Collection Agencies - Advice - CBV Collections - Canada

a good place to talk about links

RE: Advice - CBV Collections

Postby rampant » Thu Sep 29, 2011 08:39:43 PM

Just a small update.

Today I received a letter notifying me that CBV Collection Services is indeed acting on behalf of CITIFINANCIAL. Between now and my last post I have not received any other calls, so I was hoping to be in the clear in terms of them contact me all the time.

Are they:

1. Trying to get me to pay even though they have no recourse if I do not aside from calling me.

2. Actually listening to my request for this information. Although they have not reproduced the original contract or anything else aside from this letter... which is poorly formatted at best.

Should I worry about this or continue ignoring them?
rampant
Member
Posts: 4
Joined: Mon Sep 12, 2011 09:00:08 PM
Province: AB


RE: Advice - CBV Collections

Postby TJ.brooks » Thu Sep 15, 2011 02:17:29 PM

Actually ...only stays on Bureau for 6 years from last activity.
TJ.brooks
Member
Posts: 1244
Joined: Mon Aug 22, 2011 01:43:46 PM
Province: ON


RE: Advice - CBV Collections

Postby rampant » Thu Sep 15, 2011 10:53:58 AM

Thanks, I figured that it would be easiest to just ignore them for another 3 years, I just hope they won't be calling for that long.

If I get really annoyed and more money comes my way I'll consider making an offer, but for now I just want to get out of school, and on with my life.
rampant
Member
Posts: 4
Joined: Mon Sep 12, 2011 09:00:08 PM
Province: AB


RE: Advice - CBV Collections

Postby TJ.brooks » Thu Sep 15, 2011 06:47:29 AM

You cannot restart the clock on the Statute, once it has run out.
However...if you make a payment it will show up at credit bureau as last activity on account and then that will reset to another 7 yrs. where if you leave it alone it will come off in 3 more yrs.
TJ.brooks
Member
Posts: 1244
Joined: Mon Aug 22, 2011 01:43:46 PM
Province: ON


RE: Advice - CBV Collections

Postby TJ.brooks » Thu Sep 15, 2011 06:35:09 AM

Admitting the debt at this time will make no difference since the stat has run out. If you wish to make an offer somewhere between 10 and 30 % you could and they may consider it... Better a small piece of pie then no pie....but at the end of the day at this point there is nothing they can do but hound you.
TJ.brooks
Member
Posts: 1244
Joined: Mon Aug 22, 2011 01:43:46 PM
Province: ON


RE: Advice - CBV Collections

Postby rampant » Thu Sep 15, 2011 05:53:24 AM

It has been well over two years since I made my last payment, in fact in 2012 it will be closer to 4 years.

Considering I want to have this debt removed by my record I wouldn't mind making a lower offer, I just don't know how to do it. I've heard that if I word the letter wrong it basically confirms my debt.

At this point, beyond the statute of limitations, what is the best method to deal with this? Should I ignore it for another 3 years (Don't like the random phone calls) or should I make a 10% offer?
rampant
Member
Posts: 4
Joined: Mon Sep 12, 2011 09:00:08 PM
Province: AB


RE: Advice - CBV Collections

Postby TJ.brooks » Tue Sep 13, 2011 07:01:56 AM

When was the exact time you made last payment. If it was more then 2 years ago then the Statute of limitation would take effect and they could not successfully sue you.

If you wish to try to negotiate a 30% settlement....write them a letter indicating this but also ensure all agreements from them are in writing before paying them any amount.
TJ.brooks
Member
Posts: 1244
Joined: Mon Aug 22, 2011 01:43:46 PM
Province: ON


Advice - CBV Collections

Postby rampant » Mon Sep 12, 2011 09:12:37 PM

I'm new to this, so I would appreciate proper advice.

Back in late 2007 I took out financing to make a purchase. Due to circumstances I will not get into I only ever made a few payments on it, and defaulted on the loan.

Until now I never received mail notification or phone calls regarding this debt, and now that they have contacted me I have no idea what to do. For reference, CBV is contacting me.

The debt is for ~$6000 although I have read on here that I could probably offer 20-30%. This I can do, I just don't know how to do it properly. I am a full-time student, work part-time, and paying them the 20-30% would wipe out my savings. Taking me to court wouldn't really be worth it since they cannot take any of my possessions (no house, car below 5k, etc...) according to what I've read.

Since I am new to this I have a few questions:

1. Can / will they sue me if I don't pay? (Alberta, contract signed late 2007)
2. How do I offer a lower 20-30% settlement?
3. When / If I make a settlement am I allowed to asked for this record to be removed as one of the conditions?

I've read a lot of other information on other sites, however they mostly dealt with American Collection Agencies.

Thank you in advance.
rampant
Member
Posts: 4
Joined: Mon Sep 12, 2011 09:00:08 PM
Province: AB


,

Return to Collection Agencies - Discussion Area