Debt Settlement Companies
“We applaud the Financial Consumer Agency of Canada (FCAC) for alerting people to a number of so-called ‘new’ or “innovative” debt settlement companies that are scurrying to Ontario with dubious claims of quick fixes for people experiencing moderate to crippling debt problems.
These ‘too-good-to-be-true-claims’, as the FCAC puts it, are coming from companies and organizations that – unlike OACCS member agencies – are not recognized for exemptions under provincial legislation,” said OACCS Executive Director Henrietta Ross.
OACCS Executive Director Henrietta Ross also struck out at fellow “not for profit” credit counsellor, the Credit Counselling Society of British Columbia. She said: “… which in setting up operations in Ontario has implied that Ontarians are somehow underserviced in terms of debt counselling services.
Ross described as “patently untrue” any suggestion that the province is being underserviced in this regard.
She said it is closer to the truth to say that interlopers with questionable intentions are coming into Ontario to dilute, rather than to augment, an already strong service base, which is illustrated by achievements of OACCS during the past year.
Bankruptcy Canada’s position is that all credit counsellors; “none profits”, for profits and debt settlement agencies offer an inferior product, are usually expensive and often have poorly training staff.
This is supported by the Consumer Affair’s funded study of credit counsellors.
We have information on our website to help debtors make an informed decision on whom to seek help from when facing a financial crisis.