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Collection Agencies: What are the rules?

Alex D. from TRIBE on Utility Room

The Peej

TRIBE Member
If it's been over 6 years, it's stats barred and they have no recourse to ge the money back from you.

It it's been over 7 or 6 (depending on the province you live in) it will come off your credit bureau.

for the peeps that want collection agencies to stop calling them, send them a registered letter requesting that all further correspondence be in writting only. Be sure to include and address where they can mail you, otherwise they are allowed to call you to try and get one.



I'm really not intending to let it go unpaid. I want to make good on it. I also think if I'm a bit more aggressive and seek them out to pay, then go to my bank and set up a pre-paid credit card to start using, I can build myself back up out of the whole my young innocent naivety got me into a little bit quicker.

I mean, not having a credit card is BALLS. I can't even buy Tweetie 2 for my iPhone!

What kind of second rate citizen am I?


Someone here PMed me the info of a collections company that handles Citi Financial and Citi Bank stuff... and they had ZERO record of my name on file.



I would actually just let it go away... but two years ago I tried to set up one of those pre paid cards (let 1000 bucks sit in an account for 9 months) and they wouldn't even approve me for that!

WOULDN'T GIVE ME A PRE-PAID MC?!

I'm fucked.


How am I supposed to buy a house / condo and make babies with my future mate if I'm not a functioning member of society?!

lol
 

Spinsah

TRIBE Member
How can you not get approved for a pre-paid card? That blows my mind. I thought all you needed was an address and a bank account.
 

The Peej

TRIBE Member
How can you not get approved for a pre-paid card? That blows my mind. I thought all you needed was an address and a bank account.



7 years of owing 200 dollars to Sleep Country Canada's (Citi Banks) chosen collections agency.


Also, I'm fucking shady. Have you see me? Not trust worthy! :p ;)
 
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derek

TRIBE Member
why mess with your credit like that? read contracts, and pay your dues. i find some policies a cash crab too, but if it's stated, you don't have much option, no sense withholding and potentially damaging your credit.
 

litespeed

Well-Known TRIBEr
I'm really not intending to let it go unpaid. I want to make good on it. I also think if I'm a bit more aggressive and seek them out to pay, then go to my bank and set up a pre-paid credit card to start using, I can build myself back up out of the whole my young innocent naivety got me into a little bit quicker.

I mean, not having a credit card is BALLS. I can't even buy Tweetie 2 for my iPhone!

What kind of second rate citizen am I?


Someone here PMed me the info of a collections company that handles Citi Financial and Citi Bank stuff... and they had ZERO record of my name on file.



I would actually just let it go away... but two years ago I tried to set up one of those pre paid cards (let 1000 bucks sit in an account for 9 months) and they wouldn't even approve me for that!

WOULDN'T GIVE ME A PRE-PAID MC?!

I'm fucked.


How am I supposed to buy a house / condo and make babies with my future mate if I'm not a functioning member of society?!

lol




If it's been more than 7 years since the date of write off, then it shouldn't be listed on your bureau any more.

If both sleep country and Citifinancial are telling you they have no record of it, go online to equifax's website and you can contest anything that's listed on your bureau. i can't remember the exact process, but you should be able to find the info on their site. they will then contact the creditor to confirm, and if again no info can be found to verify the debt, it will be removed from your bureau.
 

The Peej

TRIBE Member
I can't say enough how pleased I am to have gotten so much actual, tangible, usable, honest advice in this thread. Thanks ladies and gents.

Much appreciated!
 

praktik

TRIBE Member
I had trouble getting a loan once cause whoever typed in my name @ equifax put in an extra letter. Didn't match the name my bank was giving them.

I tried fixing it but it was a real pain to get a hold of them and get it fixed.

Eventually I think they caught on and fixed it themselves.
 
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Karim

TRIBE Member
Yeah pretty much. :)

Her contract said that early cancellation would incur a $20 per month charge for any remaining months on the contract (in her case 1 month) but then also stated it was $20/month remaining or $100 at a minimum. She ported to Rogers with maybe 2 weeks left in her Telus contract and she was expecting to pay $20 on her last bill but they stuck her with the $100 charge. Since she is a woman she flew off the handle at Telus claiming they lied and are ripping her off and has since declined to pay the $100 charge even though they've been quite insistent. I'm indifferent mostly (aside from the collection agency calls) but it has been quite an entertaining experience overall.

Telus is the worst for that. I work in the industry and have seen cancellation charges on accounts for customers that port their numbers to Rogers/Bell with 1 day left on their contract. It's outrageous, and Telus seems to be the only one that'll slap a $100 cancellation on a 1 day early cancellation.

That being said, things will get better in the coming years.

When a phone is listed at $599 regular price (say the Blackberry Bold 9700), that is an inflated price with a crazy margin on it.

