Bad Credit MD Explains The Statute Of Limitations On Debt In Canada

May 29, 2013 - PRLog -- In the United States, the time period in which a collection agency has to collect a debt from a consumer is outlined under the statute of limitations by each state. However in Canada, the time limit that a unsecured debt can survive is determined by the Limitations Acts that are set by the Canadian Federal Government and Provinces.

For example, under Section 32 of the Crown Liability and Proceedings Act - the Federal Government sets 6 years as the time limit to collect on old debt.

However, certain Canadian Provinces have a lower time frame in which a debt collector can collect. For example,  the Alberta Limitations Act sets 2 years as the term which is extended to 10 years if there is a judgement. The Ontario Limitation Act 2002 , that came into force on January 1, 2004 sets two years as the term. This limitation will be reinstated if the debtor makes a partial payment towards repayment of the debt or acknowledges the debt.

Consumers that want to learn more on the Canadian Limitations Acts at a Federal and Province level can do so by visiting the free consumer organization website of "Bad Credit MD" at http://www.badcreditmd.com/ca/limitations-act-debt-canada/.

Bad Credit MD in Canada, is a free On-line information guide that helps people with credit problems in Alberta, Quebec, British Columbia, Ontario, Manitoba, Saskatchewan, Nova Scotia, New Brunswick, Newfoundland, Northwest Territories, Prince Edward Island, and the Yukon.

Bad Credit MD in Canada has been in business helping consumers with bad credit since April of 2007 and is a subsidiary of Enticing Designs Publishing.  The staff has various  backgrounds in the financial and mortgage industry.  This self-help site has over 500 pages of credit advice and articles.  Its staff has researched its information with various governments around the world to provide the most comprehensive and accurate information free of charge.