Quote:
Originally Posted by Delgar
More could be said than this if you were writing a paper on the issue but this is pretty much all you need to know.
A creditor has 2 years in Alberta to commence an action from the time they knew or reasonably ought to have known they had a cause to have to sue to recover a debt.
Even if you didn't pay the bill, considering the invoice is almost 3 years old and probably somewhere says on its face payment is due in 30 days, they're out of time.
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Nevermind. I thought the two year limit was wrong. But it depends what kind of debt this is. Could it be considered secured debt because it is a contract you have with an insurance company? If so the two years would not apply. I think you have up to ten years to demand on a secured note. But this is the third time I've edited this so obviously I don't know.
I think this kind of debt would have to be granted a judgment before it showed up on your credit report. I don't think it would be an r9....it's not revolving credit. It would likely appear only in the event of a judgement as a judgement and companies sue for under $500 all the time. Costs in small claims are very minimal and you get court costs added on when you win anyway. I've seen so many piddly debts on credit reports...usually utility companies and cell phones.
This is an easy one though. Just ask them if they have billed you for any other amounts ever. When they say no you have proof of what your $500 payment was for.