On the flip side, you have companies like Wind Mobile who sell the same phone outright for $450.

Wind is finding a hard time to sign on customers with no type of contract as there are not a lot of customers willing to pay $450 for their phone, or feel that phones aren't worth $450 (It's crazy how many people think a phone should be worth $50 or less contract free due to being accustomed to contract pricing for the past few decades).

So Wind is coming up with a system where you get the phone heavily subsidized, but you have a few dollar financing option added onto your monthly bill to pay off the phone over time. If you cancel early, you simply need pay the remaining balance of the phone that has yet to be paid off. If and when Wind can become a serious player, this will be a game changer for the Canadian telecom industry.
 

MissBlu

TRIBE Member
to add to what karim is saying, the wind mobile thing is like what koodo does.
when i left rogers and battled them for 6 months (i won - but it takes time and really, really, good paperwork) i went to koodo.

work gave me a bb, so i left koodo, all i had to do was pay what was left from the phone on my tab. beautiful.

i wont ever go on contract for mobile ever again. i'll buy my phone straight out or used and go that direction. the headaches it saves from a contract is well worth it to me, imo.
 

praktik

TRIBE Member
So Wind is coming up with a system where you get the phone heavily subsidized, but you have a few dollar financing option added onto your monthly bill to pay off the phone over time. If you cancel early, you simply need pay the remaining balance of the phone that has yet to be paid off. If and when Wind can become a serious player, this will be a game changer for the Canadian telecom industry.

This is an interesting alternative but in practise may work out somewhat similarly.

The advantage it has I think is that it's much less irritating for the customer. It's easier to understand that chunk you have to pay is precisely because of the cost of the phone that you got cheap at the start - and nothing else.

When its called a "cancellation fee" and inflated beyond the cost of the phone, it drives irritation.

i think the big companies have adopted the practises they do because of two reasons:

- competition forced them to have low-entrance costs
- the cancellation fee and contracts are something the others were doing, so there was little chance of losing customers to a company that wasn't offering the same kind of thing (save pay as you go options, which have carved out a niche because of the opening these practises left them - though, they are all sub-entities of the larger ones anyway, so ther eyou go)
 

PAUZE

TRIBE Promoter
Don't fuck with collection agencies, if this one is for real they have the ability to FUCK you up large. Putting a hit on your credit report makes it near impossible to get cards after they have been cancelled etc. Take it from me and bad credit as a minor. It took me a few years to get my shit in order after I figured out how everything worked. Buying a house/car etc is big dollars and you sometimes need the help of credit. If your credit is fucked you are either going to pay super high interest or get denied.

I am not sure what the rules are in terms of them calling you/harassing you, but as someone mentioned above call equifax, see if they have a record of this company before you pay up and pay them before they hit you with a neg on your history.
 

I_bRAD

TRIBE Member
So if it's not on my equifax I don't have to worry about it, or can they add it after the fact? It's not on there now (as it shouldn't be as I don't owe it)

What I was getting at with this thread is what is to stop a "collection agency" from simply making up a debt and then coercing me to pay it in the hopes of saving my credit rating?
 
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rawd

TRIBE Member
Vise, pay it dude. I owed Rogers $90 from a pager bill (remember those HEHEH). The same dude used to call me over and over from collections. I used to mock him on the phone. I'll never forget his name, Ken Waters. Anyway they fucked my credit up royally. Couldn't get a new CC for a year I think it was. Who knows what they do these days
 

rawd

TRIBE Member
Fo'real. If the place doesn't take beaver pelts or coffee beans, they don't deserve your bidness anyway
 

LeoGirl

TRIBE Member
I find the best way to stick it to the collection guys is to pay the company you owe directly. Did that with an old gas bill. Had to jump through a few hoops to get them to stop calling, but they didn't get the commission from it.
 

kuba

TRIBE Member
that's bad advice. collections agencies buy portfolios of dead beats. once the agency has it, the original company usually does not have it in the system. you may be shooting yourself by doing this, as the collections agency may still call.
 
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SneakyPete

TRIBE Member
So if it's not on my equifax I don't have to worry about it, or can they add it after the fact? It's not on there now (as it shouldn't be as I don't owe it)

The other major credit reporting agency in Canada is TransUnion Canada. I would request a report from them also.
 

saskboy

TRIBE Member
NAFS of Canada keeps calling me. I never answer. I don't owe anybody anything. I know I dont. They said they sent me stuff to a wrong address. It might be one of my deceased father's bills. I feel like suing. Small claims. You know, just to stick it to them.

I just called Bell to get my phone unlisted. Too late for this one, but fuck I don't want to be on Canada411 for any idiot to see.
 

diablo

TRIBE Member
Whenever one gets the feeling that their life hasn't panned out as well as they would've liked, they should just come on Tribe and be regaled by tales of people who have to fend off collection agents every day.
 
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