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Debt settlement is under even more scrutiny than ever, as there have been reported cases where some companies left their customers to look after themselves. The Ontario Ministry of Consumer Services has proposed a suppression on firms with too-good-to-be-true ads to discover how they manage their customers' debts. With a new bill in the legislative works, reputable debt settlement companies have their work cut out for them. The bill is designed to make numerous changes to the Collection Agencies Act, a provincial law that regulates debt collection agency such as debt settlement companies. Apart from the existing prohibitions, the bill will add ahead of time charges to the listing, protecting customers from a major financial fix. On top of that, the bill will also offer customers a ten-day cooling duration to cancel any agreements signed. Failure to follow the policies will be enough grounds for cancellation of license in Ontario. Don't get the wrong impression; debt settlement can be beneficial. It's just that some bad eggs are mixed in with the great ones in the basket, leading persons to raise their eyebrows on the total quality of all the eggs. Most of the time, the bad ones appear as anything but in their marketing tools, bringing in unwary consumers with the right choice of words. Consumer minister Tracy MacCharles states uncontrolled companies, specifically those requiring to the Internet, position the larger risk. They have the tendency to need a non-refundable upfront cost prior to even beginning the debt settlement process. They also use telemarketing services to connect to possible customers, making control harder for the ministry. If the bill passes, Ontario will be up there with Alberta and Manitoba as provinces with a strong and stringent policy on collection and policy of debt management businesses. For now, it pays to read the details and ask for credentials. Take note that you can inspect a business's trustworthiness, as businesses are required to show their licenses to the public. The very best method to safeguard yourself against scams is to spot one. Review the information at TheStar.com to find out more on Ontario's bill concerning debt collection agency. If you want to know more about debt settlement in basic, check out TheNest.com.
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