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Dealing with debt? Click here

Friday, January 04, 2013   by: SooToday.com Staff

NEWS RELEASE

GOVERNMENT
OF ONTARIO

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Ontario protecting consumers seeking financial help

McGuinty government taking steps to regulate debt settlement companies

Ontario intends to regulate debt settlement companies to protect consumers from exaggerated claims and abusive practices.

Through new regulations, the government will:

  • Ban debt settlement companies from charging up-front fees
  • Limit the amount of fees consumers are charged
  • Require clear, transparent contracts
  • Implement a 10-day cooling-off period

The government has posted regulatory proposals for public comment.

Taking strong action to protect Ontario consumers is part of the McGuinty government’s commitment to educate and protect Ontario families by ensuring a fair, safe and informed marketplace.

Quotes

“There is evidence of harmful practices used by some debt settlement companies and that is why our government is taking steps to protect consumers. We want to put a stop to abusive practices in the marketplace. Consumers should know their rights before they sign contracts and they should make no payments until they get results.” - Margarett Best, minister of consumer services

Quick facts

Ontario is joining other provinces like Alberta, Manitoba and Nova Scotia, which have introduced regulations to crack down on debt settlement companies.

There are over 20 debt settlement companies operating in Ontario.

The Ontario Association of Credit Counselling Services receives over 100 complaints about debt settlement companies a month.

Average consumer debt in Ontario is up to $25,447 in the second quarter of 2012, compared to $24,721 in the second quarter of 2011.

For every dollar Canadians earn, they have $1.64 in unsecured debt: Statistics Canada.

Learn more

Get tips on dealing with debt settlement companies.

Learn more about our “Experts Speak” videos on handling debt.

Learn more about the Ministry of Consumer Services.
 
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Comments
2
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harry dick 1/4/2013 3:43:25 PM Report

in this story , the federal government has stated that personal debt has again risen in 2012. could this be because the government continues to either raise contributions to ccp. and e.i. when they feel like it ?there are always extra user fees popping up and tax grabs throughout the years. the government is responsible for taking about 50 to 55% of your paycheck between income tax , sales tax and a yearly $600.00 EXTRA medical tax , to provide us with the poorest emergency health care in the country. a twelve to fourteen hour wait to see a doctor in e.r. is SATIFACTORY , for the province.the government continues to chip away at our paychecks every year with privatizing electricity and other essentials . the electricity rates in quebec are 1/4 of ours in ontario . why?the friends of the government are making big bucks off our backs with government approval.
the government should be cutting back spending in all areas such as mp and mpp spending and the senate should be cleaned out of all the big spenders there too!then maybe they would not have to peel the common people so much to feed the FATCATS!!!!
I'm In 1/4/2013 9:52:35 PM Report

harry dick: right on and we just got news that our EI and CPP premiums are going up $50.00 each in 2013, also passports up $33.00, stamps up 2cts all with wage freezes for Canadian workers the next two years or so, no wonder everyones household debt is on the increase.
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