New Collection and Debt Settlement Services Act

Richard Sklar Posted by:
Richard Sklar, CIRP, LIT
Licensed Insolvency Trustee

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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

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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Christine Sylver was very helpful to my situation. No question asked, she went above and beyond just to give me the options that I need to solve my problems. She explained and made me understand my options. Thank you Christine! Everything was done in a week. Regards, to Richard Sklar for explaining everything further to me. 😊
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Christine Sylver has been very efficient in working with me in all aspects toward developing a very favourable consumer proposal which meets my financial budgeting very nicely. She also exhibited a very positive pro client attitude and was every pleasant to communicate with. Richard Sklar also demonstrated a very positive pro client attitude in explaining in detail all aspects. All great!!
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Dealing with Christine was a real pleasure.She was very understanding professional and knowledgeable she answered all my questions.I left feeling relieved a big burden was lifted from my shoulders
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I had the pleasure of working with Jackie and she made the experience very easy and was very honest which I appreciated as I was extremely nervous to go through with the process. Any questions or concerns I've had after our meetings were answered no problems and although it's been a few weeks I can honestly say I've never felt so stress-free. Very thankful for Jackie.
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Very considerate of how people can sometimes make mistakes and need help to get things back on track. Great team of people. Thanks to Jacqueline for all her help.
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My mother told me about this firm because they helped resolve her situation nearly 25 years ago. I had the pleasure of working with Christine Sylver. I should’ve done this years ago but I am where I am and it is what it is. Extremely courteous, professional and understanding. I hope to never need their services again but they would be my first call! A+
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Jerry was extremely thorough and ensured that as a client, I understood all of my options and their repercussions. He offered his professional advice best suited for my situation and he is amazing at his work. Thank you Jerry! :)
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Great experience with Jerry and staff. Thank you.
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