Hi!

I have this question, I owed some 40K+ from a bank as debt consolidation back in 2006. I have filed for settlement in 2006 but failed to continue to pay it as I have left the country. Just recently I have received a call from to my work regarding this debt from a collection agency and they are saying that the bank is ready to settle this amount. First I was shattered and didn't know what to do so what if I can pay them back $10000CDN, but I then when I try to borrow money from the bank I can only borrow 5KCDN. So I told the collection agency. Is the bank in Ontario can send me to jail for this? Get someone to get to the my current residence?
I could appreciate if someone give some answer. Thanks!