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canuck1988

Collections Question

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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?

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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?

 

 

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.

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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?

 

 

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?

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I'm pretty sure that once it's past the reporting limit of 6 years, they can't re age it to show up on your reports. even if you make a payment

 

no, they can keep trying to collect forever ; but this 78% off is a real flag to me that it's past the SOL for lawsuits and reporting

 

the Statute of limitations for a lawsuit and the limit for credit reporting in BC is the same - 6 years

 

CA's don't make this kind of offer other wise - they send letters demanding the payment in full or file a lawsuit.

 

IN the USA, these types of letters without telling you it's beyond the Statutes of limitations or credit reporting is illegal == there have been lawsuits over it.

 

don't know the Canadian case law on it.

 

you could respond with a letter asking from more information ;

 

this is the BC office of consumer protection website

 

http://www.ic.gc.ca/eic/site/oca-bc.nsf/eng/home

 

you can confirm they have a BC license for a collection agency here;

 

http://www.consumerprotectionbc.ca/consumers-debt-collection/confirm-a-collectors-license

 

 

a sample letter would go like this

 

agency name and address

 

RE account # _____________________

 

Dear _______________________

 

 

I've received you letter offering a settlement on xx-xx-xxxx - If this is a debt of mine, it's from long ago and I don't have any record of it.

 

Provide verification and documentation that there is a valid basis for claiming that I am required to pay the debt to the current creditor. For example, can you provide a copy of the written agreement that created my original requirement to pay?

 

 

Can you answer questions about the amount and age of the debt, specifically:

• A copy of the last billing statement sent to me by the original creditor.

• State the amount of the debt when you obtained it, and when that was.

• If there have been any additional interest, fees, or charges added since the last billing statement from the original creditor, provide an itemization showing the dates and amount of each added amount. In addition, explain how the added interest, fees or other charges are expressly authorized by the agreement creating the debt or are permitted by law.

Have you made a determination that this debt is within the statute of limitations applicable to it? Tell me when you think the statute of limitations expires for this debt, and how you determined that.

Are you planning on reporting this account to the credit reporting agencies? how did you determine that it's within the allowable time limits for credit reporting?

If you fail to provide any of the information or documentation I have asked for, please say why. If you do not provide it, and do not adequately explain why, I will understand that you are unable to confirm or document your claims.

Sincerely,

________________________

don't sign it , just use your printed name.

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