The greatest single weapon available to those Canadians struggling with unsecured consumer debt such as credit card debt can be a limitation period. I refer to this weapon as a secret weapon because one could make the case that there is a conspiracy to deny not only the existence of limitation periods but also their tremendous value to a consumer drowning in debt.
People employed full-time in Canada selling goods and services to Canadian consumers facing major challenges with unsecured consumer debt might have to close their doors if they routinely and aggressively promoted the virtues of taking advantage of limitation periods.
Each province and territory in Canada has a limitation period–between two years and six years depending upon the province. A creditor who fails to commence a lawsuit against a consumer before the expiry of the limitation period in the province where the consumer lives might encounter serious problems recovering a nickel from a consumer on an unpaid account.
A consumer who can take full advantage of a limitation period might be able to avoid paying a penny to one or more unsecured creditors, and in the process, they might be able to save thousands, and in some cases, tens of thousands of dollars. Alternatively, once a limitation period were to expire in a province with a short limitation period– 2 years in British Columbia, Alberta, Saskatchewan, Ontario, and New Brunswick, and 3 years in Quebec–a creditor might be much more motivated to agree to accept a one-time payment as settlement in full of an unpaid account for somewhere between 10 and 50 cents on the dollar.
To learn more about taking advantage of limitation periods, you can read a comprehensive article on the issue titled “How Can a Canadian Take Advantage of a Limitation Period to Eliminate Their Debt?” on www.comprehensivedebtsolutions.ca
Here is the link where you can read this article: