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collection porceeding on credit card debt

I have a credit card debt that has been in collections for about 7 months. They had agreed to a settlement amount to be made in 2 equal payments. I was only able to make the first payment half and then the full amount became due. I made arrangements with the collection agency to make payment on the rest and have been unable to make the payment. Now as of yesterday they informed me on the phone that as my arrangemts were not kept to pay the balance owed and that they will be proceeding on it as of yesterday. I live in Alberta. What will happen now? I will be able to make the payment of the balance in full by the middle of next week its about $1200, but it’s already late.

Posted from: Alberta

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One Response to “collection porceeding on credit card debt”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

From the sounds of it the creditor has taken the settlement off the table and you are back to the original amount. You can always contact the creditor and see if they can be lenient on this, but what the chances of this are is very difficult to say. Legally speaking they are not required to honor that old deal they offered you, so you will be at the mercy of the collector. So your first step is to re-contact the creditor and see what other type of options they will ofer.