Collection of Old - Stats Barred - Loans - 1999 and not feeling so fine

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1999 and not feeling so fine

Printed From: CanadaStudentDebt.ca
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=6941
Printed Date: 27/March/2026 at 12:33am
Software Version: Web Wiz Forums 12.07 - https://www.webwizforums.com

Topic: 1999 and not feeling so fine

Posted By: mousepad
Subject: 1999 and not feeling so fine
Date Posted: 25/August/2014 at 7:45am

Here's a bit of a unique one, I think. Someone alledgedly applied for a loan in 1999, Canada and Provincial. Bank lost the paperwork and told the "borrower" that there were lost forms and to come in to sign them again. Borrower asks "So you're telling me you lost the forms that I signed that prove I owe you money?" Bank confirms. Borrower hangs up laughing. No collections, no calls, no nothing for 15 years... until another loan is applied for.

Flash forward to 2014, alleged borrower wants a loan, no proof exists for the original loan. CSL denies new loan based on default on a loan for which no paperwork exists.

How?

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Somewhere out there something incredible is waiting to be known. - Carl Sagan

Replies:

Posted By: mousepad
Date Posted: 25/August/2014 at 8:13am

I should clarify that since 1999 there have been no attempts made by the bank to recoup the loan, and no attempts or notices by CRA to garnish GST or Income Tax Refunds. No attempts whatsoever.

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Somewhere out there something incredible is waiting to be known. - Carl Sagan

Posted By: mousepad
Date Posted: 26/August/2014 at 5:12am

Could this be a stats barred situation? Canada Student Loans apparently has nothing to do with it at all. The borrower became unexpectedly pregnant at the time the loans were due and could not pay by the way. I am trying to help her figure out this mess but I do not know what constitutes stats barred.

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Somewhere out there something incredible is waiting to be known. - Carl Sagan

Posted By: administrator
Date Posted: 26/August/2014 at 12:26pm

Back then, the banks administered the loans through a Canada Student Loans Program so your idea that they have nothing to do with it is incorrect.

It could be statute barred, but Student Loans still would have the right to refuse you further loans.   You did receive the money, you didn't pay it back, so they see you as a high credit risk and don't want to lend you more money....

There is proof of the loan.    A student loan needs assessment was done and sent to your university. Money was transferred into your bank account.

To quote, you laughed at their request and didn't pay back your loan and are now dealing with the consequences of that action.

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Administrator
Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024

Posted By: mousepad
Date Posted: 27/August/2014 at 12:08am

Why would a bank not bother to try to recoup a loan they say was owed to them? Why nothing in 15 years? If they had proof of such a loan, why nothing? It doesn't make sense. Statutes barred is one thing, but doesn't a lender have some responsibility to try to get their money back, and do they not have to show that they tried to?

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Somewhere out there something incredible is waiting to be known. - Carl Sagan