Also strange he is not aware it is STATUTE....not STATUE.

Answering 2 year old posts also seems useless.

I believe you are referring to that piece of fiction from Ontario, known as the "Collections Act". Mark Silverthorn knows that no one pays any attention to it, least of all Consumer Protection (aka Collection Agency Protection).

https://www.youtube.com/watch?v=Fjp4X1bfGkg

PS: Kind of strange that a "Debtfighter" wouldn't know the Collections Act.

They cant say that they are starting legal action to seize until they have a judgement. Saying that before a judgement is classified as providing false and misleading information (according to Mark Silverthorn).

MBNA is easy to negotiate with. If they decline the first offer, just keep on negotiating.

Make sure that any deal you make is in writing. Any resolution of the debt should be in writing.. this includes future payments, interest rates etc..

The collection agency bought your debt for pennies on the dollar, it is pure profit to them to settle..

Thanks for all the insightful advice. I haven't any agreement in writing. I will re-think my position and remedy. If anyone else has anymore to add I'd appreciate it.

Cheers

Seems a bit soon for MBNA to be selling off a debt. They used to keep it for 180 days. Their internal collection department offered settlements of 65% initially, and if that failed, 50% - or even a lot lower according to a paralegal who does litigation in BC. CCL bought it for far less and should be willing to accept, say 35%, or in any event, 50%.

Offer CCL 35% on the ORIGINAL default balance; 20% now, and the other 15% whenever you can make it. Get a signed settlement offer before sending them any money. No rush but try to do it as soon as you can.

They might put a lien against your home AFTER they get a judgment but even then, they won't undertake to seize it for that small an amount.

Make no deal you are not sure you can do...wait see what they do. Even if it went to court you would end up with a much better payment plan and probably way less interest.

If I pay them the $2000 and then can't make the remaining balance in a timely manner what would they do?

Sadly you do not have the Statute of limitations on your side.
Again...they can do nothing with the house till they sue and win...which they may or may not bother with.
Before you make any payment make sure your agreement is in writing and signed by someone in authority ....else they will forget all about the deal...count on it.
Just so you are aware...the SOL you fall under is the old 6 yr one not the new 2 yr one in BC.

The last payment I made was in May of this year directly to MBNA