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Dasani04
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Joined: 20/March/2005
Location: Canada
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Topic: 24hrs before next call with Collect Corp Posted: 20/March/2005 at 10:36am |
I'm new here, and I'm very glad that I found this site. I've been majorly over stressing the past couple of days.
I have a loan that was sent to Collectcorp which I just found out about. They have been telling me that I can't make payments or my credit will be completely destroyed for 10 or more years, and my SIN will be trashed and tagged that any employer I try to get will be notified with what is going on. I told her that I don't have the money, and the only amount of work that I have is temp work, that I hardly had enough money to pay my rent ever-mind bills. I recently moved so but by the time I started to get money to start paying for it they already had it and made the call. I talked to the bank like the collection chick said, but they told me that due to the fact that loan is with the collection agency they can not give me the loan, but as soon as its cleared up and paid for I can get the loan. How am I suppose to get the money when the bank wont give it to me? What am I going to do with a loan money of about $9,000 when I don't have anything to pay off? Can they really destroy my SIN? Can they really destroy my credit for 10 or more years? Can you actually get a criminal record from this?
Please help, I don't know where to go or what to do any more and I'm running out of time.
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kwelmm
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Joined: 06/November/2004
Location: Canada
Points: 702
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Posted: 20/March/2005 at 11:01am |
Dasani04,
The Collectcorp rep is telling you a whole lot of half-truths in an
effort to motivate you to come up with the money and be done
with!! Collection agents thrive on the naive debtor who will take
what they say as gold...the best thing you can do at first is to become
knowledgeable about collection tactics and 3rd party collection
directives (what they can and can not do or better yet...what they
should and should not do).
No...they can not destroy your SIN.
A collection item will remain on your credit report for six years from last activity.
NO you can not get a criminal record from this!!
Read through the different forums to try and prepare yourself for your
next call with the CA. Be confident when they do call and take
control of the situation!!
Before you act again....on what the collection chick asks you to
do...pass it by us first and we'll give out some advice for ya!!
She would have known the bank would not give you a loan when you are in
collections.
Take care and good luck!!
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WantOut
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Joined: 26/November/2004
Location: Canada
Points: 63
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Posted: 20/March/2005 at 12:39pm |
Kwelmm is absolutely right, Dasani04. Additionally, just so you know, unless your employer does a credit check they will NOT know what is going on. And even if they do a credit check, having a loan in default does not make you a criminal.
When she starts to tell you that they'll start garnisheeing your wages, just remember that they can't do that unless and until they get a judgement against you in court. That could take months or years, and doesn't happen overnight as they would have you believe.
Being behind on a debt does not make you a bad person or a criminal, no matter WHAT collectors tell you.
We've all been where you are (and still are) .... there are a lot of great people on this site with some very sound advice. Hope this helps!
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In order to discover new lands, one must be willing to lose sight of the shore for a very long time.
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eshelton
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Joined: 19/January/2004
Location: Canada
Points: 375
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Posted: 20/March/2005 at 2:20pm |
If you have the resources, I would suggest recording the call and nailing these guys to the letter of the law. You can record a phone call using a fax modem on your computer or getting something at an electronics store.
They are not supposed to lie to you like this. I would think that telling you your SIN number will "be trashed and tagged" would be a serious offense. Don't beleive anything Collectcorp says. These guys are some of the worst.
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"A proof is a proof. What kind of a proof? It's a proof. A proof is a proof. And when you have a good proof, it's because it's proven." - Jean Chretien
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Dasani04
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Joined: 20/March/2005
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Posted: 21/March/2005 at 9:43am |
Well I spoke to Collectcorp and the lady gave me an earful;
Anyway, she said that my credit will be shot for 7 years which is a flip from the 10 years and she said that there will be a federal lean placed against my SIN. What is that?
I told her what I could afford as payments and she said that they will make sure that I don't have any use of credit going anywhere. Can they actually do that?
She also wants me to send her post dated cheques. But the first payment can go through via net. Why can't I make all my payments that way?
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Dasani04
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Posted: 21/March/2005 at 9:44am |
By the way, thank you Kwelmm, WantOut, and eshelton for your advice. ^_^
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kwelmm
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Joined: 06/November/2004
Location: Canada
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Posted: 21/March/2005 at 10:00am |
D,
A federal lein placed against your SIN.....nice try Collectcorp.
She is likely referring to the liklihood that a lein can be placed on
your income taxes.....not your SIN....she must have missed something in
training that day.
They will make sure you don't have any use of credit going
anywhere.....more scare tactics. When they say these things ask
them to explain in more detail.....they probably won't be able to or
they'll make up more stories and try to confuse you more.
How you make payments is pretty much up to you....you arrange what feels the most secure for you.
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SolveStudentDebt
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Joined: 05/November/2003
Location: Canada
Points: 5996
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Posted: 21/March/2005 at 10:30am |
Obviously this debt is a Crown debt (CSLP). The only federal lien that is anchored is relevent to the Income Tax and GST rebates. Collectors say the darndest things, such as "A lien will be placed on your SIN". First of all, your social insurance number cannot be liened for any purpose.
If you would like help, let me know and I will "retire" this problem for you - and get you back on the right course.
John LeBlanc The Canadian Financial Wellness Group
Tel: (902) 464-8727
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Dasani04
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Joined: 20/March/2005
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Posted: 21/March/2005 at 12:18pm |
I kind of figured when I went through the laws and there was no such thing listened for federal lein against a SIN.
I'll have to remember to ask them to explain. Thanks Kwelmm.
What exactly is a crown debt? I've heard about it a few times now and I don't even know what it is. What exactly can be do as in the means of "retire"?
Thank you again for all the help on this and through this.
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SolveStudentDebt
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Joined: 05/November/2003
Location: Canada
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Posted: 21/March/2005 at 2:47pm |
A Crown debt isa debt owed to a government.
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