Many debt settlement companies have been advertising that they can reduce the debt you owe - big time! But do they actually deliver? 16x9 investigates the industry and speaks to two men who say they never received what was advertised. 16x9 also turns to Scott Hannah, CEO of the Credit Counselling Society, to shed some light on some of these industry claims and practices and debunk some of their wildest claims.
Q: I contacted a debt settlement company and they claim they can help me settle my debts for a lot less than I owe. My bills are up to date but if I can get out of debt for less than half of what I owe and my creditors will accept this plan, what’s to lose?
Q: I keep getting telephone messages from a company that says I can get a 3 month break from paying my credit cards. They also say that I can settle my debts with my creditors and get out of debt sooner. It sounds great, but why would my creditors go along with this?
The Canadian Debt Settlement Bureau Doesn't Really Exist
If you are looking for help with your debts, you should choose an organization you can trust. We believe that a company or organization that helps people with their debts should meet the following criteria:
Q: I keep hearing and seeing ads from companies that claim to be able to settle your debts for a lot less than what you owe. I’m up to date on my bills but if I can get out of debt for less than half of what I owe and my creditors will accept this plan, what’s to lose?
Last week we heard an American debt settlement company advertise on a Canadian radio station. In their radio ads, this company said it could help people who are struggling with debt, but they never mentioned the name of their company. We thought this was strange, so I gave them a call to find out who they are and how they are offering to help people. Here is what Sandy, their representative, said they could do for me:
Q: I heard an ad for a company. They said that they can settle my debt for much less than what I owe and I can get out of debt faster. When I called them, they also said that after I’m done, I can easily rebuild my credit rating. I’m considering going ahead with this but it just sounds too good to be true; is it?