Lawyer to sue insurance agent

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Chasem said:
Good clarification. Although I was under the impression Equifax was 6 years and Transunion 5.
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I think you are right, I thought it was 6 years but I've always said 7 years just because there always seems to be a little wiggle room between the date of last activity/default/delinquency etc.
 
PrivatePilot said:
(Hint: I have no idea what you're thinking if you honestly think that's the way credit works... There'd be a lot of people gaming the system for billions annually if it did...)
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Don't know what to tell you, those are the rules. I didn't make them up.

1. Statute of Limitations - 2 years in Ontario - If you rack up 100K in debt they are GOING to sue you. Period. End of discussion, particularly if you have the assets you describe. They are less likely to sue you over $5000 or less as it costs them a lot of money to do this. If you avoid the debt for 2 years they can't sue you, that's just the limitation for consumer debt.

http://www.ontario.ca/laws/statute/02l24

2. Reporting periods - Credit Reporting Agencies - Credit reporting agencies cannot report debt forever. However if you are sued and a judgement is registered against you this can last forever. The Credit reporting agency would still be obligated to stop reporting the debt after the limitation period.

https://www.transunion.ca/ca/personal/consumersupport/faq/general_en.page#payingOnAccounts
(Transunion says 6 years)

3. Don't let your lack of knowledge stop you from voicing an opinion however.
 
mugwug said:
Don't know what to tell you, those are the rules. I didn't make them up.

1. Statute of Limitations - 2 years in Ontario - If you rack up 100K in debt they are GOING to sue you. Period. End of discussion, particularly if you have the assets you describe. They are less likely to sue you over $5000 or less as it costs them a lot of money to do this. If you avoid the debt for 2 years they can't sue you, that's just the limitation for consumer debt.

http://www.ontario.ca/laws/statute/02l24

2. Reporting periods - Credit Reporting Agencies - Credit reporting agencies cannot report debt forever. However if you are sued and a judgement is registered against you this can last forever. The Credit reporting agency would still be obligated to stop reporting the debt after the limitation period.

https://www.transunion.ca/ca/personal/consumersupport/faq/general_en.page#payingOnAccounts
(Transunion says 6 years)

3. Don't let your lack of knowledge stop you from voicing an opinion however.
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Glad somebody actually does a little research.
 
Thank you everyone for all your feedback. I will have to discuss with my father to see what the best option would be for us. Thank you once again, very helpful information! :).
 
Eduard Alexander said:
Thank you everyone for all your feedback. I will have to discuss with my father to see what the best option would be for us. Thank you once again, very helpful information! :).
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Glad you felt this helped dispite being given some VERY wrong, invalid information that the member will continue to defend as correct. Good luck
 
TorontoBoy said:
Before you seek a lawyer and incur added expense, find out State Farm's ombudsman and ask for help. If the ombudsman is unable or unwilling to help your next step is to contact FSCO Financial Services Commission of Ontario, who regulates insurance companies in Ontario. File a formal complaint. The complaints link is on their front page, so this must be very common.

I read your post and still did not understand all the intricacies. I'm not sure how the two tickets can be combined to penalize you, it sounds very odd. Usually each insured is assigned a risk rating, and the policy is written up for the person with the highest risk rating. Your big block of text makes it harder for me to understand. Also some dates are missing.

source

Also note that motorcycle insurance premiums are not evenly divided into 12 calendar months. You will pay more for the months you ride and almost nothing for the winter. For example if your premium is $200/mo for a year-long policy, and you ride only April and May, and then cancel, you'll certainly not pay only $400. Since you usually cannot ride Nov-Feb, the $200/mo for these months will be proportioned to the riding months at a specific ratio. You will, therefore, pay a much higher fee than $200 for the two months.

The insurance industry is highly regulated and there is help for consumes. Few of us here are fans of the insurance industry. Do your homework first, then seek a lawyer if and when everything else fails. You'll need to go through all these steps anyway, lawyer or not.

Whatever you do ensure that you do not get a "refusal to pay" or "denied insurance" comment on your insurance record, or you'll never find reasonable insurance in Ontario again. Insurance companies will black list you and you and your Dad will be screwed. They are an oligopoly and have some advantage, hence the reason they are highly government regulated.
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Looks like OP is SOL.
 
mugwug said:
Don't know what to tell you, those are the rules. I didn't make them up.

1. Statute of Limitations - 2 years in Ontario - If you rack up 100K in debt they are GOING to sue you. Period. End of discussion, particularly if you have the assets you describe. They are less likely to sue you over $5000 or less as it costs them a lot of money to do this. If you avoid the debt for 2 years they can't sue you, that's just the limitation for consumer debt.

http://www.ontario.ca/laws/statute/02l24

2. Reporting periods - Credit Reporting Agencies - Credit reporting agencies cannot report debt forever. However if you are sued and a judgement is registered against you this can last forever. The Credit reporting agency would still be obligated to stop reporting the debt after the limitation period.

https://www.transunion.ca/ca/personal/consumersupport/faq/general_en.page#payingOnAccounts
(Transunion says 6 years)

3. Don't let your lack of knowledge stop you from voicing an opinion however.
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boom-headshot-o.gif
 
As others have said, look up percentage of policy owed by month. You prob do owe them money.
 
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