Darlene,

Thats awsome that you got some collectors that weren't rude. That doesn't happen too often.

Regarding debt consolidation loans - they dont work for debts that are in collections... Thats why alot of financial writers refer to them as CONsolidation loans. Learn more here: http://totaldebtfreedom.ca/articles/article_6.htm

Your best bet is to try family/friends to see if you can raise a lump sum to settle but be sure to get the offer in writing first before you pay anything.

If its too much for you to handle, and your total debt is over $10k you could also check with my company for a quote and we could sort it out for you.

yes, average joe if I could get a loan to pay it off I would. He did offer me a good deal and I am checking with a few places now to see if I can get a loan. Also, I have to say that the 2 people I talked to were very understanding and not rude at all. They also apologized to me for calling my place of work. I did put in a complaint about them calling me at work and they told me they received it. But, I am working on it. Thanks for your help guys!!!

I wouldn't give any collection posted cheques or monthly payments. I would try and settle the debt when you have the money in a one time lump sum payment.

If it's just monthly payments towards the balance there's no real need for a written agreement...

Collection agencies prefer post-dated cheques because they know they won't have to chase debtors for the monthly payment.

I wouldn't send him a bloody thing until you obtain and review that written agreement. Doing so could be argued that you accepted the terms within the agreement, even though you haven't yet reviewed those terms.

If this guy gives you any grief, fax him an empty contract with a line on the bottom for his signature and instruct him to sign and return it to you. Indicate that you will add on the terms at a later date. Think he'll be stupid enough to fall for it?!!!?

Hi Guys,

I was just wondering if you could answer something for me. I was talking to a guy who says he is a manager for AIC, we have agreed to monthly payments because I cannot afford to get a loan. Anyway, I am checking into the loan thing. My question is the guy asked me to send him 6 post dated cheques. Why would he need those post dated cheques. I decided I am sending him a postal money order every month for the amount we agreed on. He told me he would send me the agreement in the mail and that I should receive the letter the same time they receive the post dated cheques. I do not like giving out post dated cheques. Can I just go ahead and send him the postal money orders which is very better for me. Any advice would help me here guys!! Thanks a million!!

Darlene,

To avoid repeating pretty much the same msg, I'll invite you to review my last post at the following link: /threadview/2511.html

If you review the links I posted there, you should find some of your questions answered regarding of wages that can be garnished, as well as the process that the agency must follow before they obtain any judgement against you.

O.C

I am still waiting to hear from their payments department. I got the very first letter from AIC today. I never had any other communication with them. Can I ask them not to call my place of work as I do not always be there and I would prefer they not call me there. I am still really worried about this getting a judgement against me for garnishment of wages. If they get this garnishment of wages I do not know how I will pay my other bills. How much can they garnish?

The debts will keep changing hands roughly every six months. If your debt changes collection agencies over three times, you have a good chance of getting a low settlement. In my experience I have also seen collections agencies settle my debt on first assignment for 10%. If the debt is sold to a collection agency, they tend not to be easy, unless the debt is with them for years.

@OC - yes, in that case, the agency wouldn't get anything. However, it's rare for creditors to simply stop trying to collect. There is usually a "final" agency that gets to keep it indefinitely.