Debt Settlement Tips in Canada
byon 07-02-2012 at 04:24 PM (128 Views)
"If you’re a Canadian resident searching for credit card debt help, debt settlement is probably your greatest method to get out of debt. Unlike with bankruptcies and consumer proposals, debt settlement will not ruin your credit and it makes it possible for you to get out of debt within 12-36 months! If you cannot afford to make your monthly credit card payments, debt settlement businesses will negotiate with your creditors to minimize these payments by about 30-70%.
The debt settlement sector has its fair share of frauds, but you’d be hard pressed to find a lot of lines of company that don’t. You can’t let a few negative apples to spoil the bunch. Instead, it’s best to appear out for red flags to stop you from falling victim to one of these Canadian debt settlement scams.
Very first of all, it’s essential that you function with a licensed debt settlement business. When you deal with unlicensed firms, you’re given tiny or no recourse if factors go incorrect. Plus, they tend to charge you premature fees before any settlement is produced. Usually watch out for premature fees! With a performance-based debt settlement firm, you won’t be charged any costs until your debts get settled. In this way, the company is given an actual incentive to reduce your debt, and won’t just take your funds and run! To stay on the safe side, verify with your province’s customer protection workplace to see if the company is licensed to work in your province.
Another crucial step would be to examine with the Better Organization 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 just before enrolling in the plan.
Even performing a basic Google search can help you out tremendously. Has the organization received a slew of negative critiques from its customers? Had been there any lawsuits filed against the company? Bad evaluations won’t guarantee the organization is not trustworthy, but exactly where there’s smoke there’s fire, so it is best to hold your guard up.
If the company has an workplace in Canada, feel cost-free to drop by sometime, especially if the office is within driving distance. A fraudulent debt settlement organization could claim to have an workplace in a specific city, but the address is actually just a post office box that it shares with other companies at the address. Once more, that’s a significant red flag.
Finally, be cautious of debt settlement organizations that tend to use different names, preventing clients from obtaining out also a lot info about the firm. Does the firm have a site? Do you see a list of testimonials? Lack of details about a particular debt settlement company is a surefire red flag. debt negotiation"