Yeah well I was out the country lol. I'm American so I could imagine given what I've heard about Candian phone companies how much worse it could have been!

- Collections = 7 years on your credit report. THEN it goes away. (Varies by state)
- Nothing will happen. Your debt will be resold over and over, and they'll end up charging it off as a loss.
- Depending on your state, eventually the statue of limitations will come in. If you ignore it for x years, collectors can try to collect, but they can't sue you. Basically, it's expired debt, any legal option they had goes away.
- A debt collector may try to settle with you. But at that point, it's already on your credit report. So, it's not worth it.
- That collection will lower your credit score. (You'll have a harder time getting approved for things in the future. BUT you can still have bad credit and get a car loan, secured card, etc)
- Either pay it off 100% to the min payment to keep your account in GOOD standing and the account OPEN or walk away...

Does a lot of this advice even apply in Canada? Isn't our bankruptcy way different than USA? I don't think they let you off the hook nearly as easily as USA.

OP I feel your pain. Canada is a chit hole. I was looking at jobs the other day, nothing but precarious garbage for days.

According to the news, we are headed for a massive economic crash. Majority of Canadians have chitloads of debt, wages are stagnant and jobs are 90% precarious garbage unless you work for the government.

hey guys


I went to jail for a few months. Don't want to talk about it

I got a job 17hr 40 hours a week. (phuckin sucks)

also another job about 8 hours week 16-20hr

got rid of The cc

still have to pay off the rest. Should I negate the debt. Its all in collections. fml

i got about 10k student loan debt. One is in collection, the other is active

Read "the total money makeover" by Dave Ramsey. Srs don't **** around

this, except for last sentence. That cc debt will kill you

honestly don't pay. Renegotiate the debt direct with the companies. Do not use one of those debt help companies. You'll take a hit for a couple years and right back in business.

OP if I was you I'd see if you can get a low interest line of credit and pay all that **** off and pay the LOC off ASAP. Chances of you getting a 10k LOC though are slim, especially low interest.

Failing that google the debt rollup method. Basically pay your smallest debts off first, then add that money to the next smallest etc etc. It shaves years off the time to pay it off.

Also you're a muppet to get yourself into 10k of debt and also for getting into crap financially with a friend.

No debt crew

my credit score


I managed to pay off one CC but still have that big one left

I have about 2100 dollars

Should I call and negotiated my phone or amex? I canceled my phone so they stopped hounding me.

Offer like 900 for the 2k debt phone ? or 2100 for the 5k CC?

Assuming your <90-120 days past due on your Amex account, calling them and asking them for short-term relief should help. Last I checked, they had a 12-month program called CARE that would freeze the onslaught of late charges and reduce your interest rate. Your minimum payment might actually go up in the plan, since they're trying to cure what's in arrears (prior balances due), but the cessation of late fees and a lower interest rate help you catch up much easier.

Fixed payment plans may also be available if you have a longer term (1+ year) impairment like job loss in an unstable industry, disability or severe illness.

Unfortunately if you're over that timeframe, they've already written you off as a customer and likely passed you along to a 3rd party debt collector who may or may not be willing to settle the debt. Changing your phone number placed you on a "skip-trace" list which makes them wary of your promises and may make them less willing to work with you.