Make sure you keep your money out of their banks. When I say banks, I mean: PC Financial = CIBC, ING = Scotiabank, etc. Be careful moving money into another bank. You might not be aware that the bank is actually owned by your creditor.

Regardless of the amount, if you have no assets and income, they won't come after you in court. They do a series of checks before deciding whether or not to sue you, that includes a verification of employment and property search under your name. No creditor will sue an unemployed individual with no assets.

I's say, just save up a nest egg and wait for it to be passed on to a collection agency. Then negotiate a settlement with them.

thanks for the advice. Its such a large amount, that is why I am nervous about it all.
Thanks

Just make sure you leave no money in any account with any branch of that bank......right across the country.

For now....I would wait and see.....who knows may go past Statute of Limitations. Even if they sue there is plenty of time to deal before it hits a court room.....up to 2 years.

I have a bit of savings/stock, but maybe half of what I owe here, but as I said, I owe others as well. That could maybe drive them to take me to court. That is why I am asking so I can settle for less later, or with them now, but the amount I offer will probably not be accepted. I know another bank wanted at least 80% or I would have to get a letter stating all that I own and signed oath too. Will it hurt me to offer them a low amount, or wait till it goes to collections. I just do not know what to do.
thanks

Plus you have no money no assests and no income...makes you kind of Judgment Proof at least for now.

More then likely collections first to give them a shot...court is expensive so they will try this first.

no money in my account now, thats why they are calling. With that amount of money, are the chances good that they will sue? and would they sue no, or give it to collections first?

They can and will continue to take from your account if you leave funds in it.
Soon you will be hearing from a collection agent....and they still have about 2 years to sue if they choose.

it is a unsecured line of credit
last time was a few months ago, (they took it out of my bank account that I have with them)
I did not know small claims went up to 25k, that is not good.