by Multi-Prêts Mortgages
What you’ll learn
Be it because of a financial rough patch, a mistake or an oversight, you may one day have to deal with a collection agency.
The Office de la protection du consommateur defines them as: “Collection agencies are a middleman. They are a business whom a creditor has entrusted to recoup an amount of money they claim they are owed. This creditor can be, namely, a financial institution or a business.”
It is therefore important to distinguish them from the internal collections service of a business to whom you owe money. Clearly, it is better to resolve the situation before it makes its way to an agency. Incidentally, you should read our article for tips on how to get out of debt if it applies to your situation.
The government has put measures in place to oversee the operations of collection agencies.
If a debt collector breaches the law, you have 3 years to bring them before the court.
In any case, it’s important to keep calm and not get overwhelmed by emotion. Know your rights and demand they be enforced. However, if you are in debt, it’s better to deal with the situation rather than let it drag on. If you are proactive on the matter, it could work out to your advantage.