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Can You Run Away From Old Debts? | Ontario Limitations Act

If you are thinking about ignoring your debt and simply doing nothing, think twice; there are consequences for not paying up your debt. Read this article to know more information about how the Ontario Limitations Act works and what you can do to get rid of unmanageable debt.

Once you borrowed money and decided to not pay it back; it doesn’t just go away – you still owe that debt. You should however, expect collection calls and letters, possible legal actions, and wage garnishment to come your way.

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Helped with $ 27,000 $ 41,500 $ 35,000 $ 17,000 $ 23,500 $ 46,340 $ 21,000 $ 35,000 $ 26,700 $ 65,500 $ 57,400 $ 17,500 $ 75,500 $ 63,000 $ 35,000 $ 18,500 $ 55,000 $ 85,500 $ 43,000 $ 29,500 $ 27,800 $ 41,200 $ 35,800 $ 85,000 in debt

1 day 3 days 3 days 8 days 7 days 6 days 12 days 9 days 3 days 6 days 1 day 4 days 2 days 1 day 7 days 5 days 8 days 6 days 12 days 16 days 5 days 8 days 2 days 7 days ago in debt in

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Ontario Limitations Act

Ontario Limitations Act

As per the Ontario Limitations Act:

“…a proceeding shall not be commenced in respect of a claim after the second anniversary of the day on which the claim was discovered”.

This means is that a creditor has 2 years from your last activity (in most cases – last payment date) to take legal action to court against someone with unpaid debt.

However, this legislation doesn’t apply to all kinds of debt. Some types of debt that are covered by this legislation are Credit Cards, personal loans, payday loans, household bills and subscriptions.

Additionally, the Ontario Limitations Act will not make your debts go away. You still owe the debt even when the creditors can’t pursue legal action against you. They can still continue to contact you to collect money for the debt you owe. Unpaid debt stays on your credit report before it is purged and removed.

Types of Debt that Are Not Subject to Limitation Act in Ontario

Old Debts

Government debts are not subject to the two-year limitation period. Examples of government debts are:

  • CRA Taxes
  • Student Loans
  • Any other debts you owe to the government.

Note that CRA enforces a powerful collection activities and can be overwhelming. They can garnish your wages without acquiring a court judgment, this is because it is a government agency. Therefore, you need to take immediate action on your government debt especially taxes to avoid such consequences.

What are Your Options?

Debt Consolidation Program

1. Pay Your Debt in Full

This option is the best way to get rid of debt but the hardest. As we all know, the reason you owe money is because you can’t pay, let alone in full. However, if this can be done despite your financial situation – this is the best way to move forward to avoid going through stressful legal actions put forward by your creditors.

2. Negotiate a Settlement with Creditors on your Own

If you are capable of handling things on your own, this can be your best move. Contact each creditor that you owe money from and request for a payment arrangement. Some creditors can provide you temporary debt relief options like payment deferrals or a lower interest rate for a period of time that will serve as your breathing room. You can do this by calling your bank or lender’s hotline and advising them about your situation.

3. Create a Debt Consolidation Program

If debt is too huge to handle, our personalized debt consolidation program is best option. We are a trusted debt relief agency in Ontario with over hundreds of google reviews with 5-star ratings.

We can help negotiate with your creditors on your behalf and reduce your debt by up to 75%. You can read through our clients’ success stories at this link.

Our Clients 5-Star Reviews

Russell Goodman
Russell Goodman
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National debt relief has help me with a huge burden that I’ve been dealing with for a bit now and it’s been one of my best experiences I’ve had with any financial institution and the great service by Kelly.m and joe.
Ethan Higham
Ethan Higham
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Right from the start, Fanoula was very helpful, friendly, and understanding. She walked me through everything step by step and worked around my schedule to ensure we got everything sorted out quickly. Being in debt is very stressful but everyone involved took the stress out of the equation. Thanks!
Chris V
Chris V
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I would just like to thank Suma for really making feel comfortable throughout this entire process. Everyone tells you to watch out for gimmicks, quick fixes, and everything else that comes with Debt. Ive had other companies who had made promises and under delivered. However Suma and her team are quick to provide the right answers and guide everyone in a way towards better credit. She has made it seamless with great communication and availability. I have personally referred her to several of my closest friends and i would recommend her to anyone else looking for consolidation.
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Top 5 Key Benefits of our Ontario Debt Relief Program:

To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.

