"More than this I cannot do. If readers wish to take the advice of "average joe" and "drunkbeerguy", (who had some incorrect reporting dates on his report that I'm sure could have been corrected), so be it."

Raymond,

I tried and tried.....apparently the reporting dates on my accounts will not be changing. I might have been pretty bitter when I made my last post on the subject, but I think I still posted some information that anyone looking to settle an account, could use. If you settle, go through an accredited credit councillor, and the item will fall off your report in 3 years, instead of 6 years.

Raymond,

I had equity in my home at the time and they knew it.I found from experience that creditors want money now, and not later.If the economy is going to get bad like they are saying in 2009, it will be a good year to settle debts. The key is not to volunteer information to collectors and give them answers they want to hear.I would not show them your eager to settle.The majority of my settlements were settled by upper management at the credit card companies. I went over the collection agencies head.

Cheers

If an outfit like TCR had sued you and you had sufficient equity in your home and the size of the debt warranted the writ, bailiff and selling expenses, you wouldn't have had your house very long. However, most small claims court awards aren't judged substantial enough to warrant property writs which, by the way, can be renewed every 6 years.

Ray

I believe students loans come off your credit file 6 years of last date of activity whether you pay the loan off or not.If it's 6 years wait till comes off next year and then settle.

I don't know what current settlement rates they would be willing to accept. Check out the blogs at Canada Student Debt Forum. Student loans these days get divided up into as many as 6 different collectors according to lawyer, Mark Silverthorn on his website, though 2 or 3 is more common.

If you wait until the federal portion is stats barred, I guess you'll be in a better position. It's been in default for almost 5 years. If they were going to sue they would have done so by now.

Ray

The judgment is good for 20 years only if they renew the judgment every so many years. Here is my approach when the creditors called me. I told them they have nothing I want anymore, but I have something they want and that is I have the ability to raise money to settle this debt. I also come across to them that I don't care if I settle this debt or not. I didn't say it was easy, but I found the right people in high positions that understood whether I pay my debt off in full or settle my R9 will not get reversed. They all knew I had a home and that won’t get them any money any faster. Every creditor could have placed a judgment against my home and if I keep my home for 20 years the judgments would go bye bye.

OK Joe, The SOL period in Nova Scotia is still 6 years, If you never intend to have a job (or apply for one where they usually do a credit check), never need an insurance policy (where they also always do a credit check), never need a professional licence, never own a car over $5500, never have any money in a bank, never need any credit and never have a judgment rendered against you (which is good for 20 years unless you declare bankruptcy), then I guess you could settle for 10%.

Hell, you can settle for 0 cents on the dollar if you want to live in the missions or have no assets and declare bankruptcy. But didn't you say you had a house?

Enough!!!!!!!!!

Ray

Raymond,

The day you tell me you have settled 12 debts for 10%, then that will be the day i take advice from you.The person that is trying to find out how much they should settle cibc for, depends if cibc can prove if your working or not, if they can prove if you have asset or not.If they can't prove if your working or have no assets, i wouldn't offer then more then 10% if the debt is 3 years old or more.

Hey Raymond,

I know how the credit bureaus work. I speak from experience when it comes to settling debts .I avoided bankruptcy twice in my life by settling debts with creditors and collection agencies.If i can help someone on here to save money on settling credit cards debts, i don't think you should interfere . The date of last activity works this way.Whether you pay your debt or not, by law the debts comes off your credit file 6 years from the date of last avtivity.If someone is telling you otherwise, then they are wrong.

Thanks for you response Ray!

I have read through a lot of the posts on this site and you your knowledge shows. I do appreciate your responses and suggestions to all my posts.

So, back to my original question, how much should I settle for and how should I go about it?

Thanks in advance :-)