I'm not a lawyer, but I know of no legislation that prevents a creditor from obtaining an agent from trying to collect on a debt, in BC or any other province. As well, I don't know who told you what, but any incorporated company can sell their assets to any other company they choose. And an account receivable is still an asset. What legislation would prevent that? Ask the lawyer again and let me know.

I appreciate that you've got a problem here and need to find some solution. It's also more difficult since you've already had a first bankruptcy. More on practical stategies later. I don't have time now.

Meanwhile, don't pay them any more money until when (and if) you get a valid low repayment agreement in place with NO interest. Maybe 30 to 50 bucks a month kind og thing.

Ray

Thanks for your replies: Monty, Raymond and Angella about Wells Fargo & ARC.
Not sure if I'm posting this right just got email (3x for the same message) today must be a glich.

I try to pay my debts hated bankruptcy but wasn't given any other options, and didn't know about the consumer proposal (presume trustee's make more money from bankruptcy).

I would pay Wells Fargo off if I had the money but I don't. But more importantly...

Financial persons I know and lawyers who have seen my last loan agreement with Trans-Canada Credit Corp (who at the time was bought out by Wells Fargo as Angella mentioned) say to owe a creditor it has to be in their specific name, in this case, Wells Fargo of Canada but it doesn't. And if a company purchases another company agreements have to be renewed and/or abided by the original lender's agreement. And the fine print on the bottom "if you fail to pay agreed payments, balance in full may be required or they will sue you." No "transfer of rights" wording at all. Remembers Monty writing lots about this transfer of rights.

I talked with a friend of a friend who works for Revenue Canada they said the "transfer of rights" clause is not a given, it has to be in print in the contract if they go to collection agencies they're making the contract null and void!
Wells Fargo won't talk with me over phone, inperson, nutting. Yet they continue to place a deliquent message to Equifax & Trans-Union, adding interest all the time at 35.9%.

Maybe I talk to too many friends but the lawyer guy said as Raymond alluded too, Wells Fargo won't take you too court (not anything less than $10,000) but they have no legal ground to go to collection agency he said, not in the original contract I signed with Trans-Canada Credit. Maybe it's just a bunch of legal manipulating. I want this crap off my credit file, credit rating and needing to get a life. I paid Wells Fargo $1900 and not one penny went against principal? $500 I sent to one of the collection agencies (everybody told me don't do it, me dummy) and they wouldn't send me a recipt and now they no longer in the picture ARC is or so they think they are. lol

Thanks for all your input. August 16 Equifax said everything but Wells will be purged from the system and they suggested then get a lawyer or speak to court justice.

One small note had an account with Pacific Coast Savings they changed their name to Coast Capital Savings (yes the same company). They were required to issue new bank cards, loan agreements, every little detail changed to reflect their new name. Now a company, an American company at that buying out a Canadian company and refusing to change loan agreements to reflect their new owner, yet they say you owe them, based on what?

Dear Monty, I have discussed this point perhaps 30 times posting applicable sections of limitations acts from New Brunswick to British Columbia with regard to both student loans and consumer debt.

A distinction needs to be drawn between "renewing a limitation period on a debt" and "reviving a debt" [after the limitation period has expired).

Student loans, in general, can have their limitation periods REVIVED, and not simply RENEWED by not ONLY making a payment on them but also by providing a written acknowledgement of them. This usually has wording to the effect "whether or not a promise to pay can be concluded from the written document a debtor sends in."

Provinces usually have clauses involving wording very similar to this in their legislation that deals with limitation periods on general unsecured consumer debt. Except, you can't revive the debt once the SOL expires. That's what SOL means. However, the governments, federal and provincial, wanted to get tough on student loan defaulters because they were costing them a lot of money. So they made an exception to this principle in legislation that deals with student loans.

With unsecured consumer debt, if you start writing in pointless letters asking for copies of contracts and written transfer authorizations between lenders and collectors, all you're doing is giving them written acknowledgement that you own the account. That's why so many people get these demands from collectors just before a debt is about to expire. If the collector knows he will be unlikely to collect on it then, well, he's giving himself another 2 to 6 years for his prospects with the debtor to improve. And maybe they will.

