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In Canada, there are laws that govern how a debt collection process should be fairly performed. In this article, we’ll summarize the process that you, as a debtor, can expect if you live in Canada and know your rights while dealing with a debt collection agency.
Before we go through the debt collection process, you must first know your rights when dealing with a collection agency. Before a lending institution writes off your account records, they will try to collect as much money as possible. They often use a collections agency to do the work for them.
After you sign our debt relief program and we have saved you up to 75% of the original amount, there are 3 other benefits you will enjoy, we send out a legal letter to all your creditors, and it becomes ILLEGAL for them to contact you via phone, SMS, or email and try to collect money that you have already settled. Leave your debt to us, and continue your life. We will make your life stress-free, and you will sleep better.
THIS IS A GOVERNMENT APPROVED PROCESS that will stop debt collectors immediately!
Below are some of the actions collection agencies can undertake to attempt to collect payment from you. It is best to understand the steps they follow when collecting money from you so you don’t get overwhelmed.
Learn more information about your rights as a debtor when dealing with collection agencies, read on.
Before a Collection Agency gets in contact with you to demand payment, they will send you a notice by mail or email. The letter you will receive will contain information such as the name of the collection agency and the lending institution you owe money from, the details of your debt (amount, type of product you owe), and a message stating the authority given to the agency to demand payment of your debt.
Read this document to know more about your rights in case there are discrepancies with the information provided in the letter.
After 6 calendar days from the date the letter was sent, the collection agency will contact you to attempt to collect payment. You can expect 3 maximum number of collection calls within 7 days. They cannot contact you more than 3 times unless there is an agreement between you and the agency to discuss payment options.
In any case that you have not received the written notice, you must immediately inform the collection agency on the first interaction. Below are the actions a collection agency can and can’t do, know your rights below:
It happens when your employer has guaranteed to pay the debt, and the purpose of the contact is about that guarantee. This also happens if you have permitted to allow the agency to contact your employer. They can also contact your employer to confirm your employment; this usually includes your Job Title and the address of the company you work for.
If you have a wage garnishment or an automatic salary deduction, this can also be a reason the Collection Agency might contact your employer.
Parts of your rights when dealing with collection agencies is your privacy. However, it is possible if the person being contacted has guaranteed to pay the debt or if the reason for the call is about the guarantee.
If you can’t be contacted by the agency, they may attempt to contact someone related to you to gain information about you and your contact details.
If you can afford to pay your debt in full at once, you must do so. This is the easiest way to stop the collector from bothering you. However, in most cases, debtors can’t pay the amount in full, or sometimes they require more time to pay. In this situation, you may ask for a payment arrangement with the collection agency to pay the debt in installments.
Collection Agencies will notify you first before they can send a recommendation to your Creditor to take legal action if you fail to adhere to the payment arrangements set by them.
Once the lending institution you owe money from has taken legal action against you, a collection agency must stop contacting you unless you consent or request them to do so. You may also hire a lawyer to communicate with the collection agency on your behalf.
To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.
No contact details required to find out if you qualify
We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.
Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!
Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.
SEE IF YOU QUALIFY TO:
No contact details required to find out if you qualify
A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.
Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.
No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.
The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.
This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.
If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.
After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.
A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score.
National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.
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