Dealing With Collection Agencies In Ontario
With debt levels in Canada at record levels, collection agencies across Canada are becoming increasing more aggressive about collecting past due accounts. They are finding more and more creative ways to seek out debtors and recover delinquent accounts. Collection agencies are in the business of debt recovery. These agencies are quite often not the owner of the debt…
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If it sounds too good to be true, it probably is!
You may have seen the ads before, all with slightly different promises, such as: “Credit card debt over $8,000? Qualify to reduce your debt by up to 60%” “Canadian banks forced to forgive up to 75% of consumer credit card debt” “New Canadian Debt Program allows Canada residents with over $10,000 in debt to eliminate…
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How should you deal with collection calls?
In order to stop collection calls, you need to do one of the following: Negotiate a payment plan directly with the agency Make a consumer proposal File personal bankruptcy If you have filed for bankruptcy or made a consumer proposal, a debt collector cannot try to collect debts included in the bankruptcy or proposal. If a…
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All About Credit Reporting
To start, here is a little bit of information about credit-reporting agencies in Canada. The two largest credit-reporting agencies in Canada are Equifax and TransUnion. These agencies are a repository of consumer credit information. They do not make credit decisions, rate consumers, or grant credit. The agencies receive information about you directly from your credit…
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Stay Away From Credit Repair Companies
Many people who are drowning in debt will try almost anything to get back on their feet. Unfortunately, many companies are out there who seek out these unfortunate debtors and take advantage of them. As stated in a recent Global News article, these companies label themselves as “financial innovators but the Financial Consumer Agency of…
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Stop Collection Calls
Do you get a sense of dread whenever your phone rings because it is just as likely to be an aggressive collection agent as it is to be your loved one or friend? If so, it’s time to start looking for a solution to the problem. Hiding from it can only last for so long….
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Still receiving statements form creditors after filing bankruptcy?
A common question I receive from debtors is “Why do I keep receiving statements from creditors when they know I have filed a consumer proposal or a bankruptcy”. Usually it’s a frantic phone call or email that says, “I finished my proposal or bankruptcy and am still receiving statements! They are still coming after me for…
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How should I handle telephone calls and harassment?
Calls from debt collectors can be overwhelming and intimidating. But learning some dos and don’ts about handling debt collector calls and understanding your rights when it comes to debt collection agencies can ease your anxiety. More importantly, by knowing what to do and say when a debt collector calls, you can avoid making a mistake…
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Where do I get credit score information in Canada?
The two largest credit-reporting agencies in Canada are Equifax and TransUnion. These agencies receive information about you directly from your credit grantor, which is based solely on that grantor’s experience with you. This information is then compiled by the Agency in a credit report that is made available to the “members” of the credit granting…
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How Bankruptcy Can Help You Take Charge of Credit Card Debts
If you are behind in your credit card debts and are struggling to pay your monthly payments, you may be considering filing for bankruptcy. Bankruptcy can help in these situations, but it often makes sense to file before you reach your breaking point. You do not need to watch your credit rating go down the tubes while you…
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