Thanks to a great tipster (send in your tips here) I found out about an article published by Total Debt Freedom in Canada.
The blog post warns readers to avoid American companies that are headed into Canada to sell debt relief services. Here are the five reasons:
- Canadian creditors sue more often than American creditors.
- American debt settlers have little to no relationships with Canadian creditors.
- American debt settlers are not licensed and bonded here.
- The American debt settlement industry has a very poor reputation in general.
- American debt settlement fees can be expensive.
I must say, the regulation and compliance issue is one that has not been learned by many U.S. companies, even in the U.S.
The author says that from his Canadian point of view, ” I checked with the Ontario Ministry of Consumer and Business Services, and none of the companies I called have paid bonds and licenses or passed the test to settle debt in Canada.” That problematic for sure.
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