Be sure to get a "release letter".

After the payment is made ask the collections to fax it or mail it. Sometimes, their accounts get messed up and they end up calling few month later asking for payments.

Its a good idea to keep the proof of this settlement for few years.

All the best!

I would go to the branch they use. Never pay a collection agency through your own account

So I spoke with a much more friendly guy on the phone. He shared with me that Royal Bank still owns the account and CBV is only trying to collect for them. He started with about $850, which was prinicple of $593 plus interest. I offered him $350. He could not go that low but offerred the $593. I came back with $400. He then shared that the lowest that anyone could offer me would be 50% of the $850 or so. At this point he asked if I had the cash on-hand and I stated "yes". He agreed to fax a settlement offer for $430 tomorrow. So, this is a little more than I wanted to settle for, but I am happy to get it cleared up.

On a side note, I was very impressed with this guy's professionalism. He was polite and somewhat imformative. Much better than my previous experience with CBV.

Quick question, should I pay online through my bank account or go directly into my banking branch and make the payment? I have heard stories of Collections taking much more than they agreed upon. Is paying through the bank safe?

I'd say stick to the $ 300.00 you originally offered.

But it all depends on your financial position and priorities so its really up to you...

The offer of 50% of the original balance was something these should have accepted.

I have spoken with CBV Collections about a debt that I would like to settle before purchasing a house. The debt amount is $593 on my credit report. CBV stated I owed them about $850 because of interest. I called and offered $300 and they came back with just the principle of $593. I turned it down, and they said ok, that was it... call over. When I try to reach them again and get that offer, should I take it, or do I have a better chance at getting a lower offer from them? How long should I wait to call again?

I am also considering letting my mortgage brooker deal with them.