Postal Address Of Department Of Financial Services Ministry Of Finance Bill Collectors – The 7 Biggest Lies Exposed

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Bill Collectors – The 7 Biggest Lies Exposed

1. I am from the legal department and suing you.

From my experience less than 2% of all debts listed with a collection agency result in formal legal proceedings and in most cases the legal costs required to prosecute must be borne by the collection agency. From a business perspective, it doesn’t make sense to throw good money after bad in hopes of recovering legal costs and debts if you don’t have enough assets available to seek justice. It’s not worth it to a collection agency. Bill collectors only use the “legal department” threat because it’s scary and most people don’t know any better. The fact is that most bill collectors sit in a small 3″ x 3″ cubicle and pretend they are the person on the phone.

2. I’m going to garnish your paycheck.

In order to get any piece of your paycheck, the bill collector needs a judgment in their favor from the court, but collectors won’t seek a judgment unless they have reason to believe they have enough assets to satisfy the judgment. According to section 7(2) of the Wages Act (Ontario), no more than 20% of your wages can be garnished. A debtor may bring a motion to increase the amount of wages that may be garnished but the debtor also has the right to bring a motion to reduce such amount. I have heard collectors telling people to garnish 50% of their salary but the truth is that even if they get a judgment, the garnishments are more like 15-20% of salary. Again they only use intimidation because it scares people and many don’t know any better.

3. If I don’t have the payment by 4pm today, we are (insert threat here).

Bill collectors are given a commission to do their job and so are managers breathing down their necks to hit their targets. Some aggressive bill collectors can make six figures a year if they push people hard enough. They will tell you anything if they think it will result in a payout and a big commission check for them.

4. Pay in full, monthly payments are not an option.

They want full payment from you because they make more money from you when you pay in full. Payment is always an option; In most cases, going directly to the creditor will get you a monthly payment plan. It won’t fix your credit but you’ll at least be able to stop demanding full payment.

5. Collectors can call you whatever they like.

In accordance with section 22(6) of the RRO 1990, Regulation 74 of the Collection Agencies Act (Ontario), there are restrictions on the frequency of calls that collection agencies can make to you. Bill collectors can’t harass you no matter what they tell you. If you register a letter requesting that you only contact the collection agency in writing, the calls must be stopped otherwise you may escalate their behavior to their ombudsman or provincial ministry for further action.

6. Collectors may call and harass your family, friends and neighbors.

The collection agency may only contact a third party to confirm your home address and telephone number or to confirm your employment, title and business address; That is (Section 22(3) of Rule 74 of the Collection Agency Act). If the collector reveals details about the debt or tries to embarrass you, you can take steps to deal with and stop this behavior.

7. Bill collectors can talk to you however they like.

Bill collectors can be unpleasant and rude; Many people think that people who offend pay off debts. Collection laws prevent this type of behavior from happening again if you escalate it and deal with the issue. If you feel they have abused you by using abusive, threatening or coercive language, you can certainly stop it. They will definitely reject the activity so a tape recorded conversation or voice message will be your best friend here.

Collection agencies and bill collectors have a bad reputation because they are any other business whose goal is to generate profit for its shareholders; Their job is to push you hard to pay. There are ways to deal with debt and their behavior but it takes time and a certain investment to research your rights. Don’t try to avoid debt but find a way to deal with it. The only way to stop collection activity is to pay the bill or file for bankruptcy. If you can pay the bills in full, do so as soon as possible.

If payment of your bills is not an option due to extreme financial hardship, you can find bankruptcy by consulting a trustee in your local Yellow Pages. Bankruptcy will certainly deal with debt but it is detrimental to your credit rating, it should only be used as a last resort. Also, a trustee is a court-appointed agent for your creditors so while you pay for their services, the trustee looks out for the best interests of your creditors. Your debt is erased but most of your assets are subject to certain limited exceptions and your credit report shows the effect for 7-10 years.

Debt settlement should be considered as an alternative to bankruptcy as it is becoming one of the newest and best options to retire debt quickly and ethically in Canada. A debt settlement company will act as your agent, and will negotiate a settlement with your creditors. Once the settlement is paid, the balance is written off and your credit report is updated to indicate that the debt is final. The time limit for repaying the loan can be from 1 month to 36 months depending on your capacity. It’s often the least expensive, least damaging to your credit and the quickest path to debt freedom.

Remember that bill collectors make a living trying to intimidate and frighten people so they can earn a big commission check. Consider the source when they call and don’t let bill collectors push you around, you have rights and can fight and win!

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