agency suing you is almost zero and the likelihood of them forcing you into an “act of bankruptcy “ is 0. Court costs money and litigation costs money it’s far cheaper for them to re age the debt and leverage you into paying by calling you from different phone numbers on a daily basis
@aaronmark Thing is any entity who chooses to pay pennies to corporations worth hundreds of billions. To then believe they have some right to attack another human being in order to make huge profit margins off their pennies. Here’s the thing. If you choose to make your living by picking up a phone and causing added stresss grief, and threats. You win the award of being granted loser human status. I’m 40 years old, and from the age of 17 have taken out multiple loans which at this point amount to just under two hundred thousand. Through the years, their were a couple issues, minor on the grand scale. So tell me why when you pay off multiple 50, 30 thousand dollar loans does that not bear any weight to your credit score. But soon as you have a credit card and are responsible with boom, your good.
@aaronmark Well you won't be borrowing for the foreseeable future. I don't see how that can work really. It's unsecured debt. Just an empty threat. Do you own a home? Can you afford a proposal?
@aaronmark What province is this person in?
@aaronmark If they haven’t acknowledged the debt in two years, in most jurisdictions the creditor is now hosed. Your friend should write the credit bureau and have it struck as invalid.
@aaronmark After 3 years the window to sue is gone
8 years would of been long enough but if you had awknowleged the debt and last contact is 2 years ago this resets. So there's one year left until the window closes to sue
It depends if the debt is significant. They might or might not.
8 years would of been long enough but if you had awknowleged the debt and last contact is 2 years ago this resets. So there's one year left until the window closes to sue
It depends if the debt is significant. They might or might not.
12antoniobu
New member
@aaronmark Seven years is the maximum period a debt stays on a credit report. If it's truly eight years old, it's either already removed or nearly removed - no letter required. The recovery parasites can, however, attempt to collect it forever - although they have no tools to do so after the limitation period kicks in (different in every jurisdiction) unless you do something stupid like interact with them and acknowledge the debts.
Source: Personal experience and terrified research - seven years of no credit was SUPER fun.
Edit: also for additional context, these collectors are mostly liars and cheats who will spin every story possible to "encourage" people to pay. My friend is a lawyer and at the time, told me typically, debts under 10k will never see court if there are no physical assets to collect on. Yet they will threaten and create fictitious legal-sounding agencies that are not actually law offices to harass you with. They will contact your payroll department at work and ask for you - they can't disclose the nature of the call but it's enough to scare you onto the line. And they will make false deadlines for legal action that will most likely never come. Don't trust a damn word a collections agent says or any letter that isn't from an actual court officer. (Most of this stuff is borderline against provincial regulations, yet it happened to me anyway!)
Source: Personal experience and terrified research - seven years of no credit was SUPER fun.
Edit: also for additional context, these collectors are mostly liars and cheats who will spin every story possible to "encourage" people to pay. My friend is a lawyer and at the time, told me typically, debts under 10k will never see court if there are no physical assets to collect on. Yet they will threaten and create fictitious legal-sounding agencies that are not actually law offices to harass you with. They will contact your payroll department at work and ask for you - they can't disclose the nature of the call but it's enough to scare you onto the line. And they will make false deadlines for legal action that will most likely never come. Don't trust a damn word a collections agent says or any letter that isn't from an actual court officer. (Most of this stuff is borderline against provincial regulations, yet it happened to me anyway!)
handmaiden4truth
New member
@aaronmark Is BS.
Do a bit of research on debt collection laws and rules in the area where this person lives to confirm that ignoring it is the best course of action.
Do a bit of research on debt collection laws and rules in the area where this person lives to confirm that ignoring it is the best course of action.
@handmaiden4truth She owes money, she has to pay it. She doesn’t get to just not pay it.
isaacsfamilyforchrist
New member
@aaronmark How I’ve been told is once it goes to a collector, they are the ones who took on the debt. They buy these for cheap from banks and other places in hopes they can strong arm you into paying them instead. I had a credit card bill from td bank that was 1000$ (was reckless back in my youth and just maxed it and forgot about it) it went to collections, got random letters here and there but eventually it went away.
I could be wrong but once the collection gets those debts it’s no longer your problem. You signed a contract with the bank or whatever place, not the collections. Regardless of the seven year rule.
I will look into this more now it’s on my mind so don’t take this advice but who knows I could be right lol
Edit: they COULD technically garnish wages and such but mine was such a small amount it just went away
my credit isn’t bad, just had different cards and loans I DID pay that canceled out the collectors. And it’s past the seven year mark so who knows maybe I’ll hear from there again one day
I could be wrong but once the collection gets those debts it’s no longer your problem. You signed a contract with the bank or whatever place, not the collections. Regardless of the seven year rule.
I will look into this more now it’s on my mind so don’t take this advice but who knows I could be right lol
Edit: they COULD technically garnish wages and such but mine was such a small amount it just went away
my credit isn’t bad, just had different cards and loans I DID pay that canceled out the collectors. And it’s past the seven year mark so who knows maybe I’ll hear from there again one day@aaronmark Keep throwing those letters in the trash. Empty threats, collection agencies get paid commission on amounts they collect - hence the pressure. Only answer incoming calls you recognize and block the rest out.
@aaronmark I believe if they havent contacted you in more than 2 years your free and clear.
@aaronmark Ya my wife hadnt dealt with PayPal in over 3 years,she got sick and had to close her store,then all of a sudden got a threatening call from PayPal collection saying she owed 600 bucks,i looked it up and the law states if creditors dont make an effort to collect after 2 years they be fucked.
@aaronmark Don't worry about it nothing will happen, do not respond to any inquiry on it or they will never quit harassing you
@aaronmark The sheer number of personal, detailed questions on this subreddit that are asked on the behalf of “other people” 