Limitation and Student Loans from 1996.

In 1996 I graduated and owed both Canada and Ontario student loans. Back them they had two systems one was Ontario and the other Canada at least during some of the years while i was in school between 1991-96.

Well its been 17 years i guess since 1996 and just today i filed for an equifax report online and something happened and they could not get a score for me.  I called them and they suggested i try and build my credit to get a score. I told them impossible as i had student loans from 1991-96 and various other debts along the way..

I have no idea what this statute barred thing means other then they have no legal way to collect the money owed. Does this still stay on your record for life?

Here is the idea - I plan to go back to school and pay for it with the little money i now have being self employed. I will manage to scrape by and eventually hopefully get  a job in the area i want.

Will this debt continue to be on my record? Equifax says no it is gone and i never have to worry about it. I find that hard to believe.

Also if i try to rebuild my credit as apparently equifax is telling me its like i am new creditor and i just need to build my history. What would happen if i eventually got a good job would they be able to come after me?

Is this debt all expunged? Is it still better to declare bankruptcy?

What is the actual benefit of statute barred loans if they still remain with you for life?

What i am most interested in is can your credit file remain clean or will it always be on file?

If i was to inherit money from family later on will they be able to take it?

Its all so confusing as i have not done my income tax now for 5 years - the last time i did it was in 2007 and they still took my income tax refunds to pay for student loans and that was 11 years after i graduated..

Taking the income tax makes me nervous as its possible they can do much more.. in 2006 i had my bank cleaned out.

Is bankruptcy still better or can this be all expunged on its own.

Ontario and Nova scotia provincial loans are collectable until the end of time.  They are not bound by statute barred status. 

Only federal loans (and every provincial loan except Ontario and Nova Scotia) are bound by statute barred status.

Just because its not on equifax file, doesn't mean its not on Trans-union file.  If you have taken out Ontario student loans and have not paid them off, they will never disappear until you either:

Include them in a bankruptcy
Pay them off
Include in consumer proposal
Plead hardship to court and prove how you have no money, and that you will not have any money in the future to pay them off. 

They are taking your student loans for income tax because they are still in active collections.  Call the Income tax phone line and ask them who has a lien on your income taxes.  They will tell you.  Then you will know which student loans are still in active collections.  I'm willing to be its your provincial loans.

So in my case how do i repair my credit? Is it possible?

I see it as this I have two options

1. Bankruptcy

2. Suffer for eternity.

It appears this limitation thing has no benefit? Is it at all possible to resume live and live normal and get a credit rating while arguing limitatons?

This will always be on my record unless i declare bankruptcy no?

Thanks Johnny,

I agree thank you.

I have done my income tax for the last 5 years and have finished. I just have to send them in which I will be doing in the next few days.  Income tax i do not owe i am owed so i assume they will take it all to put towards my loans.

I just got my report and it has several sections which i will list here
---
Special Services - no special services messages

Consumer Statement - no consumer statement on File

Credit Information (nothing listed in that section)
Credit History and Banking -- No banking information on file

Public Records and other information - No public records information on file

Collection Accounts - no collection information on file

Credit Inquiries to the File - I have 3 inquires dated
1997-08-08 visa
2010-08-05 cbv collections
2012-05-05 metrololitan cr

Ad a few soft inquires which apparently do not affect the report.

What i am not understanding is my loans are not on file and any old debt is gone.
It shows nothing i owe. I do not really understand it and equifax basically said i owe nothing.

Then i have these inquires and i do not get how they can pull credit reports if i do not give permission and how long can they continue this?

The taxes are no problem its me wanting to build credit and not having these inquires all the time.

I have a meeting with bankruptcy people just for information but i do not see how i can even attempt that since none of my debts are on file.

How does someone clear their debts when theyhave no clue where they are and them not being on file.