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Every Canadian Needs to be Aware of OUR FREE Debt Consolidation Service.

Did the collection agency buy the debt, or simply buy a file? Big difference!

What collection agencies do is buy a file with your name, phone number, address and employer. This is not buying a debt.

If they bought the debt, they would be able to produce proof of ownership of the debt and the wet ink original contract you signed with your creditor in order to collect. This in fact would be the document or asset they purchased.

If they merely bought the file, they have no legal grounds to collect. This can create a huge opportunity to reduce your debt by thousands, while not affecting your credit.

If the collector admits to not owning the debt, but is acting as an agent to collect, the collector must be able to prove their client (your creditor) still owns the debt. If the collector does not have proof their client (your creditor) is still the rightful owners of the debt, this is considered a lack of due diligence on the collector’s part.

This would mean the collector is acting upon the simple fact your creditor told them you owe them money. This is the same as you calling up a collector and simply telling them you are owed money by an entity and they start collecting simply on your word. Very unprofessional!


The only entities allowed to ask a creditor for proof of ownership of the debt are you the borrower, but only if you have the funds to pay out the loan in a lump sum payment, or a private lender who is providing a debt consolidation loan via purchasing the debt from your creditor.

When you the borrower, and a private lender ask for proof of ownership of the debt together, it is a very powerful combination.

Furthermore, to solidify the fact that your creditors could have sold your debt, every one of your creditors in the loan / credit card agreements states they are contemplating selling the debt from the date the contract was signed.

The following paraphrase can be found within each agreement you have signed with your creditors:

“Your creditor may, without notice to you, and without your consent sell, transfer, pledge or assign all or part of this agreement …. to any third party.”

The above paraphrase found within the client agreement you signed with your creditor confirms your creditor could have sold your debt.

The above paraphrase, found within the client agreement, proves your creditor was contemplating selling your debt to a third party, from the date the contract was signed.

Therefore, the documentation we are requesting is a very reasonable and simple request:

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Your creditor needs to prove they are currently the rightful owner of the debt, due to the fact debts are bought and sold everyday, as implicated in the client agreement.

Simply put, your creditor could have sold your debt (as implicated in the client agreement).


Every Canadian needs to be aware of the following information:


Why does this not affect your credit?


You are not negotiating due to not having the money to pay the creditors out, you are negotiating due to the fact your creditor does not have the proper paperwork proving they are still the rightful owners of the debt.

Really, at this point you can see how the banks have no right to collect anything due to the fact if they sold the debt they already got paid and no longer own the debt. Were we to forward them the funds, they would be paid twice.

The truth of the matter is that the Canadian system is not ready to allow people to fully discharge their debts, but together with a private lender negotiating a minimum 25% discount while being released from the compound interest trap, while not affecting your credit report, is a very realistic expectation.