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Debt Consolidation Loans Michigan – What is the statute of limitations on debt? | Creditor & Debtor Rights

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Debt Consolidation Loans Michigan – Review

What is the statute of limitations on debt? When do creditors and collections still have the right to sue or take legal action over an old debt? An when is an old debt removed from your credit report? Yes, when a debt is past legal action limitations and when it is removed from a credit report are independent of one another. You may choose to ignore collection calls but you shouldn’t however ignore a lawsuit. In this video we cover what types of debt are cover under the Statute and which are not, when the Statute applies to legal action, and when it is removed form your credit report.

To learn more about ways to deal with your debt visit us at: https://www.hoyes.com/blog/ontario-limitations-act-old-debts/

Or have a look at some more of our videos here on YouTube.

Are you creditor proof: https://youtu.be/QvsRTzMHIQk

How long will a Consumer Proposal remain on my credit report: https://youtu.be/zWxd3ttqDow

Is a debt consolidation loan right for me: https://youtu.be/WKE7csN7LnQ

#debt #debtfreecommunity #debtadvice #getoutofdebt #debtcollections #canadiandebtrules #personalfinance #hoyesmichalos #statuteoflimitations

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14 Comments

  1. Franco
    July 29, 2021 at 5:00 pm

    the 2 year period starts from the day that the borrower borrowed to money from the bank or does it start from the day that the collections agency purchased the debt from the bank?

  2. Use Full
    July 29, 2021 at 5:00 pm

    How do you file a statement of defense?

  3. I’ve Got The Gift Of GOODBYE
    July 29, 2021 at 5:00 pm

    I’ve been sued 17 straight years on a car crash my ex did out of revenge because I divorced him. I still have the original police report to this day! I refuse to file a bankruptcy. The lawyer can keep taking my state income taxes for the rest of my life!

  4. Pankaj Joshi
    July 29, 2021 at 5:00 pm

    Hi. I received an email, "Notice of Action" from a law firm offering to settle the phone bill to $3000 ( $2500 is from 2017, and 500 is from 2019). Should I take this seriously ? The law firm doesn't know my address nor does the phone company. So, if they don't have my address, could I be dragged to a court ? Thank you.

  5. Aldo N
    July 29, 2021 at 5:00 pm

    Well I try a been more than 7 years, all derogatory has been droped from my credit report. Now I just got a 1099c from IRS from Bank of America they claim they filed in 2019. Can they do that ? Is there a statute of limitation on filing 1099? Thanks

  6. Spica Guy
    July 29, 2021 at 5:00 pm

    Here is another tidbit that I have discovered; a creditor, like a major credit card company or bank, has the right to assign its right to sue to a debt buyer, but in Nova Scotia at least, they cannot sue in Small Claims court. The Small Claims court does not recognize a third party. The debt buyer is forced to file in Supreme Court. This eliminates an affordable option for the debt buyer/collection agency, and further reduces the likelihood of being sued unless it is a very significant amount of money. They DO have this right, but the cost in most cases is prohibitive; pretty easy to blow through thousands on a lawyer.

  7. Spica Guy
    July 29, 2021 at 5:00 pm

    Hello
    There is inaccurate information on many websites, such as Refresh Financial, Credit Canada, Bankruptcy Canada, etc., stating that the Statute of Limitations in Nova Scotia is 6 YEARS. I think your Money Problems site, giving Jan 1, 2016 as a date, references 6 years. THIS IS INCORRECT! Even the Credit Institute of Canada has stated 6 years, referencing the 1989 Act….. The NEW Limitations Act, signed in August 2015 puts a 2 year general limit in place, upon discovery. There is a fourfold test for discovery,

    (2) A claim is discovered on the day on which the claimant first

    knew or ought reasonably to have known

    (a) that the injury, loss or damage had occurred;

    (b) that the injury, loss or damage was caused by or contributed to by an act or omission;

    (c) that the act or omission was that of the defendant; and

    (d) that the injury, loss or damage is sufficiently serious to

    warrant a proceeding.

    Why the incorrect 6 year timeframe is still referenced by these websites, I do not know… perhaps they have not updated them since 2015. This brings Nova Scotia in line with Ontario, and covers actions in Small Claims court. The 4 year extension at the discretion of the court is also eliminated.

    Thanks

  8. Patsy Phillip
    July 29, 2021 at 5:00 pm

    Hello, I have an old cell phone debts with bell and Rogers. Bell is over 8 years and Rogers is about the same. I filled a proposal in 2013 at the time I filled a consumer proper neither debt were on my report. They both have fallen off my report, they were not listed on my list of debt to be paid. About a few months ago i started receiving calls from collection agencies regarding those two debt should I just ignore?

  9. Spica Guy
    July 29, 2021 at 5:00 pm

    If someone is sued in small claims court and the assigned date for a hearing is past the statute of limitations (even though they filed the case prior to the expiry date) is the SOL still a defence?

  10. Spica Guy
    July 29, 2021 at 5:00 pm

    sorry, Mr Hoyes!!

  11. Spica Guy
    July 29, 2021 at 5:00 pm

    Hello Mr. Michalos
    Thank you for the information.
    What happens in the situation where you incur a debt in a province with a SOL on unsecured debt of 6 years, it goes to collections and you then move to a province with an SOL of 2 years, like Ontario; can they take you to small claims court in the first province? This is assuming the last payment is currently over 2 years old, but under 6.

    Also, what is a ballpark amount of time that it takes to actually get a date for your small claims hearing, after the claim is filed?

    Thank you

  12. Vin Man
    July 29, 2021 at 5:00 pm

    When your debt has exceeded the SOL, can you have the debt removed from your Credit Report before the 6 or 7 years that allows the the collection agency to continue to list the debt?

  13. Charity Williams
    July 29, 2021 at 5:00 pm

    Thanks to dave_hack4 on instaGram he pay off my debt and cancel the report. He really saved my life

  14. 265Stan
    July 29, 2021 at 5:00 pm

    I just recently received a letter from a legal service for an outstanding credit card dept. As the amount owed is large they say they will fill an Application for Bankruptcy Order 43(1) for them to seize any assets i have. I live in Ontario and i have not paid into this dept for several years and i have not talked to them for the same amount of time ( It's been more than the 2 year limit ) Can i defend myself against this by stating the 2 year limit has passed?