cc in collections - settling vs pay in full

E

ep1x

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Hey guys,
I screwed up with a BMO cc while in university. MasterCard closed the account, and sold my file to Partners In Credit. I understand the pros/cons settling/vs paying full through google searches, but what I found for settling were mainly Americans stating they paid 30-40% of their total balance. Can this type of settling be achievable in Canada?
 
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Not sure how revelant but someone i know had CC issues, and had almost $2000 on one card. Blabh blah blah it got turned over to collections, and after them calling etc the person ended up paying just under $200 to settle it all.
 
Hmm.
Well I'm 23 years old, and it takes 7 years to rebuild credit. No plans for a mortgage or loan anytime soon.
What's the best play? Let's keep honesty out of the equation.
 
I carry balances of 3-4k a month and pay it off before it comes to pay. It's the reason why I have good credit. Credit is important so don't mess around with it.

Settlement will reflect negatively on your report. Pay it off full and work towards restoring your credit.
 
ep1x said:
Hey guys,
I screwed up with a BMO cc while in university. MasterCard closed the account, and sold my file to Partners In Credit. I understand the pros/cons settling/vs paying full through google searches, but what I found for settling were mainly Americans stating they paid 30-40% of their total balance. Can this type of settling be achievable in Canada?
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There is no easy way out, those claims you hear in the states are BS. Pay what you owe and perhaps be a bit better with your cash in the future. This is gonna haunt you for a while
 
Well it seems kind of obvious if he had the option of paying it in full he would so that's not really a recommendation.. but some knowledge perhaps.
 
BAUSS said:
Well it seems kind of obvious if he had the option of paying it in full he would so that's not really a recommendation.. but some knowledge perhaps.
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the companies that claim that they will settle for pennies on the dollar will take your cash and thats about it
 
With the interest that added up over the last year - ~$2000
I should of noted that I have an RBC Visa in collections with a balance of $3500.
I also have a Futureshop cc for an iMac purchased 1 year ago probably in collections. Total debt around 6500-7000.
I'm making money, but I have 1k/rent to pay, and other expenses for Toronto city living. I was on the ball for so many years and at one point had a Equifax score of ~700. That all collapsed within a couple months and paying debt off has been downhill since. I've been slacking and I only have myself to blame. My parents think I have this under control.. I'm trying to focus on one cc at a time , hence why I posted about BMO.

I picked up a decent paying job as soon as my bridge collapsed, but spent the last year with horrible money management. I have 2k saved up from last 1.5months. I just want to tie everything off and start fresh. I spoke with MasterCard management today, and they said that if I can pay off my MasterCard in full, they reassured me that they would try to get a fresh MasterCard account set up for me with conditions since my credit score is completely shot.

I would like to pay Bmo in full, settle visa, chase for the lowest amount possible and strategically rebuild my Equifax.
 
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ep1x said:
With the interest that added up over the last year - ~$2000
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thats it? you let a credit card and your credit go to hell over 2K?

just pay it what the hell is wrong with you? lol not too long ago i saw a thread by you where you wanted someone to deposit 1000$ into your poker thingy, yet you cant come up with 2k for something like this?

r u trolling us?
 
ep1x said:
With the interest that added up over the last year - ~$2000
I should of noted that I have an RBC Visa in collections with a balance of $3500.
I also have a Futureshop cc for an iMac purchased 1 year ago probably in collections. Total debt around 6500-7000.
I'm making money, but I have 1k/rent to pay, and other expenses for Toronto city living. I was on the ball for so many years and at one point had a Equifax score of ~700. That all collapsed within a couple months and paying debt off has been downhill since. I've been slacking and I only have myself to blame. My parents think I have this under control.. I'm trying to focus on one cc at a time , hence why I posted about BMO.
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if you have a car and a bike , sell the bike , at the rate your going sell the car to , move back with mommy and daddy if you can , if not start selling **** off , the faster you get out of the hole you dug yourself the faster you can start getting you **** and life back on track
p.s. do you work weekends, if you dont, i suggest you should start and right now is the best time to find a part time job
 
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Fontes59 said:
if you have a car and a bike , sell the bike , at the rate your going sell the car to , move back with mommy and daddy if you can , if not start selling **** off , the faster you get out of the hole you dug yourself the faster you can start getting you **** and life back on track
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i would have to agree

6-7 k isnt the end of the world, but can get ugly if you dont stop it
 
you wrote that you had ****** money management. that is probably key here, spend money only on things you absolutely need like rent, food. everything else put on hold and pay this off asap. if you're making good coin this shouldn't take long.

even borrow some cash from your parents, they wont send collections after you :D
 
Paul1000RR said:
you wrote that you had ****** money management. that is probably key here, spend money only on things you absolutely need like rent, food. everything else put on hold and pay this off asap. if you're making good coin this shouldn't take long.

even borrow some cash from your parents, they wont send collections after you :D
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agree ^ first thing is cancel internet and sell computer then you will save money and make money
 
Yeah I projected 5-6k saved by mid Feb if I can utilize what I've learned from a friend of Hebrew descent.
 
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