For someone who has worked in credit and collections, alexis, you seem remarkably uninformed.

Sending $5 simply renews the SOL. It does not protect you.

I have also worked in credit, receivables, accounting related fields for better than 10 years. I have had to study business and contract law in University for my accounting... which did cover collections, SOL, etc.

Somehow, I don't think training in a collections call center covers quite the same territory.

If you want to help people, that's admirable. Double check your facts, though, or they become majorly suspect.

I have worked in Credit and Collections for over 10 years now, business collections, 3rd party collections and government. I know what I am talking about so I do not appriciate you saying that I need to go back and get training!.

Yes Equifax will update your CB as "paid in full" or PIF, and that will make the debt clear and the agencies will stop calling. However, they do not remove the R9 rating, but it shows other creditors that you have paid the debt. The 6 years SOL is from the last payment date made.

To answer your question, NO I do not nor have I ever worked for AI in Vancouver

alexisyvr, I think you need to go back to your collection agencies training room and read up on what you're talking about, because you seem to be a little loose on the screw.........................

After a debt is paid (or not paid) it's 6 years before its dropped off your bureau. TransUnion and Equifax call centre or mail-reading employees are not stupid and have much MUCHMUCH more extensive training than any collection agent. That being said, they are not going to fall for a receipt in the mail to 'update' a bureau. But wait, even with that, exactly what are they going to update? The R9 rating? Are they going to remove it from the bureau? Or maybe just the fact that it's been paid in full?

And if an agency doesn't mail out statement letters if your on a payment arrangement the original creditor will -- ala Canadian Tire MasterCard.

As for Release Letters, some agencies won't waste a stamp, a lot of times you will have to request one. It's pretty simple.

BTW, please don't tell me you work for AIC in Vancouver.

Oh yes, one more thing! If the debtor does end up in court forget about trying to defend ones-self. The debtor needs a lawyer and a good one. The other side knows what they can get away with and what they cannot. The judge will not allow some poor soul with some sob story. No sympathy!

A purchaser of a debt will try to collect by the same means as an ordinary collection department, however, these people do not fall under the Collection Act (or whatever they call the farce) so they can pursue the debt any way they want. Sure, they are respectful enough not to call off hours..but that is it.

Montyloree
(This response is to that of Montyloree a page back)
A third party can and will sue and pull out all the stops if the debt has been sold. This is fact. The phone company will write off this bad debt along with thousands of other debts for peanuts. Literally, peanuts. The third party now owns the debt and one by one down that sold list an attempt will be made to collect the original debt. Sure the debtor may be able to come to some agreement but if the threats of the third party are ignored then the debtor better duck. The third party will sue for the whole outstanding amount including the agreed upon percentage of the original contract, caculated monthly, added court costs etc etc. Like I said if you have no assets you are good to go. Let them sue (which they probably won't unless the debtor has a steady income that can be garnished) however if the debtor has assets then better answer their call to court and file that defence as soon as those Small Court doors are open. The one moment of hope if a defence is filed is to have the third party prove that they own the debt, that it was bought. Sometimes they do not have an individual purchase just a mass purchase in which case they have to really do a lot proving. The debtor may just be in luck in this situation. However it is a gamble.

Where did you ever get that idea? Just pay 5 bucks off on any bill and you're safe? In principle at least, anyone can sue anyone whenever there's been a breach of contract? Unless you've got a crystal ball or are psychic you need to be careful in reassuring people there's no way they will ever get sued over such and such an amount. The 407ETR Toll Highway used to have iQor, Inc formerly CBCL - Canadian Bonded Credit Limited - Now Iqor Collection Agency sue people for as little as 500 bucks before they got licence plate sticker renewal denial rights for outstanding bills.

Ray

No need to apologize perplexed...you made some good points. Like I said, I tried several times to set up a repayment plan but was refused so if they want to sue..let them. I'm getting tired of their verbal crap and mind games anyway.

Alexisyvr...Thanks again for your advice. I was going to send some money but the arrogant SOB told me not to bother. But I think I'll take your advice and send some anyway just to test the waters. They'll either accept it or send it back . We'll see.

Butterfly..I apologize. I did not mean to suggest that your debt was because of irresponsible spending. I did mention in an earlier entry that bad things happen to good people. I do understand what happens when you do a good deed and you end up with a bad deal. Believe me I understand. I was talking to people who do get carried away. Again, I do not put a blame on this type of person either. All I was saying is that money and the security that money gives us is very important and not meant to be treated lightly. We can all spend, why not? But we should spend within our means. We do not "need" anything to survive another day except food and shelter. If that is all we can afford that is all we can afford.

And also...........do not be surprised what a collector will and can do. Is it within their right to take anyone to court..sure is.... if they have the approriate documents and even if they don't. It depends on your response. Bottom line..........be ahead of the game with these pr.......s.

Do not worry about seizure of assests or property, the debt is only $2200. Even if you send them $5, they cannot do anything legal what so ever because there has been a payment made on the account.

If they call and say "you better pay in full by 4pm today or you will be sued" Just say you cannot sue me because I made payment.

As I said before, they can only sue or take you to court if the money is really high or if there has been no cooperation, they like to call them "broken promisses" That means everytime they call and you say, "cheque is in the mail' and it isn't then they can do something, but again not for $2200.

That is what I would do, send them $5 or a low amount and see what they say and what will be done.

Tell them you can only afford $5/mth. As your credit is already ruined because this debt is in 3rd party collections it does not really matter anyways. Even if you pay the debt in full today your credit is still ruined for 7 years. However, there is a way around this

WHen you pay off the debt, make sure you get recepits. Now collection agencies do not send out invoices or receipts so you would need to walk in and pay or send them a payment via Western Union. That way you can send a copy of that receipt to Equifax to update your beaur and explain to them that you were a co-signer...blah,blah,blah

Good Luck!