Where to find a reputable Arbritrator
We currently have about $30,000 in credit card debt. We are looking at Debt Settlement (arbritation) I’m wondering how others went about finding a good Debt Arbritrator Company? there are SO many out there and most are based in the US, but claim to now do work in Canada as well. Has anyone been thru settlement and were the results good?
Posted from: Ontario
The best way to do a debt settlement is through the filing of a consumer proposal, this is the only way to settle a debt through a legislated process that is done with court authority. To do so you would need to go through a licensed trustee.
Unfortunately the land of debt arbitrators and credit counsellors is a bit of a gamble. Now some provinces the problem isn’t as severe (i.e. in Alberta we have a credit counselling group that was essentially set up at the bequest of the government and therefore it is easy to find a reputable firm, but most provinces haven’t followed this pattern and the result is a great deal of uncertainty).