Credit repair question (Canada)?

When I was 18 I signed up for a gym and defaulted on my payments and they sent

the balance to collections. That was almost 4 years ago. Should I wait until the 7 years is up or pay it off? If I negotiate with the collections agency to pay it off in full and immediately will they take it off my credit report? What advice do you have for someone in my position? Believe me I’ve learned my lesson 

4 Answers

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  • Anonymous
    1 month ago
    Favorite Answer

    There is no credit repair. Just wait it out.

    Get a secured card & build credit that way. Discover secured is best.

  • 1 month ago

    "The 7 seven years?"  Debts don't just go away.  Expect to be sued within a few days of the SOL.  I have news for you.  You owe 4 years of interest too.  If you pay it off, they will remove the debt from your credit report.  If you do not, interest will continue to accrue and when they sue you, it will be added to your debt.  If you do not pay ALL of what is owed, your credit will continue to be damaged.

    Source(s): Certified Paralegal, with 25+ years' experience.
  • 1 month ago

    U should just pay for it also if I didn’t want it you should have just cancelled the membership.

  • Anonymous
    1 month ago

    No, you haven't learned your lesson because you still don't want to pay.

    Note, if you pay in full, the credit report will be updated in a few months to show paid, but late.  This *is* better than unpaid or settled.  The lateness will NOT be removed.  "Pay for Delete" was removed quite a few years ago after lenders realized it was skewing credit reports in favor of deadbeats.

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