Four SIF letters from CBV Collection Services Ltd. dated October 11, 2017

Yes

In a letter dated October 11, 2017, CBV Collection Services offers to settle an outstanding Capital One account for $1,385.84 or 55 percent of the current outstanding balance.

In this letter dated October 11, 2017, CBV Collection Services Ltd. offers to settle an outstanding RBC account for a one-time lump sum payment equal to 85 percent of the current outstanding balance.

Do collection agencies solicit lump sum settlements at substantial discounts?

Mark Silverthorn

Founder, Comprehensive Debt Solutions


October 17, 2017

In a letter dated October 11, 2017, CBV Collection Services offers to settle an outstanding Capital One account for

$467.76 or 55 percent of the current outstanding balance.

Regardless of whether or not a collection agency is (1) collecting monies on a commission basis on behalf of a creditor, or (2) is collecting monies it has purchased a collection agency might be in a position to agree to accept a one-time lump sum payment for significantly less than the current outstanding balance as settlement in full.

In a letter dated October 11, 2017, CBV Collection Services Ltd. offers to settle an outstanding Capital One account for 60 percent of the current outstanding balance.

The proof is in the pudding

Collection agencies, as well as collection law firms, debt buyers, and some creditors, might not only agree to settle an outstanding account for a lump sum payment for less than the current balance but also they will sometimes solicit these discounted settlements from consumers.

Comprehensive Debt Solutions has a substantial number of settlement letters, addressed to Canadian consumers--from collection agencies, collection law firms, debt buyers, and some original creditors--offering to accept a one-time lump payment, for substantially less than the current outstanding balance, as settlement in full.

Burnaby, British Columbia-based CBV Collection Services Ltd. is one of the largest collection agencies operating in Canada.  Bob Richards, the President of CBV Collection Services Ltd. has stated publicly that CBV Collection Services Ltd., or one of its corporate affiliates, is a significant player in the debt purchasing industry in Canada.


We recently came into possession of four settlement letters, all dated October 11, 2017, from CBV Collection Services Ltd., addressed to Canadian residents (reproduced below)--sent on behalf of Capital One and RBC--offering to accept a lump sum payment for significantly less than the current oustanding balance as settlement in full.

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