Debt Settlement Companies – Big News on the way for Sarnia and all of Ontario

by Joel Sandwith on January 3, 2013

A ‘source’ – a very trusted one at that, has let me know that as early as tomorrow, Premier Dalton McGuinty is going to announce a new initiative to regulate and control the actions of ‘debt settlement companies’ in Ontario.

Debt settlement companies have been operating here in Ontario for several years.  The basic idea is that these places make promises to assist you in dealing with debt, but rarely actually succeed and often cost more than they can save you.

We, as a licensed firm of Trustees in Bankruptcy, are not opposed to other agencies or companies assisting people with debt, in fact there is a wonderful local agency here in Sarnia called the Financial Fitness Centre that does just that.  They are non profit and work to help their clients.  What we do want to see is that the other debt settlement places are regulated so that if you pay them, there is a real chance they will help.

If you are dealing with debt, you need to know that you can meet with us at Hoyes Michalos at no charge, that we are bound by legislation that regulates how we operate, that our options are legal ones that can protect you from your creditors actions.  Tomorrow, I hope to have an update with some more detail on this new move to put a stop to unscrupulous debt settlement companies.



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