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Do you want to experience Peace of Mind from all of these?

  • Credit Card Debts
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  • and more…

Talk to us! We will help you get out of debt.

We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.

Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!

Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.

We will help you compare
the options and savings of all formal debt relief programs available to you.

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Frequently Asked Questions

A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.

Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.

No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.

The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.

 

This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.

If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.

After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.

A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score. 

National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.

Why Trust National Debt Relief Services?

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See What Our Customers Have To Say

Dawn Friesman
Dawn Friesman
20/09/2020
Verified
I've been working with Allicia Macdonald shes very professional and sweet. I cant thank her enough for helping me rebuild my life. Thank you so much.
Chantal Rolfe
Chantal Rolfe
18/09/2020
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Today I had a wonderful experience with Rachael, she was Very professional I was very happy with what we talked about today she was very Caring I highly recommend national debt relief services hundred percent😃
Jennifer Magill
Jennifer Magill
18/09/2020
Verified
Brittany was awesome, she explained everything clearly and offered solutions every step of the way. It’s always nice to hear that you could do this or that, I didn’t feel forced to do anything and was able to decide clearly. Thank you 🙏🏼
Dave Tonnos
Dave Tonnos
18/09/2020
Verified
This company will work with you and through any difficulties that may arise. They actually hold themselves accountable, how refreshing during troubling economic times.
marian kamara
marian kamara
18/09/2020
Verified
I have a great experience working with Suma, she work me through the program, takes her time to explain everything to me about how the program work, what I need to do from start to end of the process. I’m so thankful to God for sending an angel Suma to help relief my debt. It’s a great company to work with. I will recommend this program for anyone in debt like me.
Donna Hutchings
Donna Hutchings
18/09/2020
Verified
Connie B. was absolutely awesome! She explained everything in detail to me. Very professional to work with and takes the time with you. She really has compassion. So glad she helped me out. Thank you
lynn collins
lynn collins
18/09/2020
Verified
Joel has made this so simple and effortless he made sure i was well informed and making the right decisions for my situation i would recommend joel at national dept Relief to anyone in hardship with there bills thanks alot joel i really appreciate everything you have done for me thanks!! 5 stars for sure! and its chad ball not my mom lynn lol
Billy Bong
Billy Bong
17/09/2020
Verified
I had a great experience with Brittany, so helpful and understanding. Never felt like I was being pressured or rushed into anything. She was always there with answers to my questions. Thanks for all the help and peace of mind you helped me achieve.
Amber-lyn Miller
Amber-lyn Miller
17/09/2020
Verified
Let’s Just Put It Simple....... Not All Hero's Wear Caps........I spoke with Suma over a fairly lengthy period of time because of my busy schedule and lack of free time on my part, and she was not only extremely patient and understanding, but also beyond helpful And informative. Any question I had and no matter how many times she had to explain it to me she took her time to make sure I completely understood every single step and process before she moved on to the next thing. I have been so stressed out and worked up about my debt and trying to figure out how to fix it all since I know I will not be returning to work at all in the future because of medical issues and being 26 with that realization makes things just that more stressful but Suma made everything so easy and my payments are $100 a month for less then 5 years with no interest or penalties for early pay off. I’m so glad that I didn’t settle with some other place that was asking for $350 + a month for 7-12 years and paying off early would cost you more.
Jessica Preston
Jessica Preston
17/09/2020
Verified
Caroline F. was phenomenal, she was so helpful, understanding and compassionate. Caroline did not make me feel bad for my mistakes, she was supportive and caring, she helped me through this dark time in my life I'm so incredibly happy I crossed paths with her. Thank you Caroline for being so wonderful to me! <3

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