Hi
I am new to this group, but sadly not new to the trials of financial
hardships.
My questions for now are:
1. In Canada, once a debt has gone to a collection agency is it legal
for interest charges to be continually charged, as if it were still an
active credit card?
2. Also,can a creditor simply stop contacting you, and NOT send a debt
to a collection agency?
As with most of you on here seeking advice, I have sadly seen all of
my debts bounce around from collection agency to collection
agency...not really noticing that I wasn't getting notices from one of
my smaller ones, (a department store credit card). Lately I just got a
letter making it clear to me that they had never sent it to a
collection agency, and yet they never sent me any letters of monthy
added on charges etc. I assumed it was at collections with everything
else. The interest charges equal the origonal debt now. They had sent
this letter saying they would accept 50% of the debt as final
payment...yet 50% of that amount is 100% of the origonal amount. It's
almost funny.
Any help would be great. I wish you all brighter financial
futures...it is only money after all...be grateful we aren't on some
of the other groups out there...
God Bless
GM