Secured or unsecured debt?

October 15th, 2015 by Questions

I had a survey done when I bought my home. The initial bill was sent to a lawyer and I assumed he paid it then added to my bill but never read the final bill thoroughly. Three months later I got a bill from the surveyor which I am unable to pay as my income is CPP disability and less than $800 a month. The collection agency that has now assumed my debt says they can sue and get a judgement to sell my home. The original bill was 460 but the interest is very high Is this a secured debt and can they do this or is it just scare tactics

Questions

One Response to “Secured or unsecured debt?”


October 15, 2015 at 1:04 pm, Desmond West-Chow, CIRP, Trustee said:

This appears to me to be an unsecured debt, although it’s difficult to say for sure unless I can review the title documents for your home. Unsecured debts can take legal action in order to gain the ability to garnish your wages or, as they’ve mentioned, register on title to your home. What they’re saying to you is not incorrect, but they may be saying it to scare you more so than actually taking that action as it could potentially be costly for them to pursue that action. It would probably be worthwhile for you to speak to a local trustee to get some information about your provincial garnishment limits and to review the local laws for creditors ability to collect.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)