CiBC and Edulinx Horror Stories

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Stat Bar

Printed From: CanadaStudentDebt.ca
Category: Dealing with the Banks!
Forum Name: CiBC and Edulinx Horror Stories
Forum Description: Problems with CIBC and Edulinx!
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=2975
Printed Date: 27/March/2026 at 4:20am
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Topic: Stat Bar

Posted By: blue_martian
Subject: Stat Bar
Date Posted: 08/September/2005 at 7:24am

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

Replies:

Posted By: SolveStudentDebt
Date Posted: 11/September/2005 at 3:42am

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

http://www.cfwgroup.ca - www.cfwgroup.ca

www.cfwgroup.ca/forum

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

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

http://www.solvestudentdebt.com" rel="nofollow - solvestudentdebt.com

Posted By: NotScared
Date Posted: 04/March/2007 at 3:24am

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?

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Money does grow on trees.

Posted By: SolveStudentDebt
Date Posted: 04/March/2007 at 5:15pm

Incorrect - but close.

December 31, 2003.

Johnny

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

http://www.solvestudentdebt.com" rel="nofollow - solvestudentdebt.com

Posted By: pauldcl
Date Posted: 21/May/2010 at 1:42pm

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?