It's whatever terms the other party will settle for.

Ray

If you offer 1/2 to settle do you need to pay it in a lump sum or can you work out payments?

Thanks.

The question may involve complex legal issues if the credit card debt that AktiveKapital purchased was not a joint debt (in your name also). If it was, you would have simply inherited the debt from him when he passed away. If not and the debt was soley owned by your father, it would have been the duty of the estate executor to settle his outstanding debts before allocating his assets among beneficiaries and perhaps probate the will, unless everything was held jointly. If this is not done, it can create all sorts of problems down the road.

Unless it was a joint debt, there may be several legal considerations to be addressed. and legal help should be sought. Under the Manitoba Limitations of Actions Act, Part VIII, which governs trusts and trustees, Section 492(2), and more particularly, Section 50, the time period for recovery for aggrieved beneficiaries or creditors is 6 years or as long as 10 years depending on the situation.

I don't know if any of this stuff applies here, so no point in saying anything further.

Conversely, if it was joint debt that you got shouldered with, I would offer the collection agencies, at most 10 or 15% the original amount of the debt with no more interest. AktivKapital always intially asks for 85%, then 65%, then 50% as the debt becomes more geriatic. They only paid 1 to 3 cents on the dollar for it. The limitations period in Manitoba is 6 years for this type of debt. Aktiv Kapital is not known for being big on suing people. If you look at your recent TransUnion or Equifax reports, you will probably see inquiries by them on your file sizing you up for the pickings. collection agencys will be collection agencies.

They may have gotten your number from other creditors or they may have software from companires like ATT that allows them to capture the number of any phone that you call them from. Same product the police fire and rescue use. Now the scavengers have it too. Even if you go to the trouble of getting a unlisted number or use *67, it still might not do you any good. If your mother has real estate, you are not judgment proof. For this reason, I personally would want them to be able to contact me. That way, I can get an understanding of what they're up to by reading between the lines on their bluffing.

The matter is exacerbated because she has an income of only $800 dollars a month which means she can't really affford to pay them anything. All scavengers want their money right away; they have very little patience since Christmas is coming and their Norwegian CEO needs a million kroner holiday bonus. (His old yacht is getting too small for the parties.)

Ray

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When my father died almost 3 years ago in Dec my mom discovered my dad had a line of credit with the Royal bank When he died and the lawyer was doing up the bills on his estate he told the Royal Bank collection people that my dads estate would take up to a year to settle which it did because of investments he had that my mom had to cash in and stuff. However he left an Insurance policy that was paid out in under 30 days when she got the Insurance money the lawyer offered them 1/2 of the balance owed paid right away, Royal Bank took the offer of 1/2 and the Royal bank closed the line of credit so wonder if an offer would liek that way in your case. I guess the Royal didnt want to wait or else in my dad and mom case cause they were old they figured they better get it now while they can.

My (deceased) father has a cc debt of 10,700 is with Aktiv Kapital. My mother doesn't speak very good english. She has been getting letters and a few phone calls. Her number is unlisted by they found it anyways?

So, I had to call them back. Her monthl;y pension income is 800 dollars a month. They asked me to get her to take a loan out on her house, They would give me a company that does this etc...? I will not get her to take out a loan on her house, that's crazy.

She could make payments on this debt but what would be reasonable considering her income?

If you offer to settle, can you settle for 5000 and then just make payments?

They are talking with me without her permission? Are they licenses?

Thanks for such an awesome website!!

Thanks.