A collection company is an organization in which a business is hired by the creditor and is given a fee, which is usually a percentage of the amount that will be collected in lieu of the debt from the debtor.

1. ← Stirring Collection Agencies in Canada
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AUG16
Ontario Collection Agencies Act
of Ontario
There are quite many collection agencies in Ontario City. It is a Canadian province that is second
largest in area. The people in the region do not pay debts because of bad habits, spendthrift nature
and because of financial setbacks.
The Collections Agencies act of Ontario has laid some rule sets that have to be followed when the
debtors have to deal with the agencies. The normal process is to write to the debtor about the
collection amount details by the collection agency. Other details include the name of the creditor
and its authority. The debt collectors wait for a month’s time before taking any adverse action.
There are also possibilities where the debtor is not available in town or have not received the notice
by the creditor due to some other reasons. If there are disputes relating to the amount of the
debtor then courts intervene. Post that, the agencies do not communicate with the debtor. Only a
debtor’s lawyer is intimated through verbal and written communication.
The debt collectors tend to be dishonest at times. However they are recommended to be honest
according to the collection agencies Act of Ontario. They cannot threaten the debtor at all costs.
Also abusive language cannot be used by the agencies. If need be the written authority given to
the agency by the creditor can be asked by the debtor. The Ontario Ministry of Consumer Services
has laid a rule where in a seven days’ time period the maximum number of letters to be sent
cannot exceed more than three. In prescribed hours only the agency calls can come and on
holidays they are forbidden.
The agencies that refuse to abide by the norms laid by Ontario Ministry are subject to a fine of
$50000 with imprisonment till two years. A fine can go up till $250000 too.
Hence it is recommended for collection agencies to follow all rules laid by the act of collection
agencies.
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Posted on August 16, 2013, in Debt collectors and tagged Debt Collectors, Ontario Collection Agencies.
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