• A collection agency is a company that works to get back money owed by people in debt. Your creditors pay these agencies to get back the money you owe them;
• If you receive a notice that explains your debt has been given to a collection agency — don't panic — the agency is trying to get back the money you owe its client;
• If possible, pay the amount you owe. If you are unable to pay it all at once, contact the agency and explain your situation;
If you reach an agreement with the agency about the method you will use to pay, get it in writing;
• Never send cash. Always get a receipt for your payment from the agency.
The Consumer Measures Committee, a group of federal, provincial and territorial government representatives has posted some great information for dealing with debt. Go to www.ConsumerInformation.ca and search for Be Informed About…Debt.
Source: www.newscanada.com
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