$100/m on that balance will never pay it off; every payment you make is probably going towards interest, that’s why your balance isn’t coming down. It sounds like you are bailing out a sinking ship with a bucket full of holes.

Collection agencies never give up. They are relentless, even after the debt passes the limitation period.

Two suggestions to get out of your mess:

1) Consider a debt settlement plan

2) If that doesn’t work - go bankrupt.

If you want a debt settlement quote, call a debt consultant here at (866) 833 1992 to see if you can qualify.

is there a point at which collection agencies simply give up and the bank considers the debt as a loss to them? I heard that there is. I appreciate that lenders will not look favourably at you in the future, but is it a way out of the quagmire?

thanks myluck for your advice. yes, i have kept proof of all payments. I appreciate your help!

I have been paying $100.00 per month (I have been paying off various other debts that are not in collections)

Shabushabu,

How much are you paying monthy to the collection agency on the Scotia debt?

because you have made payments to this debt then it is yours........however you do not have to pay the interest they are accumulating on this debt......their interest rate is almost loan sharking and is not applicable......if you owe Scotiabank 10k and have made payments (do you have proof of payments?).......deduct that from original balance keeping in mind to add the interest applicable at time from scotia compounded annually........thats your balance.......ex- $5k @ 7%/yrly......taken 2 yrs ago will owe about 3500$ today at scotia rates.....thats providing you got at original 5% tho.......but 8k in 4 yrs is highway robbery.........tell agency that you will have to report to governing body that they are charging this type of interest and ask for their licensing number they will change their story very fast........debt is sold to them for so much on the dollar.......they are only expected to collect 65-80% of the debt not 2x the origianl amount.........get your ducks in a row then go after them to get your life back

hello out there. this is my first time using this site so i am not sure if i am even in the right place. anyways i would really appreciate some sound, informed advice. my other option was to hire a lawyer that specializes in financial matters but that seemed so expensive. long story short~ i owed scotialine visa 10 thousand. all my other debts are under control and i even obtained a new mastercard to the whopping tune of $500.00! I have been working hard to rebuild my life and credit after life took a bad turn for awile. I was making small but regular payments to a collection agency who then passed on my "file" to a second collection agency that tried to get me to settle a lump sum. I simply couldnt affort to do that so I kept on making payments. I was told by the collection agency that the interest would not continue to grow so long as i made regular payments. My file was then given to a third (current) collection agency. When i spoke to the supervisor he told me that the interest-stopping line was just that... a line to keep people paying, so he told me. i was not impressed. my 10K debt is now at 18k and growing. i am not willing to pay this. what can happen to me? can i be sued? my wages garnished? HELP ! one last thing, this account has been in collections for approx. 4 years.