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It could be that your company specializing in debt reduction asks you to sign a document allowing it to act on your behalf except that by leaving this company to act alone, you will be away from problems that may arise at any time to another.
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The Financial Agency has just warned us against companies that promise to significantly reduce the amount of debt you still owe your creditors by renegotiating it. Referred to as “debt reduction”, “debt relief” or even “debt negotiation”, this process nevertheless involves some risks that you can easily avoid by taking into account the following points. Promises too good to be true Debt help Vaughansays many companies will promise to negotiate your debts with your creditors to significantly reduce them with percentages reaching 50% or more. Government approval Loans consolidation Vaughanwarns there are debt reduction companies that, to gain credibility in your eyes, might lead you to believe that they have the authorization. It is not in reality. Indeed, being registered with the government to be able to exercise these activities legally does not mean that these companies benefit from the approval of the government. Check the company's reputation Before concluding anything, Credit counseling services Vaughansuggests you should start by doing your research to understand the reputation of the company in question and its reliability. To do this, you can contact the government office specializing in consumer issues in your province or territory. Beware of upfront fees Many debt reduction companies may require you to pay significant entry fees even before you get any debt reduction. If unfortunately, the negotiations fail, you will unfortunately not be able to obtain reimbursement of the advanced costs, hence the need to be wary.
Keep in touch with your creditors It could be that your company specializing in debt reduction asks you to sign a document allowing it to act on your behalf except that by leaving this company to act alone, you will be away from problems that may arise at any time to another. Explore the other possibilities You would be wrong to believe everything these so-called debt reduction companies are saying. Indeed, you could, for example, try to communicate with your creditors resorting to the services of Canadian debt consolidation loans Vaughanwhose effectiveness remains, proven. Or, you could consult a bankruptcy trustee: the only professional licensed who offers you protection against your creditors. Bankruptcy trustees are governed by a strict code of ethics and practice under the banner of a professional association.
