thanks, hopefully after it clears i can get approved for a car loan again.

The next time they call....they being the collection agency or you contact them....offer to settle the account. Since this is such an old debt that they paid very little for...pennies on the dollar, they should be willing to negotiate a payout figure.

Start low...say 10 % leave room for negotiation...something you can live with and pay one time.
Just get final settlement offer in writing prior to paying anything.

Could you elaborate what I'd have to do in order for a 10-15% settlement? Or point me to the right thread and I can go from there.

I'd have to say, I'm thankful for everyone on this site who has an input or shared there stories as I was stressed until reading a couple threads. Great people and great forum.

As far a Statute of Limitations go...it is also 2years in Alberta.

Offer 10 or 15 % settlement...and that it is marked paid in full at Credit Bureau.

Legally they can do nothing now but hound you.
Since last activity was 2007 it will come off bureau in 2013 any way if you do nothing.

I actually live in the province of Alberta. And I'm not looking to not pay shall we say but settle this and get it off my record. I been neglecting it since 2007 due to no work etc.

Now I been trying to rebuild that bad credit, gotten a secured credit card, used it and paid it off every month. And recently, in August, I cancelled the secured card and got another CC through my new bank. The limit is $4000 and I been using it here and there plus paying it off every month as well. Got pre approved for a 20K auto loan through my bank and I been searching for a vehicle since. Now that I found the car and my bank goes to bring up my file for the loan its flagged and they say they can no longer give me the loan with out a cosigner + a 12.25% interest rate compared to the 7% he offered before. He said it shows CBV collections popped up and its dated June 2011 with a balance for $9714. TD canada trust shows a balance of $0.0. He also says it is a "Factored V" and he doesn't even know what that means.

I am pretty much SOL with getting a car and I'd rather not have a cosigner with that high of a interest rate. So I'll need to settle this and get rid of it once and for all.

Thanks for the help guys.

For the sake of argument we will assume you are from Ontario.
If that is correct, then legally you do not have to pay on this card as the Statute of Limitations expired in 2009....if your last payment was is 2007.
That only leaves a moral obligation to pay this debt or atleast offer a percentage of it to close the file.

Other provinces different story.

Since your looking for loopholes I assume you have no intention of this.

Just for the record when you activate a card, use it, and make some payments towards it, Judge isn't going to look for a signature.

We need to know what Province was this card opened?

A few years ago my ex who worked at the bank (without my discretion) applied for a credit card for me. To my surprise i received a TD Canada Trust credit card. Long story short, I activated the credit card, was young and dumb, got into a lot of debt and in 2007 was when i made the last payment. Now it's been bouncing around different collection agency and recently CBV.

Now, I'd like to know if i have to pay them as I didn't sign any binding contract. All I did was open the credit card and activate it, they have no records of my signature on a contract. Is there any way around this?