Portfolio Management Canada Inc.

[excollector]

Been there

Hi all as an excollector there are still lots that no one knows about.
I have worked for Portfolio and other agencies for 20 years.

The most recent being PMCI as it is referred to.

I am not sure on how popular this forum is but if anyone is interestd in teh ins and outs of PMCI and other collection agencies then let me know.

 

[debtor4life]

i just started getting called from portfolio about an old stereo account that they have on me. it is over 6 years old. if i don't pay what can they do

 

[Just4Me]

Now it's my turn to receive a phone call from PMC. Over lunch I received - at work - a voice message asking me to call them to discuss an urgent business matter. I don't know what it's about, although I suspect it might be related to an outstanding department store bill (hint, this large Canadian dept store is no more).

While I don't want to avoid my responsibilities I know there is no way on earth I would be able to afford any sort of repayment - even $50 a month would stretch my resources and would barely make a dent in what I owe (maybe $3500-4000).

I have heard about this 7 year time limit, but how realistic is it? When does the clock start ticking, and what are the ramifications if 7 years does elapse? Is the debt really gone? Do I have a permanent black mark?

I'm assuming this is what the matter is about, but I don't know for sure. Am I risking anything to contact these people and find out what's up? Does that start "the clock" back to 0? I know I haven't used the card in at least 8 or 9 years and I don't think I've made any sort of payment in at least 4 years. Can PMC take me to court for this amount if I don't respond?

Any help/comments would be much appreciated.

 

[credit]

Hi

Do not ACKNOWLEDGE that debt.

 

[credit]

Hi Just4me

PMCI buys debt from companies. Monies ,accounts, owing to these companies from consumers.
After seven years a debt is removed from your credit report and cannot be placed back on your credit report until you ACKNOWLEDGE it again.

If you started a debt account in 1995, say bought a car, but you last made a payment to that account in 1999, your last action on that account would have been in 1999. Your last payment in 1999 would have been considered as your ACKNOWLEDGEMENT of that account.
The seven year rule begins from your last ACKNOWLEDGEMENT of that account. Your last payment in 1999. This applies to all your credit accounts. So, this account of buying a car started in 1995 but was erased in 2006 seven years after your last payment, an ACKNOWLEDGEMENT.

When a phone rep contacts you about a debt which has been erased from your credit report and you ACKNOWLEDGE that debt the debt is then replaced back onto your credit report and the seven year cycle starts over again. Now the debt collector has more rights, court action, garnishee's more phone calls and whatever else they can do. YOU ACKNOWLEDGED the debt.

DEBT ACKNOWLEDGEMENT.
This can be you saying yes to the phone rep over the phone that you did owe money on this account. The conversation is usually recorded. If one person in a conversation knows a conversation is being recorded it is a legal recording.
If you pay money to this erased account you ACKNOWLEDGE the debt.
If you fill in a form and sign it regarding your ACKNOWLEDGEMENT of this debt the debt is reactivated.

PMCI will try to trick you into acknowledging the debt.
Best not to answer their calls they will call less frequently.
DO NOT ACKNOWLEDGE THE DEBT
All they can do is try to get you to ACKNOWLEDGE the debt. Do not do this if you do the ball will now be in their court aimed at you.
Good Luck

 

[credit]

Just4me

you can call them and ask then what its about just dont agree to you owing that debt better to ignore them.

 

[TenPenny]

While I don't want to avoid my responsibilities I know there is no way on earth I would be able to afford any sort of repayment - even $50 a month would stretch my resources and would barely make a dent in what I owe (maybe $3500-4000).

That's funny.

 

[Just4Me]

That's funny.

Not to be obtuse, but I don't get the joke. I'm more than willing to laugh at my situation, even blame myself for getting into it in the first place, but try as I might I don't get the ha-ha.

 

[Just4Me]

When a phone rep contacts you about a debt which has been erased from your credit report and you ACKNOWLEDGE that debt the debt is then replaced back onto your credit report and the seven year cycle starts over again. Now the debt collector has more rights, court action, garnishee's more phone calls and whatever else they can do. YOU ACKNOWLEDGED the debt.

Okay, so what you're saying makes sense, but in your situation I bought a car in '95, my last payment was in '99 and somehow I avoided paying up to and including today. The seven years is up. Am I still able to be contacted about the money?

In my situation, I last made a payment some time in '03 (to a collection agency (CBCL?), not the original creditor and not PMCI). That would have been the last time I acknowledged the debt, as you put it. So I've got a while to go before the 7 years elapses. To my knowledge this debt is not on my credit history (another credit card company I'm working with said I had no bad black marks, and I'm sure this would be considered a bad black mark!). Can PMCI take me to court over this amount, seeing as I'm within this 7 yr period?

So far I have not been at my desk to answer my phone at work (they don't have my phone #). Sooner or later they will get me when I'm there - what is the best way to handle the call? My first instinct is to hang up, but they'll just call back. Needless to say I don't want them calling me repeatedly at work. I'm sure they'll gladly stop if I offer to give them my home #, which obviously I won't do. Do I ask for proof of the debt I owe? What if they send it to me? Any suggestions?

Thanks for the feedback! It is much appreciated!!!

 

[TenPenny]

Not to be obtuse, but I don't get the joke. I'm more than willing to laugh at my situation, even blame myself for getting into it in the first place, but try as I might I don't get the ha-ha.

I don't want to avoid responsibility
Plus
I can't afford to pay this
Plus
After seven years does it go away
Equals
I want to avoid responsibility for this.

That's what's funny.
Start out with a statement and then contract it completely, while looking for help/sympathy. It's funny.

