On April 1, 2016, changes to the Business Practices and Consumer Protection Act (BPCPA) and the Debt Collection and Repayment Regulation were made. While new rules and consumer tips about BC’s new debt collection laws can be found in this blog post, we would like to share further information regarding debt repayment agents in this post.
Consumer Protection BC is the licensing and regulatory body for the debt collection and repayment industry (which includes debt collectors, collection agencies, bailiffs and debt repayment agents). Since the changes have come into force:
- The debt settlement industry is now licensed and regulated
- The term “debt repayment agents” collectively applies to both debt poolers and debt settlers
- The law requires that all debt repayment agents doing business in BC be licensed and follow the specific rules regarding their business practices, including prohibiting the charging of fees until both the debtor and creditor have approved a debt repayment agreement
What you need to know:
To simplify the changes, we have put together the following image. As a consumer, there are 3 things you should know about the new rules if you decide to use a debt repayment agent.
We hope this information was helpful. There’s more to know about your rights and responsibility when it comes to debt repayment. For more information, explore our website and blog.
ADDITIONAL READING:
New things to know about BC’s debt collection laws
I need to get help in getting money paid back from someone that is in business for himself, he took my money and never provided the service and refuses to return the money. I have proof of money sent to him and him acknowledging he owes me.
Thanks
Hi Marlene, thank you for contacting us here. I think we would need a bit more information, would you be able to give us a call at 1-888-564-9963? We may be able to assist you better we have all of the necessary information. Thank you, Marlene!
Am being phoned everyday three times a day from Contact Resource Service Inc out of Mississauga Ontario about a debt they say I owe which was offered on a buy out in 2007 for 1263.00 exact amount can’t remember now.Yesterday my husband signed and picked up a registered letter where they have filed in Cranbrook BC courts for the amount of 4106.00 the file is sketchy have HSBC on file Buy out was made from CIBC Fernie BC, In 2013 said they bought file from HSBC but was a different name, this file has changed hands a number Of times, Bank says they can’t supply info anymore destroyed in 2013. Somehow they got a hold of new address other info. Need help
Hi Carol, I replied to your comment in the other blog post but please give us a call at our toll free number, 1-888-564-9963. We would like to get more information about this. Thank you.