FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Negotiations.

I want to make a deal with Visa . I can’t use any of the alternatives discussed in this blog . I have no income and have nothing but the clothes on my back. My relatives told me they would pay what I owe if I can negotiate a reasonable deal . I hate to call . I am not a good talker and I can’t negotiate by using the phone( i would likely agree to pay more than I owe ) . Can i just send a letter explaining my situation and make them an offer.If we do come to terms ,I want something in writing from them .If I pay 50 percent back over 2 years with no interest I want assurance that my debt is wiped clean . I am worried that some visa lawyer will contact me after I am done. Telling me for some legal reason that the contract i made with them is not binding . Anyone have any advice for me.

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One Response to “Negotiations.”

A licensed trustee said...

I disagree with your comment that you “can’t use any of the alternatives discussed in this blog.” I don’t know how much you owe Visa, but it would appear that you have a number of obvious alternatives.

First, you could have a credit counsellor attempt a debt management plan to deal with the debt, with funds provided by your family.

Second, you could file a consumer proposal, offering say 50 cents on the dollar as a lump sum, again with funds provided by your family.

Third, you could do as you suggest, and communicate with them only by letter; most collection agencies won’t give you a commitment in writing.

Finally, if you don’t believe you will ever be able to repay this debt, you could go bankrupt, using your family resources to cover the cost of the bankruptcy.

I suggest you talk to a credit counsellor or personal bankruptcy trustee if you want help dealing with your debts.