I wouldn't get too bent out of shape over this debt. And I definitely would stay clear of debt settlers. They're usually recycled collection agents who have figured there's more carrion on the other side of the street. They won't do anything for you that you couldn't do better yourself.
Incidentally, the Fair Debt Collections Act is US federal legislation; it has nothing to do with Canada where collection agencies are provincially (mis)regulated.
The problem is the debt was defaulted on in 2009, and you've subsequently been paying $60 a month to Partners in Crime. It's not clear if TD stopped accumulating the interest, but if they haven't by now, they should. Otherwise, the payments barely cover half the accumulating interest AND you're renewing the 2 yr. limitation period with each payment or signed correspondence on the account. Ironically, if you hadn't payed them anything at all, the debt would be soon stats barred - or already be so, depending on when you originally defaulted.
All you may be doing is padding the debt and making yourself a more likely target for legal action. Nevertheless, even now, TD is unlikely to sue you for this amount, especially when they know your're in a bad spot, financially.
Also note: Whether TD keeps this account or sells it to a debt buyer like CBV Factored Visa or AktiveKapital OR just keeps on rotating (assigning it) to 3'rd party agencies, none of them will be willing to settle for anything like 5% or 10%.
Thus there's no point in perpetuating a worsening situation. And it would be silly to declare bankruptcy over $6800. If you stop making payments, that will force TD's hand in terms of whether or not they will take you to Small Claims Court. As I said, they will be aware of your financial situation because of the many searches they will have done on you by now.
Probably, they will choose to retain ownership of the account for a while. After all, it's still generaring 60 bucks a month. If they sell it to a debt buyer, they'll only get 1 or 2 pennies on the dollar. If payments stop altogether, TD may still keep it for several years before selling it off. Even if they do sell it off before the SOL period, the new debt buyer would also have to take you to Small Claims Court. If so, you probably could get a modest payment order of maybe 25 bucks a month with no further interest if it went all the way to trial.
Wage garnishees are only done when the defendant defaults on a payment order rendered in a judgment. If the judge makes a order which is too harsh, you can always make a motion for easier terms.
None of this is likely to happen, but it's nice to know the option is there in case you ever get sued.
What to do? Maybe don't pay them anything until the limitation period runs out, and then, if your financial circumstances improve, you can negotiate a settlement (in fufillment of your moral obligations) without fear of legal repercussions.
Lastly, TD used to rotate their defaulted Visa accounts to more 3rd party collection agencies than anyone on the planet. I've seen as many as 9.
Hard to say what they might do in your case. Certainly, as long as you
keep making $60 dollar a month payments, TD can just wait it out forever. No point in taking you to Court because they quite possibly would get a lot less there. Besides, they realize there's always the prospect the debtor's situation will improve, particularly if they're young.