BC credit counsellors and debt settlors subject to new rules

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Changes announced recently to the provincial Business Practices and Consumer Protection Act will increase regulation of the debt settlement industry, and hopefully will help BC consumers avoid be taken advantage of.

Fees of debt settlors will be limited, and no fees can be charged until a settlement with the debtor and creditor has actually been reached. As well, mandatory disclosure rules will help consumers understand what a debt settlement accomplishes, and what it does not.

These changes, which will take effect in April, 2016, bring BC’s laws into alignment with similar laws already in place in other provinces.

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