Author Topic: Ontario's new collection law July 1 2015  (Read 824 times)

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Offline kelee877

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Ontario's new collection law July 1 2015
« on: June 07, 2015, 03:16:30 PM »
I read a bit about this, this morning before heading off to work....When SHTF how will this effect those in Ontario that have debt of 168% of their income...


Looking for some input back on this and how you feel...seems odd the timing of all of this


http://www.huffingtonpost.ca/douglas-hoyes/ontario-debt-settlement_b_7510008.html




On July 1, 2015 the long awaited legislation regulating debt settlement services in Ontario comes into force. There are three main features of this new legislation that will impact Ontario consumers (with a ripple effect across the country).
[/size][/color]First, debt settlement companies and collection agencies will now be regulated under the newly named Collection and Debt Settlement Services Act.[/font]
[/size][/color]Companies providing debt settlement services in Ontario must be licensed under theAct, with a few exceptions. Not-for-profit credit counselling agencies acting as charitable foundations (as defined by the Canada Income Tax Act), bankruptcy trustees (who are already licensed by the federal government), and lawyers are excluded from these licensing requirements.[/font]
[/size][/color]Most importantly, fees will be capped under the new Act and up-front fees are prohibited. Debt settlement companies will only be able to charge a maximum amount of 15 per cent of payments (10 per cent for a lump sum) plus a $50 set-up charge and they will not be allowed to charge those fees until payments have been made to the creditor.[/font]
[/size][/color][/font]
[/size][/color]more at link[/font]
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Offline icrcc

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Re: Ontario's new collection law July 1 2015
« Reply #1 on: June 08, 2015, 09:10:23 AM »
Took a quick look lat at and while it is far from perfect and could potentially raise new issues overall it seems to be a move in the right direction.
It may never happen. Best to be prepared just in case.

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