Personal Finance

Is this release letter from a collection agency good enough?

  • Last Updated:
  • Aug 20th, 2020 12:26 pm
[OP]
Newbie
Oct 18, 2018
18 posts
4 upvotes

Is this release letter from a collection agency good enough?

I've received this letter from a collection agency, proposing to pay $520 to be released from the debt, Is there any chances Bell will sell the outstanding balance to another collection agency after i settle for $520?
Thank you

Debt release offer

Our client Bell has authorized us to collect payment of the amount of $520, which would put an end to the collection operations relating to the account number indicated above, provided that this amount is paid by AUGUST 20, 2020.

If in the future you wish to subscribe to services offered by Bell and/or its affiliates, the balance of your account $250 must first be paid before you can take advantage of new services.
4 replies
Deal Fanatic
User avatar
Aug 24, 2016
7425 posts
7558 upvotes
The Prairies
They can’t send you a letter, get you to pay, then try collecting again.
Pay it, keep your receipt or whatever other proof you have that you paid it, along with that letter, and you’ll be fine.
Deal Fanatic
Jul 4, 2004
8577 posts
1517 upvotes
Just a quick note about the statute of limitations on debt collection. If you are in Ontario and the debt is over 2 years old, then it's no-longer enforceable. You should check with the ministry of consumer affairs in your home province to find out what the statute period is on debt collection as it is different for each province.
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Deal Fanatic
Apr 16, 2007
7867 posts
3133 upvotes
Financial District B…
Frankie3s wrote: Just a quick note about the statute of limitations on debt collection. If you are in Ontario and the debt is over 2 years old, then it's no-longer enforceable. You should check with the ministry of consumer affairs in your home province to find out what the statute period is on debt collection as it is different for each province.
It's very important to note that there is a subject to clause to the SOL.
Yes an old debt is no longer enforceable (from DOLA timestamp) via any legal matters but it's subject to debtor acknowledgement where the SOL timelimits can be reset.
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Deal Fanatic
Apr 16, 2007
7867 posts
3133 upvotes
Financial District B…
Batalius wrote: I've received this letter from a collection agency, proposing to pay $520 to be released from the debt, Is there any chances Bell will sell the outstanding balance to another collection agency after i settle for $520?
Thank you

Debt release offer

Our client Bell has authorized us to collect payment of the amount of $520, which would put an end to the collection operations relating to the account number indicated above, provided that this amount is paid by AUGUST 20, 2020.

If in the future you wish to subscribe to services offered by Bell and/or its affiliates, the balance of your account $250 must first be paid before you can take advantage of new services.
A release letter/acknowledgment from creditor is standard policy in regards to contract law.
When you agree to and sign up of any financial obligated contract you are entering into an agreement. A release letter is an official document that releases the debtor from that agreement.
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again

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