Line of credit and collection calls

October 23rd, 2015 by Questions

I failed to make payments on a line of credit. I am now getting calls from a collection service. They want to settle on a lump sum but won’t take payments. It is at $11000 now. What do I do?

Questions

One Response to “Line of credit and collection calls”


October 23, 2015 at 10:34 am, Desmond West-Chow, CIRP, Trustee said:

It is quite common for collection agencies to offer lump sum settlements but not on payment terms. The next step for you would be to begin gathering information about the numerous options you have available. Speaking to a trustee is always a good place to start, as the initial assessment a trustee is required to undertake includes discussing your options and the merits and consequences of each of those options. Even if you choose not to file a bankruptcy or consumer proposal through a trustee, that first meeting is a great step to become informed of your debt resolution options.

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