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Credit counselling and debt settlement services

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What protections do I have under Ontario law?

An Ontario law called the Collection and Debt Settlement Services Act sets out rules that debt settlement companies and credit counsellors must follow.

In Ontario, debt settlement companies and credit counsellors can only help you repay your debts in 2 ways:

  • offering each of your creditors an instalment plan showing how you will make scheduled payments to pay off the whole amount
  • offering each of your creditors a single payment plan to settle their bill at a reduced amount

The law says what fees they can charge you for their services and what they can and cannot do.