lise448
Nov 20, 2011, 06:54 AM
I had a collection agency contact me after 4yrs of no activity about an old credit card debt. The last payment on the card was Aug 2007... I honestly thought the card was paid off then as I went through a divorce and the house was sold.. debt paid etc... by my husband at the time. This came as a total surprise to me. The agency said they were willing to take $5000 on the $8000 that was owed. If not... they would hand it back to Capital One and CO would sue for the whole amount... plus! She also said that after I paid my credit score would go back in good standing. I had no idea I had bad credit as I have been living very minimally for 4yrs.. no credit cards.. no debt(or so I thought).
My questions are:
What is the SOL in Ontario?. how does it work? Now that they have contacted me... does the SOL start now?
Can the collections agency give back the debt to Capital One?
Can Capital One sue me after 4 years of inactivity?
If I pay... how can I be sure that the money is going to cover the debt and my good credit will be restored?
Can I contact Capital One myself and make them an offer of settlement?. that way I make sure it gets to them?. will they take an offer of 25% of the original debt?
Thanks for any help.
My questions are:
What is the SOL in Ontario?. how does it work? Now that they have contacted me... does the SOL start now?
Can the collections agency give back the debt to Capital One?
Can Capital One sue me after 4 years of inactivity?
If I pay... how can I be sure that the money is going to cover the debt and my good credit will be restored?
Can I contact Capital One myself and make them an offer of settlement?. that way I make sure it gets to them?. will they take an offer of 25% of the original debt?
Thanks for any help.