Why Non-Profit Credit Counsellors Should Not Be Offering Debt Settlement.

In December 2012, I placed a “mystery shopper” call by fluke to a non-profit credit counselling company.  The website is nomoredebts.org.  I was doing some research online on the keyword “debt settlement” and their advertisement on Google caught my attention in my Markham, Ontario  office.  When I clicked the ad it took me here.  I…

Why Creditors Want You On Their Plan, And Not Our Plan

Canadian banks are insanely profitable, in a recent episode titled “busting the banks” CBC Marketplace revealed how Canada’s 5 biggest banks, earned a record $28 BILLON in profit and how they make some of that money.  This Marketplace episode exposes some serious banking trickery.  Another example of bank trickery, that banks seem passionate about, is trying to get you…

Will US Based Debt Settlement Companies Abandon Clients in 2013?

I’ve banged on this drum for awhile.  US based debt settlement companies bill consumers in Canadian dollars, but most of their staff appears to be in the US.  So what happens if the Canadian dollar dips to $0.80?  I fear one of two things. They might either abandon their clients because it will become economically impossible to…

Are US Based Debt Settlement Companies Legitimately Licensed To Negotiate Your Credit Card Debt in Canada?

This is the question on my mind.  During the summer of 2011 I had a random visit from a Ministry of Consumer Services Inspector.  These types of inspections are fairly common in my line of work, and the inspector was very kind and helpful. In Ontario, the business of arranging a payment between a creditor…