Debt Laws in Canada
byon 07-04-2012 at 08:42 PM (163 Views)
"If you’re a Canadian seeking debt help, it’s helpful that you initial comprehend Canadian debt laws. When you’re past due on a credit card account, bank account, loan, or yet another line of credit your debt might get forwarded to a collection agency. The agency will then try to retrieve the funds owed by you, and that money will be forwarded to your creditors. When it does come time for these agencies to collect on your debt, there are a number of laws that safeguard you from unethical and unlawful debt collection practices.
1st of all, prior to a collection agency or creditor collects on your debt, you must be notified in writing that the debt exists. If you’re not given that written notification, collection agency calls or legal court action can not be taken against you.
Also, the creditor or collection agency cant harass you in any way, shape, or form. Abusive practices contain calling you at unreasonable hours, producing threatening remarks, jeopardizing your job by interrupting you at work, talking to your employer with no permission (unless it’s to verify your employment), calling you much more than when a day, and using profanity. Before the collector discusses the debt, he ought to go through a series of steps to ensure he or she is talking to the debtor. For privacy causes, data relating to your debt cannot be disclosed to loved ones, friends, or any person but you. If you are identified as the debtor the collector must identify himself, the business he’s calling from, and the amount of debt. The collector cannot give you any false or misleading data.
Finally, the debt data reported on your credit file must be completely correct. If you review your credit report and notice incorrect debt information, you have the right to file a complaint. The incorrect information should be investigated by the credit bureau that reported the inaccuracy. If the debt is in truth inaccurate, it should be legally removed.
If you’re suffering from debt to the point in which your debts have gone into collections, it might be time to sign up for debt settlement. When you enroll in a debt settlement program, you spend off your debts by submitting lower lump sum payments to your creditors. For the duration of this complete period, you will no longer have to fret about annoying calls from creditors and collection agencies. Plus, you can get out of debt in around 12-36 months! debt reduction company"