Credit counselling and debt settlement services
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