Debt Settlement Tips in Canada
byon 06-29-2012 at 10:36 AM (206 Views)
"If you’re a Canadian resident seeking credit card debt support, debt settlement is probably your greatest strategy to get out of debt. Unlike with bankruptcies and customer proposals, debt settlement won’t ruin your credit and it enables you to get out of debt within 12-36 months! If you can’t afford to make your monthly credit card payments, debt settlement businesses will negotiate with your creditors to lessen these payments by about 30-70%.
The debt settlement market has its fair share of frauds, but you’d be hard pressed to locate many lines of enterprise that don’t. You can not allow a couple of bad apples to spoil the bunch. Instead, it’s greatest to look out for red flags to avoid you from falling victim to one of these Canadian debt settlement scams.
1st of all, it’s crucial that you function with a licensed debt settlement business. When you deal with unlicensed businesses, you’re given tiny or no recourse if things go wrong. Plus, they tend to charge you premature fees prior to any settlement is created. Always watch out for premature fees! With a performance-based debt settlement business, you will not be charged any fees till your debts get settled. In this way, the firm is given an actual incentive to reduce your debt, and will not just take your money and run! To stay on the secure side, verify with your province’s consumer protection office to see if the company is licensed to operate in your province.
Yet another essential step would be to check with the Better Enterprise Bureau. Does the organization possess a high rating? If the debt settlement service carries a “D” or “F” rating, you may want to feel twice before enrolling in the program.
Even performing a simple Google search can help you out tremendously. Has the firm received a slew of negative reviews from its clientele? Were there any lawsuits filed against the company? Bad evaluations will not guarantee the company is not trustworthy, but where there’s smoke there’s fire, so it’s very best to preserve your guard up.
If the firm has an workplace in Canada, really feel cost-free to drop by sometime, especially if the office is inside driving distance. A fraudulent debt settlement company may claim to have an office in a certain city, but the address is truly just a post workplace box that it shares with other firms at the address. Once again, that is a key red flag.
Lastly, be careful of debt settlement organizations that tend to use different names, stopping clients from obtaining out as well much info about the organization. Does the business have a web site? Do you see a list of testimonials? Lack of data about a certain debt settlement business is a surefire red flag. consumer proposal"