Why Solutions Credit Counselling is trusted by Canadians

  • FREE Credit Counselling Service
  • Elimination of Debt Collectors' calls
  • We work for You –
      • Bankruptcy Trustees are Officers of the Court
      • We are not funded by the creditors you owe money to
  • We do everything we can to save you money
  • Debt Consolidation may improve your credit score – Bankruptcy may lower your score
  • Our Debt Consolidation process can offer interest rates as low as 0%
  • Payments are based on your budget – repay your creditors based on your ability to do so
  • We will help you to deal with Payday Loan companies

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Debt Relief News & Advice

Reminder to the Changes from Consumer Protection BC

New debt settlement laws will protect consumers

VICTORIA – Enhanced protections for B.C. families, particularly those in financial distress, are at the heart of legislative changes introduced today by the B.C. government.

The Province is taking action to regulate the debt settlement industry with amendments to the Business Practices and Consumer Protection Act (BPCPA). If passed, these amendments will prohibit debt settlement companies from charging fees until both the debtor and creditor have approved a debt repayment agreement. These amendments will also lay the foundation for additional new rules to safeguard consumers which government aims to bring into effect in fall 2015.

Protecting Yourself from Fraud – And the Bank

In Canada, you are innocent until you’re proven guilty.  It would appear that our banking system has forgotten this simple fact.

Lyndsay Passmore (see story in The Province)  had 4 credit cards stolen.  When she noticed them missing, she contacted the appropriate banks.  In the interim between the cards being taken and her reporting them stolen, the thieves had taken approximately $15,000 in cash advances and charges.  Her bank, while absorbing some of the charges, tried to put Ms. Passmore on the hook for $4000, citing the fact that her Personal Identification Number (PIN) was inputted correctly the first time (which it seems meant to the bank that the person(s) who took her cards knew her PIN).  Ms. Passmore’s example raises so many interesting points, but also so many questions:

Debt and Bank Fraud

Today there is good and bad news.

The good news came from a StatsCan report about all of the household debt in Canada that many  experts have been complaining about – how Canadians have been accused of being bad money managers but guess what? This report confirms that we are not broke and precariously dangling from a cliff of troublesome household debt, but quite the opposite. Canadians have significant assets to back all of the debt – and more. There is a net-worth surplus.

As published recently by the Vancouver Sun, a former chief economic analyst for Stats Can, Philip Cross, revealed that two-thirds of the $1.8 trillion in household debt were mortgages.

Finally someone agrees with what I’ve been saying for many years.