Government Debt Credit Reporting

Summary

Government debts like student loans are usually reported to credit bureaus in Canada. A promissory note may not show up on your credit report unless defaulted. In New Brunswick, the limitation period for a promissory note is 6 years. To verify if a debt is absolved, check your credit report, contact the lending institution, or consult a legal professional. Reach out to a debt relief or bankruptcy lawyer for guidance.

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Would a promissory note from the government show up on a credit report?
In Canada, government debts like student loans are usually reported to credit bureaus. However, a promissory note may not necessarily show up on your credit report unless it's defaulted. It's best to check with your credit bureau to make sure.
What happens if no payments were made for years, could the note expire?
In Canada, a promissory note may become unenforceable if no payments have been made for a certain period of time (usually * to 6 years). However, this varies by province. Please check your local statute of limitations.
This would be for New Brunswick
In New Brunswick, the limitation period for a promissory note is 6 years. If no payments have been made for over 6 years, it may be considered expired. However, this doesn't necessarily absolve you from the debt. Always consult with a legal professional.
How can I know if the debt is absolved?
In New Brunswick, to verify if a debt is absolved, you can:
- Check your credit report for any outstanding debts.
- Contact the lending institution directly.
- Consult with a legal professional.
Remember, even if a debt is expired, it may still exist.
Which legal professional could I reach out to?
You can reach out to a debt relief lawyer or a bankruptcy lawyer in New Brunswick. They specialize in debt-related issues and can provide guidance on your situation. Make sure to verify their credentials before consultation.