Debt Settlement Guidelines in Canada
byon 07-11-2012 at 12:30 AM (172 Views)
"If you are a Canadian resident looking for credit card debt aid, debt settlement is probably your finest strategy to get out of debt. Unlike with bankruptcies and customer proposals, debt settlement won’t ruin your credit and it allows you to get out of debt within 12-36 months! If you can not afford to make your monthly credit card payments, debt settlement organizations will negotiate with your creditors to minimize those payments by about 30-70%.
The debt settlement industry has its fair share of frauds, but you’d be challenging pressed to uncover numerous lines of enterprise that don’t. You can’t allow a handful of bad apples to spoil the bunch. Rather, it’s best to look out for red flags to prevent you from falling victim to one of these Canadian debt settlement scams.
1st of all, it’s important that you work with a licensed debt settlement organization. When you deal with unlicensed organizations, you’re given tiny or no recourse if items go wrong. Plus, they tend to charge you premature fees ahead of any settlement is made. Often watch out for premature fees! With a performance-based debt settlement business, you will not be charged any charges till your debts get settled. In this way, the business is given an actual incentive to decrease your debt, and will not just take your funds and run! To remain on the safe side, check with your province’s consumer protection office to see if the company is licensed to work in your province.
Another important step would be to verify with the Greater Business Bureau. Does the organization possess a high rating? If the debt settlement service carries a “D” or “F” rating, you might want to consider twice just before enrolling in the program.
Even performing a basic Google search can assist you out tremendously. Has the company received a slew of bad reviews from its clients? Were there any lawsuits filed against the company? Poor reviews won’t guarantee the company is not trustworthy, but where there’s smoke there’s fire, so it’s best to preserve your guard up.
If the company has an workplace in Canada, really feel totally free to drop by sometime, especially if the office is inside driving distance. A fraudulent debt settlement firm could claim to have an workplace in a particular city, but the address is truly just a post workplace box that it shares with other firms at the address. Again, that is a major red flag.
Ultimately, be careful of debt settlement companies that tend to use various names, stopping clientele from obtaining out as well considerably information about the company. Does the company have a website? Do you see a list of testimonials? Lack of info about a certain debt settlement business is a surefire red flag. [url=http://www.premierdebthelp.ca/bankruptcy_in_canada.php]bankruptcy canada[/url]"