Contrary to what "advocate" was getting in a huff over, there's little you can accomplish with a written letter, that you can't do equally well (and safely) over the phone.

Ray

Date of last payment OR written acknowledgement. It may differ by province... but I think that's the way it is in most. It would be in the relevant provincial limitations act.

If you're gonna do that, you need to be verrry careful not to acknowledge the debt.

"I'm trying to find out what debt this could possibly be... could you send me (insert requested information here) so I can try to see if it's mine" would probably work if you must contact them.

In this case, however, I happen to know that Wells Fargo DID buy out Trans Canada Credit.

Hey Folks,

I'm enjoying a relaxing time off, and in Calgary, despite the fact that I'm getting errors all over this site.
I called the host and they fixed it right away.

My apologies.

Anyway...Raymond,
What proof do you have that a letter to a creditor / collection agency will affect your statutues of limitations?

From my experience, the statutes of limitations is calculated from the date of last payment. I believe this is more related to the credit reporting agencies.

I'd be interested to see legislation that indicates that sending a letter into a creditor would affect the SOL.

I forgot to mention: You don't sound like you have any intention of paying off the account, so don't write any letters to Wells Fargo asking them for a copy of any contract they've made with Trans Canada.

I know Monty and Advocate push this, but all you're doing is renewing the 6 year limitation period when you do that because you're providing written acknowledgement of the debt. (I think "Johnny" over at the Canadian Financial Wellness Group has warned people similarly.)

Stick with the telephone - it's a lot safer.

Ray

And it sounds like Wells Fargo legitimately owns the account. They did buy out Trans Canada Credit in about 2004. I, personally, preferred Trans Canada but Wells Fargo wasn't too bad to deal with either.

Dear Honeyman,

Find out who OWNS (not just who's collecting on) the damn account and start from there.

Don't worry about taking anyone to court; do worry about someone taking you to court although if they were going to, they likely would have done it by now.

No one has to get your permission to sell an account receivable (i.e., a loan) good or bad. It's an asset just like any other asset.

Although your bankruptcy is comming off, your other bad account is going to be staying on for awhile. Don't forget to check with TransUnion also.

Ray

Ah ARC a collection company has been hounding me since Sept 2006 with phone calls that I owe them? lol well they collecting for Wells Fargo who neither have provided me with an original document saying I borrowed money from them. Wells Fargo apparently here in BC said they bought out Trans-Canada Credit Corp in late 2004 but I don't have a loan agreement in writing with Wells Fargo yet they post on my credit File with Equifax & trans union.

I find this Site Monty so confusing. Can't seem to post anything or get replies or find out if anybody has resources to help me. Is there any site that has a "LIVE" chatroom that's free about financial problems, collection agencies and what not?

Anyways I refuse and just delete ARC's phone messages for some 9-10 months now. Called equifax and talked to them personally, they said if a creditor claims you owe them money and you don't have a loan agreement with them, that's fraud! I questioned personnel at Equifax don't you verify these credit institutions if they infact lie about clients? They didn't quite give me an answer but said contact Wells Fargo, I told them they won't talk too me even local office. lol

So try again not sure what help I'm looking for, getting tired of ARC's phone messages and my awful credit file but will be completely purged August 16, 2007 equifax said from personal bankruptcy geesh 7 years but still has this Wells Fargo thing to deal with, maybe I should take them to court, can't afford a lawyer, they sure not taking me too court well not yet anyways.

Philip
Victoria BC pouring today crazy weather

ha...
I would love to get on here and talk, talk, talk, but you guys are going to hear nothing but complain, complain, complain from me...

Because we moved our offices back home, I now have the task of moving 4 main sites and a bunch of backend administration..

I've decided to turn off my servers and use offsite hosts. This is an attempt to simplify my life... I don't want to have to know linux, apache and all of the other programs that runs these sites.

There is a ton of little details and a huge amount of concentration required to transition these sites over. I haven't been able to shake off this migraine for the last several weeks, and sitting here hour after hour is causing a major headache get even worse....

I'm confident that the pain will be worth it in the end.

Thanks for listening to me bitch.

Today, I am a complainer... Where is complainer hater/?!!