Debt Settlement Tips in Canada
byon 07-06-2012 at 11:10 PM (177 Views)
"If you’re a Canadian resident seeking credit card debt help, debt settlement is almost certainly your best strategy to get out of debt. In contrast to 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 not afford to make your monthly credit card payments, debt settlement firms will negotiate with your creditors to reduce these payments by about 30-70%.
The debt settlement industry has its fair share of frauds, but you’d be tough pressed to find numerous lines of business that don’t. You can’t permit a couple of negative apples to spoil the bunch. Instead, it’s greatest to look out for red flags to avoid you from falling victim to 1 of these Canadian debt settlement scams.
1st of all, it’s essential that you work with a licensed debt settlement organization. When you deal with unlicensed companies, you’re given little or no recourse if issues go wrong. Plus, they tend to charge you premature fees just before any settlement is made. Usually watch out for premature charges! With a efficiency-based debt settlement company, you won’t be charged any fees until your debts get settled. In this way, the company is given an actual incentive to minimize your debt, and won’t just take your cash and run! To remain on the safe side, check with your province’s consumer protection office to see if the firm is licensed to work in your province.
An additional crucial step would be to check with the Better Organization Bureau. Does the business possess a high rating? If the debt settlement service carries a “D” or “F” rating, you may want to think twice ahead of enrolling in the program.
Even performing a simple Google search can assist you out tremendously. Has the company received a slew of bad evaluations from its clients? Were there any lawsuits filed against the business? Poor evaluations won’t guarantee the company isn’t trustworthy, but exactly where there’s smoke there’s fire, so it’s very best to preserve your guard up.
If the company has an workplace in Canada, really feel cost-free to drop by sometime, particularly if the workplace is inside driving distance. A fraudulent debt settlement organization may claim to have an office in a particular city, but the address is really just a post office box that it shares with other businesses at the address. Once more, that’s a key red flag.
Ultimately, be careful of debt settlement companies that tend to use different names, preventing clientele from locating out also a lot details about the company. Does the business have a site? Do you see a list of testimonials? Lack of info about a certain debt settlement firm is a surefire red flag. consumer proposal ontario"