You as an individual or a company can be in a position where you have lent some sum of money to a debtor as a creditor and the case of the money not being paid back is called “Debt”. Falling and continuing to be n such a situation of non-payment carries with it, serious legal consequences for the debtor and their assets and/or business as it is illegal for a debtor to not repay their creditor.
In such cases, you have to collect the debt somehow, whether as an individual or as a company, and when one turns to a third party to carry out that collection is what is referred to as “Debt Collection”. This third part may be an agency or a lawyer, as when a debt is not being paid back by the debtor, a lawsuit can be filed against them, and they can be taken to court. However, when Debt Collection lawyers in Mississauga & Brampton does handle such a case of debt collection, some guidelines are to be strictly abided by with regards to certain rules of disclosure and other standards set out in the general rules of civil procedure and professional conduct rules. Debt collection can be in the form of Personal Loans, breach of contract or institutional loan default, guarantees and commercial collections.
Debt collection laws and regulations are not the same throughout all Canadian Provinces. For example, in Ontario, every collection agency needs to register with the government of Ontario and necessarily needs to abide by the Collection and Debt Services Act.
The statue of limitations may also differ province to province. In some cases, the debtor cannot be sued by the creditor legally, and the period of time of non-payment after which the creditor can take the debtor to court is specified in the statue of limitations of Ontario at two years from when the debtor had to pay back the debt to the creditor i.e., the due date to pay back the debt. The exception to this time limit in Ontario comes in mortgages where this duration is a full decade.
The Debt Collection lawyers in Mississauga & Brampton referred by the Lawyer Approach network, being as highly experienced and qualified as they are, will be an immense help to you to navigate the complex landscape of financial and debt laws. If you, or any of your associates, friends or colleagues are in a situation where they are tied in debt related issues, you can be certain that if you choose to employ the services of the lawyers of our network, you will not be disappointed.