Can I trust the company which has offered me credit after bankruptcy?

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Can I trust the company which has offered me credit after bankruptcy?Can I trust the company which has offered me credit after bankruptcy?

I filed for personal bankruptcy last year . . . received my discharge a couple of months ago.

A few days ago I received, in the mail, an offer from Canaccede Financial Group offering me a new, unsecured, Affirm MasterCard. They apparently do know I filed for bankruptcy. On the face of it, this could be a good thing as it will be a first step in helping me re-establish a credit rating.

However, upon investigating, I have found that this is a collection agency which has acquired a former MBNA account, one which was included in the bankruptcy. This kind of sets off alarm bells for me . . . although technically this debt no longer exists, why would they buy it from MBNA, then offer me credit?

Could this be just a back-door way of trying to collect on an old debt, even though it has been written off by the bankruptcy? I see reports of this, i.e. reviving old debts or zombie debts, happening a lot in the US, but not sure if things have sunk this low in Canada.

Unfortunately, I thought this was a legitimate offering and applied for the card in order to start rebuilding my credit post discharge. I then received a letter from Canaccede Financial Group stating that the debt owed (prior to my bankruptcy filing) was in active collections and they were seeking a court judgment if the debt was not taken care of. It was a very heavy handed letter and of course I called them.

They tried to tell me that they were not aware of the bankruptcy and did not receive any notification from my trustee. I found that hard to believe as the account number and name was disclosed on all the filing documents I have from my trustee. How would they have known that I was in bankruptcy in order to send the card offering that clearly states it is for people trying to rebuild their credit? It seems to be a bit circular and underhanded. I directed them to speak with my trustee.

As a warning, their techniques are very deceiving, offering credit to people who have had a troubled past, and then threatening them with action on past debt. Is this a legal business practice?


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I would be suspicious too. I think a better choice would be a secured card from Capital One.

They will report the payments you make each month which helps rebuild your credit as you make regular payments over time.

Approval is virtually guaranteed.

For more information please refer to the following:

Application Form

Card Features available here


Yours truly,


Earl Sands, LIT

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