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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Mark

What are the typical fees debt settlement firms charge for their service?
Does a debt settlement firm have to be lisenced to act on your behalf?

Posted from: Ontario

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One Response to “Mark”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Each separate debt settlement program charges it’s own fees, and they can vary quite significantly.

To answer this question you would have to contact each debt settlement firm directly.

In terms of liscensed, there really is no standard accreditation or liscense that these organizations must have and that is part of the problem. Be careful when you are looking into debt settlement, make sure you do your own due dilligence, check references, and most importantly determine what your cost is, and how much interest will continue to be charged while you are involved. I have seen many so called debt management / settlement firms claim that the interest ceases, when that is not actually the case.