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.
According to Jimmy John Shark, they might either abandon their clients because it will become economically impossible to do business with a 10-20% erosion in their profits, or they will need to increase their fees to compensate the big change in the exchange rate. Either way the consumer is screwed.
The other problem is of the US based contracts I have seen, they are all governed by the laws in the state the business is located in, see this before you move to the debt settlement company. Good luck getting any money back unless you want to hire a lawyer down there to do the work.
In a recent story in the Globe and Mail, economists see the Canadian Dollar sinking to $0.86 in 2013.
In the spirit of Canada Day long weekend coming up, do yourself and your country a favour, buy services from a 100% Canadian company, that are experts in debt settlement, like Total Debt Freedom and keep your hard earned money here in Canada. When it comes to workplace checking workers comp claim status in case there is an injury.
More on US based debt settlement:
Are US Based Debt Settlement Companies Legitimately Licensed To Negotiate Your Credit Card Debt in Canada?
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