My visa and mortgage are under the same company
Hello, My visa and mortgage are under the same company. I had offered to settle a debt to my visa company but they are under the same company that holds my mortgage so they say a settlement is not an option. Is that true?
Posted from: British Columbia
When you are making a settlement offer to a creditor they have no legal obligation to accept your offer. The law doesn’t preclude that Visa company from accepting your settlement offer because they also hold your mortgage. However, that company can have their own internal policies about this and may choose not to accept any settlement offers on debt held by individuals that also have a mortgage with their company. Depending on the rest of your circumstances you may wish to consider a consumer proposal. With this option your are offering a settlement to all your creditors and once accepted by the majority of your creditors in dollar value the rest of your creditors would also have to accept your offer. I would recommend you schedule a free consultation with a licensed trustee in your area.