New regulations for Debt Settlement companies in Sarnia and Ontario

by Joel Sandwith on January 4, 2013

Well, great news!  As predicted here yesterday, the government of Ontario has announced pending new regulations on debt settlement companies!

Consumer Services Minister Magarett Best has introduced legislation that would limit the damage a debt settlement company can do and ensure some safety for those in debt.

Among the highlights, as outlined in this Toronto Star article: 10 day cooling off period for those consumers who sign debt settlement contracts, and no up front fees.

As I mentioned yesterday, we at Hoyes, Michalos are not opposed to people helping you with your debt – we simply want to ensure that those who promise help can actually deliver it.  You shouldn’t have to pay an up front fee, you should not have to endure months of phone calls before the place you paid actually helps you, and you should have assurance that what is promised to you can actually be delivered.

If you would like to learn more about what a licenced trustee in bankruptcy or administrator of a legitimate consumer proposal can do for you, please call us, toll free at 310-PLAN (7526, no area code required) or locally here in Sarnia at 519-344-1058.


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