New Collection and Debt Settlement Services Act

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Richard Sklar, CIRP, LIT
Licensed Insolvency Trustee

New Collection and Debt Settlement Services Act

New this month (July 2015), there are new measures coming into effect that will deal with debt-settlement companies. While these new changes are being implemented, those that are in financial trouble, still need to be very cautious.

These new rules do not impact the Bankruptcy Trustees, as they are already regulated by the Government regarding the amount they can charge and it also governs their conduct as well.

This new Collection and Debt Settlement Services Act is now replacing the Collection Agencies Act.

The changes coming into play now with the new Collection and Debt Settlement Services Act is that the debt settlement services cannot get upfront payments as they once did. debt settlement companies can now only get a small fee upfront, and this new act now places a limit on the amount that the debt settlement companies can now charge.

To further help protect Ontario Debtors, there is now a 10 day cooling off period, in which the debtor can cancel the debt settlement services (with no reason given).

For more information regarding changes, please see http://www.ontario.ca/laws/about-e-laws#ccl

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