@joe - I bet the agency was happy about that, they got their commission but didn't have to do any of the work...

But yes, the clients typically provide the FCA forms on their letterhead. Just fill them out, there's nothing sinister going on there.

The bank gives them the authorization to put their name on the financial capacity forms. They tend to back up the collection agencies. In my case I went over the collection agency head and settled my matter directly with cibc.

If it is a third party collection agency, I would not provide the information... alhough I would contact the bank and feign confusion about the request from the collection agency on the bank letterhead. They may have approved it... or, rather, supplied the form to be filled out, but it seems odd to me that a bank would allow a collection agency to send anything out on the bank letterhead.

I would know exactly what's up before doing anything

I had to fill out the financial capacity forms when I was approved for my three 10% settlements with cibc.They just want to see if you are actually broke. If you get accepted make sure you get the settlement in writing before you hand over any money.

Fill out the financial capacity form.

It is not a trick, it is likely required in order for the 3rd party agency to request an under-parameter settlement from their client.

Nameuser,

If you can prove to them that you have nothing and have no job, I would offer them 10% and state to them if you’re denied your only option will be to file for bankruptcy. I would go right to the creditor with this offer and forget the collection agency. I could give you a contact name of someone at the cibc client care service that helped me. If you explain your concerns to her she will direct your matter to the right person. I would tell her that the collection agency that is handling your matter doesn’t seem to care if you file for bankruptcy or not. This will get cibc mad and will want to help you.

Cheers

Orestes - It really depends on what agency has your Visa account and basically if they sue or not. Some agencies do and some don't. If the agency believes they'll get paid by adding a writ, they'll do it.

Now you can probably prove to them that you do not have the means to repay and go onto payments with them but many people (with good reason) don't want to provide personal details of there finances to 3rd party agencies.

On a 25k debt and you stating that you're basically bankrupt you may consider either looking into the bankruptcy route or what action is required to possibly transfer the asset into your wifes name alone. I believe Ontario is alot easier than other provinces to transfer title.

jeepman2...golden horseshoe and fortunately my mtge is not with CIBC or any other of the big five.

To your earlier post, I would have to be forced into a sale as I have no intention of going down that road voluntarily. My spouse is just back from mat leave so will help with maintaining the house.

Cheers to all and happy new year in hopes of a great 2009!

Orestes04. What part of Ontario are you located? Is your mortgage with CIBC? Jeepman2

Orestes04, First of all, I'd work as hard as you can to keep your home. If you go the bankruptcy route, you will not qualify for a mortgage for 7 yrs.

As for the forms, CIBC etc.... let the experts here assist. Four years ago I did not have a job, sold my business and lived off savings for a year, however I kept my home as I became R/E licensed. Toughest time ever. Again I kept my house. Best thing we did.

Today even one credit issue can affect your ability to qualify for a mortgage.Renting is not an alternative.For the other concerns, wait for those with experience to answer your questions. Good Luck, Jeepman2