120 - What Debt Collection Agency Can and Cannot Do

Many debt collectors and collection agencies assume that debtors are not aware of their rights. And because of this, some resort to unscrupulous methods to persuade you to pay. There are rules and regulations that they must adhere to, though each of the province’s laws vary. This raises a lot of questions around exactly what collection agencies can and cannot do. Licensed Insolvency Trustee, Daniel Maksymchak explains what you need to know to protect yourself and the first thing you need to do when initially contacted. Daniel also covers:How to negotiate with your creditorsThe importance of getting agreements you make in writingHow to verify the company and debt are legitimateWhat you need to know to avoid scamsContacting an LIT to discuss your options to stop collection callsLicensed Insolvency Trustees are federally regulated and approved by the Canadian government. They are the ones that will give you honest advice about all the options that are available to you. The sooner you take that first step the more options you will have.About Daniel MaksymchakDaniel has worked in the bankruptcy and insolvency field since 2010. His career began in accounting, receiving his Chartered Accountant designation in 2009. He attained his Licensed Insolvency Trustee accreditation in 2014. Daniel is a member of the Canadian Association of Insolvency and Restructuring Professional (CAIRP) and has volunteered his time with numerous causes in the community. Additional Resources LCTaylor Licensed Insolvency TrusteeWhat Should You Do if You Get a Call From a Collection Agency?Having Trouble with Winnipeg Collection Agencies? Know Your Rights