Don't Find Out the Hard Way

Many American companies are now advertising in Canada claiming that they can settle your debts for only pennies on the dollar. After thousands of Americans complained about these companies, the US Federal Trade Commission investigated them and this is what they found:

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The Naked Truth about Debt Settlement Companies

• The success rate of for-profit debt settlement companies is less than 10%.
• 65% of people who pay fees to these debt settlement companies leave their programs without ever receiving a settlement.
• The amount of money that people pay in fees to these companies almost equals the amount of money that they save. This is before creditor late fees, penalties and interest are added in (these can often double or triple a debt by the time a settlement is negotiated).

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For-Profit Debt Settlements Advertised in Canada are Illegal in the U.S.

As a result of the public outcry and the US Federal Trade Commission's investigation, it is now illegal for for-profit companies to charge people fees for debt settlement services without first successfully negotiating a settlement for them. This makes sense, and this is the way that reputable, non-profit credit counselling organizations have always conducted debt settlements. Unfortunately, there aren't any laws in Canada that prevent these American for-profit debt settlement companies from charging Canadians hefty fees before providing any service—if any service is ever provided. So in Canada, consumers need to be very careful about who they choose to deal with.

Successful Debt Settlements Require 2 Things

Debt settlements are nothing new. They have been around for a long time. Reputable credit counselling organizations usually don’t advertise them because successful debt settlements require two things:

• A very good reason for doing a settlement that creditors will accept. Extreme illness, disability or inability to work often form the basis of good reasons.
• Having a lump sum of money available ahead of time—typically equivalent to 50% to 80% of your outstanding debt.

There are Other Debt Relief Options

If you are struggling with your debts, there are other options that can help you deal with your debt and get your finances back on track. Some of these options can even reduce or eliminate creditor interest charges and save you thousands. The best way to find out all of your options—and the best solution to your situation—is to speak with a non-profit Credit Counsellor or non-profit Debt Settlement Expert. Our Counsellors provide free, objective, confidential and non-judgmental debt help.

Who We Are

We are a non-profit, registered charitable society with 12 offices across Western Canada. All of our Counsellors are professionally accredited, and we help over 30,000 Canadians every year. Please call us to learn more at 1-855-232-4888, or fill out the form above. There is no cost to speak with one of our Counsellors. We are simply here to help.