[Scooter318]

I had defaulted on BMO credit card payments in Sept 2000. The debt at that time was $11000. Coupled with my other credit card debt I had a total debt load of $50000.

I tried a consumer proposal in 2001 on all $ 50,000 and defaulted in the 4th month. I was left to negotiate with all my creditors ( $50000 owing ) myself. I worked hard for 3 years and by 2004 had made settlements with all creditors except the BMO M/C for $11000.

I hired a credit councilor and put $6000 in trust with him with my instructions to negotiate a settlement with CBV Collections who were now " representing " BMO M/C. The credit councilor has not been able to settle this account for the past 2 years.

CBV collections picked up responsibility to collect from BMO M/C and is still phoning me to get more than the $6000 I have given to the credit councilor.

1) CBV and BMO M/C currently do not even show on my Equifax credit report because its been over 6 years since the last activity, am I legal obligated to settle with CBV Collections?

2) How long does CBV have th right to try and collect this BMO M/C bad debt?

[ATYOURSERVICE]

Statue of limitations vary from state to state. The statue is to take legal action. The balance is owed forever unless discharged by bankruptcy.

You are not legally obligated to settle with the credit card company. You could send them a letter of intent to settle account. Send it and then 30 days later send a check for the $6000with a letter stating, deposit or cashing of this check constitute full and final settlement of said balance.
They have every write to refuse it. We refused many monthly.

Also, since so old I am sure that a collection agency is handling now and they are not obligated to accept anything less than the principal amount.

Good luck.

[Lowtax4eva]

When was the last time you sent them a payment, if it was 2004 then it is within the SOL, and they can continue making marks on your credit if they chose. If you haven't paid anything since 2000 then the statute of limitations is expired, however the statute of limitations only means they can't sue you, you still owe the money and they can collect.

I would definitely try to settle again. It may not be on your credit since it isn't resolved, if you made payments in 2004 to BMO / CBV they can still make marks on your credit. Also CBV like most collection agencies are bastards, they will only accept a partial settlement once they think your not going to pay. I dealt with them once and it took about 2 years before they offered a 75% settlement, I didn't accept because I never accepted the cost in the first place and it went to some other collection agent who sent me a letter from a fake lawyer and I had them shut down for impersonating a lawyer... good times.

[ScottGem]

1) CBV and BMO M/C currently do not even show on my Equifax credit report because its been over 6 years since the last activity, am I legal obligated to settle with CBV Collections?

If CBV owns the debt then you are legally obligated to settle with them.

2) How long does CBV have the right to try and collect this BMO M/C bad debt?

Forever

You signed a contract. That contract specified that BMO would pay for charges you made on the card. In return, you promised to reimburse them for those charges. You are legally obligated to honor that contract.