What is Resolve Financial Recovery?

What is Resolve Financial Recovery?

Resolve Financial Recovery is a collection agency headquartered in Mississauga, Ontario. The company was incorporated in 2013 and began operating locally in 2015. Resolve

Financial Recovery purchases delinquent receivables from original creditors and also collects debts on behalf of other companies as a first-party and third-party agency.

Resolve Financial Recovery holds Ontario collection agency licence number 4734983, issued by the Ministry of Public and Business Service Delivery and Procurement.

The company has been accredited by the Better Business Bureau since December 2015 and holds an A rating.

Source: Better Business Bureau – Resolve Financial Recovery Inc. Business Profile

Why is Resolve Financial Recovery contacting you?

If Resolve Financial Recovery has called you, it almost always means a debt you owe has been assigned to them, or they have purchased it from the original creditor.

Resolve Financial Recovery works with banks, telecom providers, auto lenders, utility companies, and insurers. Once the original creditor gives up on collecting, the account is handed over to an agency like Resolve Financial Recovery.

The debt is still yours. The amount owed does not change just because a collection agency is now involved. What changes is who you are dealing with. Before you pay anything or share personal information, ask for written verification of the debt.

Is Resolve Financial Recovery legitimate?

Resolve Financial Recovery is a registered collection agency in Ontario. You can confirm their registration status through the Ontario government’s business licence search directory. Their licence number is 4734983.

Source: Ontario Ministry of Public and Business Service Delivery and Procurement – Search for a Business Licence

Scammers do impersonate real collection agencies. If someone contacts you claiming to be from Resolve Financial Recovery, do not give out personal or financial details over the phone until you have confirmed the caller’s identity.

Contact Resolve Financial Recovery directly using the number on their official website or BBB listing to verify the call.

What types of debt does Resolve Financial Recovery collect?

Resolve Financial Recovery collects debts across several sectors. These include banking and credit card debt, telecommunications balances, automotive loans, utility bills, insurance premiums, and commercial accounts. The company works with both consumer and business receivables.

Most people who hear from Resolve Financial Recovery are dealing with a consumer debt, typically an unpaid credit card, phone bill, or personal loan that the original creditor has written off.

If you are not sure why they are contacting you, ask them to provide in writing the original creditor and the amount owed.

What are your rights when contacted by a collection agency in Ontario?

Ontario’s Collection and Debt Settlement Services Act (CDSSA) sets out the rules that every registered collection agency, including Resolve Financial Recovery, must follow. These protections apply whether you owe the debt or not.

Written notice before contact

Resolve Financial Recovery must send you a written notice by mail or email before calling you to collect. That notice must include the amount owed, the name of the original creditor, and a description of the debt.

After sending the notice, they must wait six days before contacting you by phone.

Source: Ontario.ca – Stop Collection Agency Calls

Limits on contact

After the agency speaks with you, they cannot contact you more than three times in seven days on behalf of the same creditor without your consent. Collection agencies cannot call you on statutory holidays, on Sundays outside of 1 p.m. to 5 p.m., or on any other day between 9 p.m. and 7 a.m.

Prohibited conduct

A collection agency cannot harass you, use threatening or profane language, or give you misleading information. They cannot threaten to sue you unless the creditor has provided written authorization to begin legal proceedings.

If a collector violates these rules, you can file a complaint with Consumer Protection Ontario.

Source: Collection and Debt Settlement Services Act, RSO 1990, c. C.14

How do you verify a debt from Resolve Financial Recovery?

Before you pay Resolve Financial Recovery anything, take these steps.

First, ask them to send you written confirmation of the debt, including the original creditor’s name, the amount owed, and how it was calculated. You are entitled to this under the CDSSA.

Second, check your credit report. Both Equifax and TransUnion offer free copies to Canadian consumers. Look for the account in question and confirm that the amount and creditor name match what Resolve Financial Recovery has told you.

Third, check whether the debt is statute-barred. In Ontario, the Limitations Act, 2002 sets a two-year basic limitation period for most civil claims, including debt collection.

If more than two years have passed since your last payment or written acknowledgment of the debt, the creditor or collection agency cannot successfully sue you for it. The debt still exists, but the legal threat is gone.

Source: Limitations Act, 2002, SO 2002, c. 24, s. 4

Making a partial payment or acknowledging the debt in writing resets that two-year clock. Do not pay anything or confirm you owe the debt until you have checked whether the limitation period has expired.

What should you do if you cannot pay?

If the debt is real and you cannot pay it back, ignoring it does not make it disappear. Resolve Financial Recovery can continue calling. They can report the debt to credit bureaus, and the creditor can still take legal action within the limitation period.

There are a few debt relief options worth looking at. A nonprofit credit counsellor can help you build a repayment plan and negotiate with creditors on your behalf. Credit Counselling Canada maintains a directory of accredited agencies across the country.

Source: Financial Consumer Agency of Canada – Debt: Steps to Reduce It

If your debts are too large for a repayment plan, a consumer proposal through a Licensed Insolvency Trustee lets you settle your debt for less than you owe and make fixed monthly payments over up to five years.

Bankruptcy is another option, though it comes with more consequences.

Talk to a Licensed Insolvency Trustee

If Resolve Financial Recovery is calling about a debt you cannot repay, a Licensed Insolvency Trustee can walk you through your options. The initial consultation is free and confidential.

Whether a consumer proposal, bankruptcy, or another path makes the most sense depends on your specific situation.

Frequently asked questions

Is Resolve Financial Recovery a real company?

Resolve Financial Recovery is a registered collection agency in Ontario with licence number 4734983. The company has been accredited by the Better Business Bureau since 2015 and holds an A rating. You can verify their registration through Ontario’s business licence directory.

Why is Resolve Financial Recovery calling me?

Resolve Financial Recovery is calling because a creditor has either assigned your unpaid account to them for collection or sold the debt to them directly. The original creditor’s internal collection efforts were unsuccessful, so the account was passed to a third-party agency.

Can Resolve Financial Recovery sue me?

A collection agency cannot threaten to sue unless the creditor has given written authorization to start legal proceedings. If the creditor authorizes it, Resolve Financial Recovery or the creditor can file a claim in court.

In Ontario, the limitation period for most debts is two years from your last payment or acknowledgment.

How do I stop Resolve Financial Recovery from calling?

You can send a notice to Resolve Financial Recovery by registered mail, email, or courier stating that you dispute the debt and that you suggest the matter be taken to court.

Once they receive this, they cannot contact you without your consent. Be aware that the creditor can still take legal action.

Is my debt with Resolve Financial Recovery statute-barred?

In Ontario, the limitation period on most debts is two years from the date of your last payment or written acknowledgment.

If that period has passed, the debt is statute-barred, and the creditor cannot successfully sue you. Making any payment or acknowledging the debt in writing resets the clock.

Does paying Resolve Financial Recovery affect my credit score?

Collection accounts appear on your credit report and lower your score. Paying the debt does not remove the collection entry, but the account will be updated to show a zero balance. Negative items stay on your credit report for up to six years from the date of last activity.

Can I negotiate a settlement with Resolve Financial Recovery?

Yes. Collection agencies, including Resolve Financial Recovery, often accept a lump-sum payment for less than the full balance.

Get any settlement agreement in writing before you pay. Make sure the agreement confirms that the remaining balance will be forgiven and the account will be reported as settled.

What happens if I ignore Resolve Financial Recovery?

Ignoring the calls does not make the debt go away. Resolve Financial Recovery may continue contacting you.

They can report the debt to credit bureaus, and the creditor can pursue legal action within the limitation period. If a judgment is obtained, the creditor can garnish your wages or seize assets.