Debt Settlement - ROYAL BANK VISA DEFAULT - Canada

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RE: ROYAL BANK VISA DEFAULT

Postby average_joe » Tue Jun 02, 2009 07:03:05 PM

I would not sign anything or you will put yourself in a position that you will regret later on. If you’re willing to settle for $15,000, I would get them to agree and have them put the settlement offer in writing that they are accepting $15,000 in a one time lump sum payment to settle this account. I would get them to fax over the agreement before you hand over your money.
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RE: ROYAL BANK VISA DEFAULT

Postby larrysue » Tue Jun 02, 2009 06:55:10 PM

Wow! Thanks for your fast answer. I have acknowleged and agreed to pay a lump sum of $15k on a 29K combined debt (joint with commonlaw spouse). Then they want $100/m until 2013 when they want the total debt cleared. At $100/m this won't happen, but they won't budge. RBC has handed the account to a lawyer and he and I have been emailing but tonight he said the RBC demands the signed Judgment or they will recind any offers on the table and get a judgment against us for the full amount and auction our house. We have enough collateral to pay the debt, so the judge may just do that. However, we have been unable to get at the collateral because of our terrible credit - mine has plumetted to mid 400's and partner's is not much better. They have dropped further interest charges also until the debt is paid.

I can't understand that if we are paying 1/2 the debt they still want a Judgment for the remaining 1/2 even though we are going to make payments. We cannot afford a lawyer and it is my understanding that Legal Aid does not cover this type of suit.

Any advice or experience? Many, many thanks!

s
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RE: ROYAL BANK VISA DEFAULT

Postby average_joe » Tue Jun 02, 2009 06:49:35 PM

If the last time you made a payment on this account was over two years ago, that would explain their demand for you to sign something. In Ontario they have to sue you with in two years of your last payment. I would not acknowledge in writing or over the phone you owe your debt.
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RE: ROYAL BANK VISA DEFAULT

Postby average_joe » Tue Jun 02, 2009 06:45:31 PM

I still have a few remaining debts left and RBC is one of them. I would not sign anything and don't let them tell you otherwise. If they are demanding you to sign something that means you must have the upper hand on them. How much is the debt and when was the last time you made a payment on this account? Are you working at the present time and do you have any assets like a home? I still haven't settled my debt with RBC and I don't plan too unless they come down on their offer.
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RE: ROYAL BANK VISA DEFAULT

Postby larrysue » Tue Jun 02, 2009 06:39:49 PM

Dear Average Joe

I am being sued by RBC for a Visa and Credit Line that are outstanding. They want me - no, they are demanding I sign a Judgment Order. Did you do this? Can you please tell me the outcome of your file with RBC?
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RE: ROYAL BANK VISA DEFAULT

Postby average_joe » Fri Nov 28, 2008 07:27:17 PM

Raymond,

Don't quit your day job, there are thousands of comedians out of wok.
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RE: ROYAL BANK VISA DEFAULT

Postby average_joe » Fri Nov 28, 2008 07:16:39 PM

I couldn't make no money in the collection agency business. I'm too nice of a guy, I would want to settle every debt for 10% instead of them going bankrupt.
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RE: ROYAL BANK VISA DEFAULT

Postby Raymond » Fri Nov 28, 2008 02:46:37 PM

Yeah, I heard about a whole bunch of people who defaulted on RBC loans. They all got sued but kept their yachts and settled for 10% - thanks to your advice.

I thought you were going to start a home based collection agency; one which always settles for ............10%.

Ray
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ROYAL BANK VISA DEFAULT

Postby average_joe » Fri Nov 28, 2008 01:11:45 PM

Has anyone have ever defaulted on a royal bank visa account and had a judgment placed on them by RBC? I would like to hear from someone that did, and what was the balance and what did they settle for.
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