We are very excited about a recently announced NEW legislation for British Columbia that will help push BAD Debt Settlement Companies out of the market. Finally the BC Province is waking up to the fact that there are both good and bad players in the Debt Restructuring industry, and this new legislation is designed to allow the good companies to continue helping people like they have in the past, yet help clear out the bad companies.
This is good news for our debt consulting business as we are constantly having to help clients who had previously signed up with one of the bad companies; These bad companies have generally taken big upfront fees and left the client with nothing except bad credit and judgements and wage garnishments. Luckily we can almost always help people in these situations. We quickly make arrangements with a 3rd party to stop the garnishments and work out a deal with their creditors that is “agreed to by both parties first” and then “paid for later” (and over time). Here is the link to this exciting new legislation that should help clean up our industry
And remember, never pay Debt Settlement or Credit Counselling companies large upfront fees, and always work ONLY in person with a local company with a track record of success and a good BBB rating.
I recently wrote an article about how to protect yourself from unscrupulous companies on our website here