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2014-03-10 23:21:06

Issues for Debt Relief in British Columbia - what are some lessons learned from Ontario?

What are the New rules governing Ontario debt settlement companies? 

Should British Columbia take a lesson from Ontario when drafting new Debt Relief Issues for Consumer Debtors in BC?


In Summary, the new legislation in Ontario includes:

                            -  Banning upfront fees for debt settlement services altogether 


                            -  Limiting the total amount of fees consumers are can be ask to pay and outlawing the payment of any fees before services are provided 


                            -  Requiring the settlement companies provide clear, transparent and detailed contracts that include information outlining the effects on the debtor’s credit rating if the plan is executed.


                            -  Requiring credit counselors to disclose information to the consumer about how their organization is funded (either from private sponsorship, banks, fees,  etc.)


                            - Establishing a 10-day cooling-off period, which will give consumers more time to consider the proposed terms of the agreement before execution.


-                                               -      Allowing the licenses of non-compliant companies to be investigated and revoked