 

[Just4Me]

Actually, I'm not contradicting myself. I am more than happy to accept responsibility - assuming the debt in question is actually mine and is legitimate - and if they would accept $40 or $50/month for as long as it takes to pay off the debt they're welcome to it. But that's not what they'll want - they'll want the full amount and the sooner the better.

I'm not going to lie, if this debt was wiped out of existence I wouldn't shed a tear. So if it's a matter of simply not responding to a phone call or letter, why wouldn't I? Why should I put my head in the noose for their benefit?

I know on the surface it seems contradictory, but it's the nature of the situation. Let's see... manageable payment arrangement versus constant harassment... which to choose. If that was my choice, I'd be calling them this minute. Assuming the debt is mine, it's mine to repay. But collection agencies want their money today, in full or at least in large amounts. They don't get rich off of $25/month payment plans spread over 10 years.

 

[credit]

Just4u just4me

can't say why its not on your credit history. Maybe obtain a copy of your credit file. Call "Equifax",you can obtain a free report yearly through the mail. Just provide them with photocopies of certain id's.
They can explain. TransUnion is also another credit reporting company. They also can provide free yearly credit reports to consumers through the mail. Just apply as same as Equifax.
Regarding PMCI calls, recognize their ph number through call display if available, ignore it.
Or just ask them who is calling? what is this matter about? can I take a message? when they ask for soandso. They are limited by law to a certain number of calls per week they can make to an individual.
Look this up government of Canada, Consumer Awareness or something of the such. It explains in detail the limitations credit collectors have.
P.S. If its not on your credit report how can they be sure, in court, its you?

 

[credit]

Maybe PMCI is unsure this is your debt. Maybe they want you to ACKNOWLEDGE the debt so they can put it on your credit history and then come after you with more vigor. IF that is this debt is not on your credit history.

 

[raineshower]

For the past few months every now and then I would get a message on my machine from a robot saying that there was an "important business matter" for "J Tompkins". There isn't a a J Tompkins at our house, so I ignored it.

So, today, I call home from work to check the machine and it's a real person calling to leave a message. He sounded professional, said who he was and who he worked for and once again it was for J Tompkins. With a name like "Portfolio Management" I thought it was an RRSP place and this guy was going to miss out on something for tax season or whatnot.

So, I call the guy at PMC back, and he was actually really nice. I told him that I kept getting messages for J. Tompkins and that J. Tompkins doesn't live at our house. (the PMC guy actually repeated "house" to me... which I thought was strange) He then offered to take the number off the contact list, but needed me to give him the number again (eventhough he said "Oh, I just called there not that long ago") So I gave it to him and he said thank you and have a nice day.

Now I am just wondering if by giving him the phone number (although they already obviously had it...) I was giving him information that I shouldn't have. Especially after reading this thread.

 

[hermanntrude]

he already had your number. I doubt there's anything he'd do with it the second time he got it that he wouldn't have already done

 

[credit]

Tell us if they call back again or if they stop.
Thanks.

 

[raineshower]

he already had your number. I doubt there's anything he'd do with it the second time he got it that he wouldn't have already done

yeah, that's what I figured....

Tell us if they call back again or if they stop.
Thanks.

Will do

 

[ljdahl]

Pmi

I also just recently had a call from this PMI. They said I owed Future Shop $900+ dollars. I explained to the lady that called, that yes at one time I did have a Future Shop account, but that I had paid it in full, the bureau did show that fact (as I had a copy handy) and that I also had a letter from Future Shop in 2003 which stated my account was paid in full and closed at my request.

She stated she needed a copy of my letter to 'close' the account. I told her to go back to Future Shop and get the copy herself and they could take me to court in order to collect on a non-existant bill. She stated she'd put the info back on my bureau as a '3rd party collection' for 7 years. I told her that based on Canadian law, that was not a legal act and if she did it would be removed by the bureau when I sent my information to dispute the claim and then had my lawyer sue them for damages to my credit bureau score.

I haven't heard from them since, but I expect this isn't the end of it. I also intend on complaining to the government about these people.

Hopefully by continuing to post issues and file complaints with the government we can get rid of these guys.

L

 

[PixieLady23]

I dunno

maybe if you have debt you should pay it off. why the **** is it okay for someone to use a service and not pay for it.. oh boo hoo.. financial hardships, so wat, pay up, make a payment plan. people shouldnt be so anal for their faults

 

[excollector]

Okay, so what you're saying makes sense, but in your situation I bought a car in '95, my last payment was in '99 and somehow I avoided paying up to and including today. The seven years is up. Am I still able to be contacted about the money?

In my situation, I last made a payment some time in '03 (to a collection agency (CBCL?), not the original creditor and not PMCI). That would have been the last time I acknowledged the debt, as you put it. So I've got a while to go before the 7 years elapses. To my knowledge this debt is not on my credit history (another credit card company I'm working with said I had no bad black marks, and I'm sure this would be considered a bad black mark!). Can PMCI take me to court over this amount, seeing as I'm within this 7 yr period?

So far I have not been at my desk to answer my phone at work (they don't have my phone #). Sooner or later they will get me when I'm there - what is the best way to handle the call? My first instinct is to hang up, but they'll just call back. Needless to say I don't want them calling me repeatedly at work. I'm sure they'll gladly stop if I offer to give them my home #, which obviously I won't do. Do I ask for proof of the debt I owe? What if they send it to me? Any suggestions?

Thanks for the feedback! It is much appreciated!!!

Always ask proof of the debt, despite what the credit people say, as long as you state the debr is stat barred, they have no ramifications against you, I had a collection agency call me about comsumers dist. well I told them it is statted barred, and i spoek to the manager which I worked with years ago and they took it off the data base.
You alos do not have to give them your tel# infact you can request that you be contacted by correspondence only, mail that is. It is under the collection act.