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blue_martian View Drop Down
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    Posted: 08/September/2005 at 11:24am
Hi all,

I'm new here and was hoping someone could explain to me what "Stat Bar" is.  A friend of mine said it's when you haven't made a payment on a debt in 10+ years then you can declare Stat bar?

Thanks for any info


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Johnny View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 11/September/2005 at 7:42am

Statute barred in respect to student loan or other debt means that no activity or proceedings can be taken to recover money owed toward a debt once the prescribed limitation period has expired.

There are different limitations that are in force regarding student loans and traditional debt.

 1. Life of the debt (Provincial Limitation Of Actions Acts and Federal Statutes such as Bill C 38 and the New Budget Implementation Act)

 2. The reporting of a debt persuant to credit bureaus

Johnny

www.cfwgroup.ca

www.cfwgroup.ca/forum

 3. Bankruptcy and insolvency (section 178 of the BIA)

Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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NotScared View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote NotScared Quote  Post ReplyReply Direct Link To This Post Posted: 04/March/2007 at 7:24am
Hi Johnny,
 
I read on a site that the statute of limitations in Ontario on credit card debts is 2 years if last transactions on the account was after January 1, 2004. Is this correct? 
Money does grow on trees.
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Johnny View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 04/March/2007 at 9:15pm
Incorrect - but close.

December 31, 2003.

Johnny
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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pauldcl View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote pauldcl Quote  Post ReplyReply Direct Link To This Post Posted: 21/May/2010 at 5:42pm
How does stat barred work with interest relief? E.G. I graduated 2002, last interest relief was in 2006. ARC Recovery threatened to sue I sent them a letter stating it was stat barred. All was quiet for like six months. Then Metropolitan starts up again threatening to send the acct back to CIBC,but offered to settle for 17K. Im totally broke and already being garnished by the feds on another student loan. Should I worry? Am I truly doomed? Is it all a bluff?
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