Dealing with Debt Collectors
Has anyone ever been contacted by a debt collector and their rude behavour on the phone. After three or four months the credit card the credit card debt is sold for pennies on the dollar to a collector agency to collect the debt.
Here are a few small tips dealing with debt collectors
1. They cant call your employer or call you at work
2. They cant contact your relatives or neighbours
3. They can't verbally abuse or swear at you on the phone
4. They can't call you on sunday or various times depending on province.
5. They cant garnish your wages until they take you to small claims court
Plus check your provincial government websites too see the laws on debt collectors and if your rights have been violated you can launch a complaint with the consumer agency in your province.
I need Debt advice. Please help!
I came across this thread in a google search and it seems there is some great wisdom here. I would appreciate any help offerred.
My situation in a nutshell: I am currently a single father with 3 teenagers. I have been separated for 5 years now and I have struggled financially since then. I had a great credit rating and loads of credit available to me (cards) at the time, and started using it at times to pay bills and to survive, expecting better financial horizons (that have yet to come). I racked up a substantial debt and quickly couldn't keep up with the payments. I had 4 cards go to collection. I have since settled one at $3500 for a $32,000 debt. I settled another at $3000 for a $10,000 debt. I still have one at $30,000 that I have been negotiating (postponing) with the collector for 2 years now and I have a card debt in the US for $14,000. I also owe back property tax, income taxes, 10k on a line of credit and some personal debt to family. Although I have found a better job, I still struggle just to make ends meet most of the time. I cannot claim bankruptcy as it would be my 2nd (the other was 20 yrs ago) and they would go after the equity in my ex's house (as my name is still on title, but the equity belongs to her).
My questions:
1. - I have been unsuccessful at settling the $30k debt so far. I have got them down to $7,000, but I cannot come up with the money. I can only come up with $3,000 (borrowing from a relative). They are threatening to sue. I am motivated to get rid of this as it is the worst thing on my report. What is the chance that they will sue, instead of accepting $3k or $4k? And if they do sue, what is the usual outcome of these lawsuits? (I have to admit, they are starting to scare me a little with the thought of lawsuit and being forced to pay the entire $30k).
2. - Regarding the US debt of $14k. How hard can they come after it in Canada? Will they bother? What should I be saying to them to put them off? At this point I cannot come up with any money to negotiate settlement. Will this show up on my Canadian credit report? Will it cause me any issues traveling to the US?
3. - I am making monthly payments on my back property taxes to keep them from forclosing and I am trying to find a way to negotiate to reduce the amount of income tax penatlies and interest. Any ideas or info related would be great.
Thank you in advance to anyone with wisdom or knowledge or links to share!
** As well as the advice I am looking for, if anyone can learn from me and what I have gained from the experience of dealing with collection agencies thus far, please don't hesitate to ask. I would not wish this situation on anyone, but once immersed, we do what we have to, to get our heads above water and survive.
Smiles!
Joe