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Credit counselling and debt settlement services

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What are credit counsellors or debt settlement companies required to do?

If you make an agreement with a credit counsellor or debt settlement company, they must:

  • give you a copy of any debt settlement agreement when you sign it
  • tell you in the agreement how their organization is funded (for example, by charging fees to clients or through charitable donations)
  • contact your creditors within 15 days after you give them permission to negotiate your debt
  • tell you within 15 days if a creditor refuses to negotiate a payment schedule or a one-time payment