What Anyone With a Credit Card Should Know
Canadians end up in trouble with credit card debt every day. If you are in that situation yourself, you are not alone. Things like losing your job, getting ill, or having another emergency come up can lead to the need to use your credit card just to get through the month. This can escalate and cause more problems, which leads to needing the help of debt consultants in Victoria. Today we’ll talk about a few things every person with a credit card should know.
Repayment Limits
In Canada, the law dictates that a creditor has a certain amount of time to collect the debt. This time is called a statute of limitations, and once the time is up, the creditor is no longer allowed to try to collect on that debt. This is why many creditors will sell off debts that are nearing the end of this period. The creditor gets some amount of money by selling, and the collection agency will push for you to pay the debt. However, the same time limit is in place unless you acknowledge the debt.
Length of Time
Each province has its set amount of time for the statute of limitations. As an example, in British Columbia, Ontario, Saskatchewan, Alberta, Nova Scotia, and New Brunswick, creditors have two years to collect the debt for last payment. However, creditors in Quebec have up to three years, and those in Manitoba have six years. It’s important to be aware of this, so you know if a company is harassing you past the point of their limitations.
Frequency of Contact
In Alberta, Nova Scotia, and Alberta, a debt collector is only allowed to contact you three times a week. This isn’t the same for every province, but in most cases, debt collectors should not be calling in the early morning, on Sundays, or holidays. If you find a creditor is not following those rules, you can file a complaint about the issue. That said, if the collector calls and doesn’t reach you, that doesn’t count toward the amount. This is the same with mail.
If you’re looking to get out of credit card debt, 4 Pillars debt consultants in Victoria are here to help.
For more information and a no hassle free consult, contact us at 866-690-3328 today!