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Credit counselling and debt settlement services

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What must a debt settlement agreement include?

All debt settlement agreements must include:

  • your name, address, and telephone number
  • the credit counsellor or debt settlement company's name, address, phone number, fax numbers, email address, and website
  • their Ontario registration number if they are a debt settlement company
  • the date of the agreement
  • the end date, which must not be more than 18 months after the latest of:
    • the date you make the agreement
    • the last day you make a payment under the agreement
    • the last day the credit counsellor or debt settlement company settles a debt under the agreement
  • whether they expect to get a fee from your creditors in exchange for getting you to enter into the debt settlement agreement
  • a detailed list of all services they will provide
  • information about all the debts the agreement covers, including:
    • each creditor's name
    • the total amount you owe each creditor
    • the interest rate each creditor is charging you
  • whether they will try to negotiate an instalment payment schedule with each creditor for the total amount of the debt, or try to settle each debt for a one-time payment at a reduced amount