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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
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