Dealing with Creditors
Constant calls from creditors are a sign that your debts are piling up and need to be dealt with. Creditors are required by law to stop collection actions once you file a consumer proposal or bankruptcy. If you can’t make payments, it’s in your best interest to meet with your Licensed Insolvency Trustee (previously known as a Trustee in Bankruptcy), at Harris & Partners, understand your options and present your creditors with a solution for the payment of your debt. Harris & Partners offers free consultations to help you begin getting control of your finances.
Collection Calls: Know Your Rights
A collection agency is allowed to call you about your debts and they will not tell you what your rights are. Generally, they have to call during reasonable hours (7 AM to 9 PM). It is up to you to know your rights.
Here’s what creditors are not allowed to do:
Know Your Options before You Talk to Your Creditors
Don’t call your creditors unprepared. Your Harris & Partners Licensed Insolvency Trustee can help you assess your finances and figure out what to ask your creditors for when you call them. With this information in mind, you may be able to arrange:
If such a proposal is agreed upon, be sure to obtain a written notification of your agreement that specifies the terms (i.e. that you have no outstanding debt due and that your debt is now cleared with this creditor).
1. Talk to someone in a position of authority (i.e. a bank manager). Make sure you take down the name and contact information for the person you talk to in case you need to refer to the phone call or call the person again. Fully explain your financial situation to the creditor and be forthcoming with evidence if necessary.
2. Follow these steps for the call with your creditor:
If you have run into financial problems, let Harris & Partners help you get your debt under control and move forward with your life with financial stability. Work with our trustees in Toronto, Ontario today. Free initial consultations are available.