New Debt Settlement Legislation for Ontario

(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 12/03/13 -- The Ontario government recently passed the STRONGER PROTECTION FOR ONTARIO CONSUMERS ACT, 2013, new legislation aimed at cracking down on unscrupulous debt settlement companies. The new legislation will affect companies that rely on unfair business practices to target vulnerable Ontarians carrying unmanageable debt. Similar legislation to curb abusive and misleading debt settlement practices is already in place in British Columbia, Alberta, Manitoba and Nova Scotia.

Complaints about debt settlement companies have been growing over the last few years. These complaints include:

If you have been considering contacting a debt settlement company to reduce your debt, consider making a instead. A consumer proposal (also known as a Proposal to Creditors) is a type of debt settlement offered by federally licensed Trustees in Bankruptcy. A consumer proposal is an effective alternative to unregulated debt settlement arrangements and will reduce the amount you owe, so you only need to pay back a portion of your debt. A consumer proposal offers many additional benefits compared to an informal debt settlement arrangement. These benefits include:

If you are looking for a manageable way to take control of debt, talk to a Trustee about whether a consumer proposal is the right solution for you.



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Bereitgestellt von Benutzer: Marketwired
Datum: 03.12.2013 - 16:21 Uhr
Sprache: Deutsch
News-ID 322322
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