The Ontario Ministry of Government and Consumer Services is warning consumers to exercise caution when looking into companies who offer debt settlement services.
These companies may market their services under a variety of different titles, including but not limited to: "debt settlement"; “debt management”; “debt arrangement”; “debt reduction”; or “debt consolidation.” The underlying connection between these companies is they tell consumers their office can negotiate with your creditors with hopes of reducing your outstanding debt while you make payments to their company.
The number of complaints received about companies offering these types of services are increasing. More often the complaints are about unclear or misleading contracts, excessive fees, and failure to reduce debts as promised.
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