Collection Agencies - Amex & Credit Bureau of Canada Collections - Canada

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RE: Amex & Credit Bureau of Canada Collections

Postby tgchi13 » Fri Jun 12, 2009 05:50:20 AM

thank you all - I left a message with CBCC that I would be sending a registered letter this week.
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RE: Amex & Credit Bureau of Canada Collections

Postby Ottawa_Chap » Sun Jun 07, 2009 08:48:50 PM

Here’s what I can tell you about my experience with defaulting on Amex, post-surgery, approximately 2+ years ago…

The balance at the time was ~$12.5k; Amex knew (knows) where to send me mail (i.e. P.O. Box) but not where I live. That said, they don’t know where to serve me so I’m judgment proof from that angle. Add in the Statute of Limitations is up on my account, and well, it should almost be time to negotiate – waiting to stockpile a few more funds before I engage in any in-depth conversations with the creditors.

Like you, I intend to deal with the creditors directly. For the last year I’ve been avoiding the C/A’s, as time and time again they’ve proven that they’re a bunch of trash-bag’s waiting to hit the curb. From my personal experience, one simply can’t talk to them – you talk at them.

With respect to the settlement itself, although I’ve yet to settle any accounts, whatever settlement agreement I eventually sign, it better clearly state something to the effect of: “This payment of x.yy represents a full and final settlement of account xxxxxx with [creditor A]”. On the off chance any of my debts has been sold to a debt buyer, I guess my strategy for that account may change somewhat.

Brian has also sent me a few of his form letters, however, nothing as developed from them – and quite frankly I don’t expect anything to. In your case, it’s been 1.5yrs since you’ve defaulted, and from what I’ve been reading, one can typically expect a creditor to sue early in the game (if they were ever inclined to do so) as preparation time, a mandatory pre-settlement conference, etc., all consume time – and the last thing they want is for the S.O.L to pass.

Anyway, good luck in your negotiations. Hopefully we’ll both end up with a positive outcome.
Infuriating one C/A at a time..
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RE: Amex & Credit Bureau of Canada Collections

Postby owing collector » Sun Jun 07, 2009 08:27:05 PM

Bell has a service that can allow you to block a number from callingthis drives collectors crazy.Because the companies have to display there number. I do not know how to turn this on for as my nick says i need it. lol
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RE: Amex & Credit Bureau of Canada Collections

Postby average_joe » Sun Jun 07, 2009 08:24:03 PM

If you get the settlement agreement in writing before you hand over your money, they can not turn around and sell the remaining debt to someone else. I would also make sure the account number is in the settlement agreement. I would offer them 10% for starters and let them counter offer. The most I would give them is 50% of the original balance.
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Amex & Credit Bureau of Canada Collections

Postby tgchi13 » Mon Jun 08, 2009 02:32:41 PM

The principal on the debt was approx $10K when Amex started collection attempts 1.5 years ago - I did not know that making payments short a few dollars were recorded as no payment as I had always rounded my payments up or down a little. So Amex wants me to pay the full amount. I could not. They wouldn't let me make payments and cancelled my account to prevent such payments from being made. Amex stops calling and a collections agency starts. This past February I had to get a secured line of credit from my bank to purchase a used vehicle when the engine in my old vehicle seized. My bank told me that I could not have a loan since Amex had filed that they had written off approx $7K against me in bad debt. The highest this debt has been reported to me is almost $18K and I've been offered various settlements as low as almost $7K.

I rec'd the Brian McNulty letter which I did not respond to and now the collection agency mentioned above has started calling. Once on Wed evening and several times on Thu & Fri both at home and at work.

I don't want to settle with an agency - I don't trust them and have heard that even if I settle a portion of the debt with them, they can turn around and sell the balance to another collection agency for them to start bothering me. Not only that, but with my bank telling me Amex wrote off $7K, I don't understand how anyone can be pursing this or where the wildly fluctuating balance variance comes from. I'd feel safer settling this in court.

Before I send a cease and desist registered letter to stop them from calling, I'd like to know what the likelihood of this going to court would be and what I could expect for a settlement; Should I base my assumption of a settlement amount as a percentage of the principal, or a percentage of the almost doubled amount claimed to be collectable.

Advice would be most welcome: I'd like to call CBCC to let them know my intention and send the registered letter.
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