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Edited, sorry it's way to early the CA's always state that there is only one week for this offer - I bet that this account is past the statute of limitations for your province, or they wouldn't be offering to settle for 78% less than you owe. I wouldn't worry about the delay going on with getting your reports. check to see if this Collection agency is licensed in your province at your provinces' web site there is a pinned topic with links to each provinces' web sites that will answer your questions for statute of limitations issues and Canadian credit reporting limits http://creditboards.com/forums/index.php?showtopic=510708 it's all 6 year SOL for legal action unless you live in ◦Quebec – Civil Code of Quebec, S.Q. 1991, c. 64, art. 2925. sets 3 years as the limit for debt. ◦Saskatchewan – Limitations Act, S.S. 2004, c. L-16.1. sets 2 years as the limit for debt. it takes 4 weeks to come in the mail? where do you live? a debit card would work online with the CRA's , do you have one of those? in Canada, you can get a free annual report from EQ and TU. http://www.cbc.ca/news/canada/how-to-check-your-credit-report-1.1185975 Also, read this for collection laws in Canada - I'm a state forum lead , but mostly know the USA laws. http://www.collectdebtincanada.com/comparison.php looks like in Alberta and Ontario they can't sue you after 2 years of last payment. Hey, I'm in BC. I can't order the online report from equifax or trans without a credit card under my name, the free one is going to take time to come. If it's past the statue of limitations, can they still report it to my credit score? It's not the amount I'm worried about because I can pay it, it's having the black mark on my score restart for another 6 years is what Im worried about. If it's past the 6 year time frame, isn't it illegal for them to pursue me? Should I even phone them and ask for a extension as I try and get my credit report to check the dates, or by doing so am I acknowledging the debt?
When I was young and stupid I racked up a Telus bill and didn't pay, it's snowballed up to $5XX something, a bunch of collection notices later.......Now I get a offer of 78% off settlement for $1XX something. Now this is from years ago like 2007-2009, I cant remember exact. But I've been told that after a 6 year period of collection debt it's past some sort of statue of limitation. And the debt is wiped off, the collector can't legally collect anymore, the record is cleared from your credit report. So you still have bad credit but it doesn't show the collections? I'm not too sure on this and need some advice. 78% seems like a high offer, I have a feeling I'm nearing that point of no return, I'm about to order my credit report but it takes like 4 weeks to come in the mail, I want to but can't get the instant one because I don't have a credit card under my name (mandatory) even though I have the money to pay for the purchase. The offer is valid for a week. So I'm stuck with a decision here.... Will it be better to pay and have that on my report for the next 6-7 yrs or to let it wipe? If I did let it wipe, then what does my credit rating stay damaged or does it go back to the beginning?