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Feb 28, 2010

cleaning up old debt
by: Gerri

Andrew,

Thanks for submitting your debt collection question on our Q&A page.

Since you live in Canada, and our expertise is only in American debt collection topics, however, I can only share the advice I would give you if you lived in the U.S.. I can't tell you if it works the same in Canada.

1. Order your credit report(s). Debts that are less than 7.5 years old will be listed there.

2. Find out what the statute of limitations is for the type of debt you owe. In the U.S., this is a matter of state law.

3. If the debts listed on your credit report are not outside the statue of limitations then contact each collection agency in writing, asking them to verify the debt.

4. Once you get an idea of whom/what you owe, figure out your plan for paying this debt. Use the advice in our ebook, Debt Collection Answers, to decide how to handle these old debts. You can
read the first chapter of Debt Collection Answers online for free here.

4. Keep a file with records of conversations with every collector, as well as every piece of correspondence.

Again, I don't know how it works in Canada, but I hope you find this useful! Please do share any resources you find with us.

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Feb 28, 2010
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Submitted by: Gerri

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Andrew, <a href=" http://www.debtcollectionanswers.com/http://www.debtcollectionanswers.com/Debt-Collection-Questions.html">Thanks for submitting your debt collection question on our Q&A page. </a> Since you live in Canada, and our expertise is only in American debt collection topics, however, I can only share the advice I would give you if you lived in the U.S.. I can't tell you if it works the same in Canada. 1. Order your credit report(s). Debts that are less than 7.5 years old will be listed there. 2. Find out what the statute of limitations is for the type of debt you owe. In the U.S., this is a matter of state law. 3. If the debts listed on your credit report are not outside the statue of limitations then contact each collection agency in writing, asking them to verify the debt. 4. Once you get an idea of whom/what you owe, figure out your plan for paying this debt. Use the advice in our ebook, Debt Collection Answers, to decide how to handle these old debts. You can <a href=" http://www.debtcollectionanswers.com/debt-collection-answers-intro.html">read the first chapter of Debt Collection Answers online for free </a> here. 4. Keep a file with records of conversations with every collector, as well as every piece of correspondence. Again, I don't know how it works in Canada, but I hope you find this useful! Please do share any resources you find with us.

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