After how long a debt is erased in Quebec?

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If you are concerned about an outstanding debt, we understand that you want to know after how long a debt is erased in Quebec, i.e. how long it will take before you are no longer liable for the debt. 

Poupart Syndic will give you all the information you need to help you understand how long a debt lasts and what it means to you.

Limitation Act

First of all, it is important to know that the duration of debts is governed by the law on prescription in Quebec. This law states that creditors have a certain amount of time to claim an unpaid debt. After this period, the debt is considered prescribed and the creditor can no longer claim it. In other words, both parties must be clear on after how long a debt is erased in Quebec.

The statute of limitations varies depending on the type of debt, but in general, it is three years for most debts.

Types of debt and duration of validity

To know after how long a debt is erased in Quebec, it is also important to consider the types of debts that exist. Debts can be classified into different categories, depending on their nature. Here are some common examples:

Credit card debt

This is one of the most frequently asked questions, as loan applicants in financial difficulty need to know After how long a debt is erased in Quebec.

When you have an outstanding credit card debt, the debt is generally valid for three years from the date of the last card activity. This means that if you have not used your card and have not made a payment for three years, the debt is considered time-barred. 

However, if you have made a payment or used the card within three years, the validity of the debt will be extended.

Mortgages

Mortgage debt is another category of debt to consider. The length of time a mortgage debt is valid varies depending on the type of mortgage and where you live. 

In most cases, the statute of limitations is six years from the last activity on the account. This means that if you have not made a payment or used your mortgage account for six years, the debt is considered time-barred.

Tax liabilities

Tax debts are a category of debts that are imposed by the government. The answer to After how long a debt is erased in Quebec varies depending on the type of tax debt. For example, the validity period of an income tax debt is three years from the filing deadline of the income tax return. 

However, it is important to note that the term of a tax debt can be extended if the government takes action to collect the debt, such as seizing your assets.

Student Loan Debt

You are a student and you want to know after how long a debt is erased in Quebec?

Student loan debt is another type of debt to consider. Student loan debt generally lasts for six years from the time you graduate. However, in some cases, the term can be extended if you have made a payment on the debt or if you have signed a document that extends the term.

What if you think your debt is time-barred?

If you think your debt is past due, it is important to understand that you have rights. You can contact the creditor and ask them to stop contacting you. If the creditor continues to contact you, you can file a complaint with the Consumer Protection Office.

The law of prescription is an important aspect to consider when it comes to unpaid debts. After how long a debt is erased in Quebec is a question that many people ask, and the answer depends on the type of debt in question.

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