Debt Laws in Canada

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"If you are a Canadian seeking debt help, it’s helpful that you initial realize Canadian debt laws. When you’re past due on a credit card account, bank account, loan, or another line of credit your debt could get forwarded to a collection agency. The agency will then attempt to retrieve the cash owed by you, and that cash will be forwarded to your creditors. When it does come time for these agencies to collect on your debt, there are several laws that protect you from unethical and unlawful debt collection practices.
1st of all, before a collection agency or creditor collects on your debt, you should be notified in writing that the debt exists. If you’re not given that written notification, collection agency calls or legal court action cant be taken against you.
Also, the creditor or collection agency can not harass you in any way, shape, or form. Abusive practices include calling you at unreasonable hours, producing threatening remarks, jeopardizing your job by interrupting you at work, talking to your employer with out permission (unless it’s to verify your employment), calling you far more than once a day, and making use of profanity. Prior to the collector discusses the debt, he must go by way of a series of actions to ensure he or she is talking to the debtor. For privacy reasons, info regarding your debt can not be disclosed to loved ones, buddies, or any person but you. If you are identified as the debtor the collector ought to identify himself, the business he’s calling from, and the amount of debt. The collector cant give you any false or misleading info.
Finally, the debt details reported on your credit file need to be fully precise. If you critique your credit report and notice incorrect debt data, you have the proper to file a complaint. The incorrect data must be investigated by the credit bureau that reported the inaccuracy. If the debt is in reality inaccurate, it should be legally removed.
If you are suffering from debt to the point in which your debts have gone into collections, it may be time to sign up for debt settlement. When you enroll in a debt settlement plan, you spend off your debts by submitting lower lump sum payments to your creditors. During this entire period, you will no longer have to fret about annoying calls from creditors and collection agencies. Plus, you can get out of debt in approximately 12-36 months! credit card debt"
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