Collection of Old - Stats Barred - Loans - Limitation and Student Loans from 1996.

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Limitation and Student Loans from 1996.

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Category: Immediate Attention and Info!
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=6636
Printed Date: 27/March/2026 at 2:17am
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Topic: Limitation and Student Loans from 1996.

Posted By: elche
Subject: Limitation and Student Loans from 1996.
Date Posted: 04/March/2013 at 2:25am

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.

Replies:

Posted By: elche
Date Posted: 05/March/2013 at 12:02am

I have another question. Since i called the credit agencies I have been told my credit file is void of anything, its basically blank. This would mean all my loans are stature bar?

If that is the case why does the government still take the income tax refunds? If its stature bar should not just disappear and you start over from scratch?

Or the government can still take your refunds for life? I do not understand.

Can someone please explain?

Posted By: mcjupto
Date Posted: 05/March/2013 at 11:48am

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.

Posted By: SolveStudentDebt
Date Posted: 07/March/2013 at 12:30am

Not all Ontario loans are exempt Mc. Old OSL's from way way back may have limitation issues. THe legislation change took place in 2002 or therabouts.

You do not have to plead hardship in court. It is a manual process between the borrower and student loan provider.

If there is a limitation issue, a bankruptcy will disrupt and renew it. It will survive.

-------------
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: elche
Date Posted: 07/March/2013 at 12:34am

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?

Posted By: SolveStudentDebt
Date Posted: 07/March/2013 at 5:10am

How is bankruptcy going to repair your credit? If you are bankrupt then you have no use or need for credit. People don't go bankrupt just so they can get their credit "back" Reapiring yourself requires time, patience, strategic planning, and a lot of relationship building. Bankruptcy will take you further away from that.

You don't have to suffer for eternity either. Put together a forward-action plan and approach in regards to the student loan issue. Right now you have a lot of things going on as you describedup above there. You have the student loan issue, plus the failing to file taxes, and now your credit history worries. One thing at a time!

First thing is first - set some realistic goals and strategize and put together an approach. The student loan issues and back tax issues should be the first 2 approacesh. Decide what you want your desired result to be and then talk to someone who can help you. The CFW Group can assist you and help you develop approaches, strategies, and a whole truck load of other stuff.

Posted By: elche
Date Posted: 07/March/2013 at 10:47pm

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.