Companies Already Subverting Debt Settlement Law

Companies Already Subverting Debt Settlement Law

Postby CLS » Mon Aug 31, 2015 7:07 pm

After months of waiting, the new Collection and Debt Settlement Services Act came into effect as of July 1, 2015. The Act strictly regulates debt settlement service companies and provides much-needed protection for consumers in their dealings with these for-profit companies (which should not be confused with nonprofit credit counselling agencies). Not surprisingly, some companies are already finding ways to avoid the restrictions and consumer protections under the Act, as explained in a recent online article: http://www.huffingtonpost.ca/2015/08/01/ontario-debt-collection-act_n_7913956.html. These companies prey on consumers who are already in a precarious financial position. Consumers and advocates should be careful to do their homework when it comes to choosing credit and debt counselling services. The Ontario Association of Credit Counselling Services website is a good place to start when looking for information about these services: http://oaccs.com/.
Kathryn M. Bullon, B.Sc., J.D., M.Ad.Ed.
Legal Education Co-Coordinator
Community Law School
CLS
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