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Ontario Debt Forgiveness

September 5, 2017

Have you seen the advertisements on facebook? Learn more, read this article.

For me, it’s hard to believe that these folks are still at it and still, apparently making money, but then I do still get a lot of spam emails about “collecting money from my deceased Nigerian Uncle’s estate”, you know “the billionaire who tragically died in a plane crash and has no other living relatives“.

It’s a familiar story re-spun. In fact, there are only two legal debt forgiveness programs available to consumers (individuals) they are: Bankruptcy and Proposal. Either option is ONLY available through a Licensed Insolvency Trustee.

In Ontario, since the passage of Bill 55 in 2013, the only other people who can legally help you with a debt settlement are Licensed Collection Agencies and Lawyers.
So, when a company suggests there are “other solutions” you should either avoid them altogether or check them out very carefully – without paying any up front fees until you fully understand what they can or can’t do for you.

One such company promises you a solution “without going bankrupt”, they claim they have “helped thousands of people to reduce their debts by up 80%”. That is not true, at least in the sense that the company was powerless to do anything more than make a referral to Licensed Insolvency Trustee.

The client could have simply met directly with the trustee (at no charge) and eliminated the thousands of dollars of unnecessary costs paid to get their paperwork ready for the trustee.