Ontario Government To Crack Down On Debt Settlement Companies

2013-01-04

Today the Ontario government announced plans to impose regulations on debt settlement companies who advertise the ability to reduce the debts of consumers by up to 70% of more. They claim to be able to stop collection action and harassment by creditors or their agents. Read the complete article in theToronto Star here. These debt settlement companies are also known to charge significant fees with very limited or no benefit to debtors. Only aTrustee in bankruptcy, licensed by the Office of the Superintendent of Bankruptcy, has the ability under the provisions of the Bankruptcy and Insolvency Act to stop collection action action and garnishments, for most debts, upon the filing of an assignment in bankruptcy or a consumer proposal. For a no cost, no obligation consultation to discuss a resolution of your debt issues, please contact yourlocal MNP office. Marvin Zweig, CA-CIRP, Trustee Markham, Ontario

Latest Blog Posts

2025-05-26

How to exercise caution when investing in digital currencies

Lindsay Burchill

Lifestyle Debt

While digital currencies offer many opportunities, they also carry risks. How can you mitigate those risks before diving into the digital currency market?

Read More

2025-05-14

How to stop harassing creditor telephone calls

Alana Orrell

If your phone rings with relentless calls from creditors, you’re not alone — and you’re not without options. Creditor harassment can take a serious toll on your well-being, but you have rights, and there are clear steps you can take to stop the calls and regain control. 

Read More

2025-05-07

How to be a responsible credit card user

Leah Drewcock

Credit cards are a popular and convenient form of credit that can be a very useful tool.

Read More

Consultation icon