Do Debt Settlement Agencies Really Deliver? Global TV’s 16×9 Investigates
Many debt settlement companies have been advertising that they can reduce the debt you owe – big time! But do they actually deliver? 16×9 investigates the industry and speaks to two men who say they never received what was advertised. 16×9 also turns to Scott Hannah, CEO of the Credit Counselling Society, to shed some light on some of these industry claims and practices and debunk some of their wildest claims. You can click here to watch 16×9’s investigation into the debt settlement industry.
Additional Perspective – Not All Debt Settlement Companies are Failing to Deliver
While we definitely have some grave concerns about what is happening in the Canadian debt settlement industry, it’s important not to throw out the baby with the bath water. There are some good companies out there who seem to be providing good debt settlement services to consumers. They will be the first ones to admit that a debt settlement is not for everyone. They are typically only appropriate for extreme circumstances and not for the vast majority of people.
In the clip below that 16×9 used as a preview for their show, Scott Hannah explains that not all debt settlement companies are over promising and under delivering. The important thing to look for is whether or not a debt settlement company is up front about what they can do for you and whether or not they are going to charge you large fees before actually doing any work. You can click here to watch the 16×9 extended interview clip.
How to Review Debt Settlement Companies in Canada or File a Complaint
With all of the advertising going on and all sorts of companies claiming to be able to help you the best, how are you to know who to trust. To make things simple, we would suggest narrowing your list to agencies who meet the following two criteria:
- They are an Accredited Member of the Better Business Bureau with their highest rating of A+.
- They don’t charge large fees before providing their core service for their clients. No one should be paid anything more than a small processing fee unless they actually do some real work for you and actually solve some of your problems.
For a more extensive list of things to look for in a debt relief company, click here, or for a complete guide on how to review a debt settlement company yourself or file complaints, click here.