Collection Agencies - Finally dealing with debt - New to Collection Agencies - Canada

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RE: Finally dealing with debt - New to Collection Agencies

Postby TJ.brooks » Tue Dec 20, 2011 01:48:07 PM

If you infact negotiate a lesser amount get it in writing and the stipulation that your report is marked paid in full. Pay nothing till you have that. Regardless at this point it will stay on your record for 6 years. If the collection agency did buy the debt it was for pennies on the dollar so even with a lesser amount paid by you they make money....count on it.
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RE: Finally dealing with debt - New to Collection Agencies

Postby MaeBay85 » Tue Dec 20, 2011 09:47:23 AM

Yeah I believe that the SOL probably passed a few months ago. Does them taking an automatic payment count as resetting that time frame? Or does it have to be my own doing?
Either way, I know my credit is atrocious. Is there a "best way" to handle this? If I choose to settle it for less, that probably looks worse than if I pay it all off right? Morally I would like to pay it all off, I owe it. But it's so hard to go about this when I don't have any records of what went on. My credit report sounds like it will fill me in on that information though.

Cheers TJ.
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RE: Finally dealing with debt - New to Collection Agencies

Postby TJ.brooks » Tue Dec 20, 2011 09:39:27 AM

Best thing to do is get a copy of your Credit Bureau report.....it will tell you exactly when. But....it is pretty safe to say they will just hound you as opposed to sueing for 1500.00 dollars. You can make an offer to pay a percentage to close the account if you wish....start around 10% and negotiate something you are comfortable with paying in one shot.
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RE: Finally dealing with debt - New to Collection Agencies

Postby TJ.brooks » Tue Dec 20, 2011 09:30:31 AM

The reason I ask is because the Statute of Limitations is 2 years after that they can no longer win a suit if they decided to sue. The debt still exists they just can't use the courts to collect. Be sure not to keep any money in any branch of that bank as they will continue to take it from you or at least they have that option. As far as collection agency....you can just continue to hang up on them....no legal requirement to speak to them till your ready.
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RE: Finally dealing with debt - New to Collection Agencies

Postby MaeBay85 » Tue Dec 20, 2011 09:23:11 AM

Hi TJ,

Thanks for the response. This information is really hard for me to provide as I do my banking online. When the account got closed, I lost access to the records. Vaguely, I can say that the card had not been used past 2009. And the last payment on it was involuntary. I deposited a cheque in February and a small portion of it was put automatically towards VISA. Also a direct deposit from another income source was automatically put towards it shortly after. Amounting to about $230.

Sorry I can't be more specific!
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RE: Finally dealing with debt - New to Collection Agencies

Postby TJ.brooks » Tue Dec 20, 2011 09:12:37 AM

What was the last date you made a payment.....very important to be realitively accurate on date. When was the last payment and or use of card?
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Finally dealing with debt - New to Collection Agencies

Postby MaeBay85 » Tue Dec 20, 2011 09:06:20 AM

Hi there,

I'd really appreciate any help from you guys. I'm a young girl and I'm pretty nervous/uncomfortable with what the situation has become. I don't want to be so intimidated while handling it.

I made some mistakes/went through some hard times and relied on a credit card. Racked it up to about $1500 (Probably more now). It was being paid off for a bit, but got to the point where I couldn't continue and began to ignore it. My bank closed the account and sold the debt to a collection agency. That was around the middle of 2010.

I have received calls all year from collection agencies and never answered. I received a letter yesterday from Global Credit & Collection Inc. It says "Without Prejudice" and notes the correct bank/account number. But it says the amount I owe is under $100. I'm wondering if Global is only handling a fees portion of my debt? What would be the reason for this number? As I owe wayyyy more than that.

The letter says I have been approved for a payment plan to pay the amount off with 3 different options. Option 1 is " Send us one lump sum payment of 50% of your balance and we will close your file as settled in full."

I know I shouldn't have let it come so far, but I'm trying to own up to it now in the right way.

Should I look into getting my credit score from Equifax or something?

Again, really appreciate the assistance.
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