Dealing with Abusive Collection Agencies

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ARC problem

Printed From: CanadaStudentDebt.ca
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Forum Name: Dealing with Abusive Collection Agencies
Forum Description: Help can be found here for dealing with these problems!
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=4924
Printed Date: 27/March/2026 at 3:46am
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Topic: ARC problem

Posted By: real_poopypants
Subject: ARC problem
Date Posted: 24/June/2008 at 9:31am

Hello

I had a $5700 ontario student loan recently sent to Accounts recovery corporation. I sent them a letter explaining that I could only afford to pay approx. $1200. Along with the letter, I sent 4 postdated cheques for $300 each. I mentioned in the letter that if they cashed the cheques that meant they agreed to my terms and that my debt would be settled. I really can't afford to pay anymore even though I am working full time. You know how it is.

Anyway, I got a call from the agent today. She said I needed to send more cheques. I said I had nothing to give them. She informed me that if I don't do something within a week, my loan will be sent back to the government and they will track down my employer and take 20% of my earnings. I told her I would call in a week.

Am I totally screwed or what??

Replies:

Posted By: SolveStudentDebt
Date Posted: 24/June/2008 at 3:11pm

If you owe a creditor $1000, and you send them a check for $500.00 with a note that says you are only able to repay that amount, and that by cashing it they agree to accept it as payment in full That creditor is going to take your $500.00 and apply it to the account - and come looking or the other $500, including interest.

The only way they are bound to it is if they agree to this in writing. If you send them a letter telling them "how it is", they will tell you how it is.

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Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

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