Collection of Old - Stats Barred - Loans - What does Stats Barred mean exactly?

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What does Stats Barred mean exactly?

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Forum Name: Collection of Old - Stats Barred - Loans
Forum Description: Post questions about old loans and Statute of Limitations Issues
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=6500
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Topic: What does Stats Barred mean exactly?

Posted By: FishSpoon
Subject: What does Stats Barred mean exactly?
Date Posted: 06/August/2012 at 7:29am

Evening,

What does this term refer to? I have old loans issues and have never heard of this term. Could someone explain please? thank you

Replies:

Posted By: administrator
Date Posted: 06/August/2012 at 7:47am

IT refers to statute barred similar to a statute of limitations.
With statutes of limitations, if you want to sue something, there is a time limit. i.e if someone does something to me, I have generally two years to initiate a lawsuit.
Some loans can become statute barred - supposed a friend lent you $1000. He never attempts to collect it and you have no contact with him for 7 years. All of a sudden you hear from him 7 years later and wants his money. Under certain conditions the loan would be uncollectable or 'statute barred' because he didnt try to collect it, you didnt acknowledge the debt during that time frame etc... It a form of consumer protection.

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