Consolidating debt in canada

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Provincial and territorial governments are responsible for regulating debt settlement companies and investigating consumer complaints.

Contact your provincial or territorial consumer affairs office.

You'll likely still be charged the upfront or advance fee even if the company is unable to get creditors to reduce your debt.

Fees charged by debt settlement companies may be very high.

Some credit counselling agencies may also offer this service.

You're required to keep making your payments on any other debts you owe.

This includes late payments to creditors or false advertising.

Check for complaints made to: Don’t agree to anything under pressure.

If your creditors agree to the offer, you must provide the lump sum to your debt settlement company.

The debt settlement company will then pay your creditors.

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