Canadian Express Collection Agency Inc.

Toronto Collection Agencies

In May of 2011, consumer debt was at $2.4 trillion.  Of that debt approximately $790 billion was revolving debt which was 98% credit card debt.  It took only 50 years for the credit card debt to go from almost zero to $790 billion.  With this increase came delinquent accounts which were caused mainly by reduction in income or loss of assets.

With the increase in delinquent accounts, lenders needed to turn to professionals who specialized in collecting all or part of delinquent accounts.  These professionals work at Toronto collection agencies. These companies operate under the laws of each province.  There is no national Canadian law that covers the attempt to recover bad debt from consumers.  Each province has its own set of rules.  There is, however, a national government agency that promotes the interests and protection of consumers throughout Canada.  This government agency is called The Office of Consumer Affairs (OCA).

These collection agencies know these rules and operate within them.  There are rules on when collection agencies can call consumers.  There are rules on what a professional collection agent can say over the phone.  There are also rules on leaving messages with other people.

The purpose of Toronto collection agencies is to recover the money that is owed by consumers.  In most cases, if there is no recovery, there is no money owed to the collection agency. Credit collector Toronto agencies makes every attempt to work out a settlement with the debtor.  This settlement may be payment in full at a certain date.  It also may mean a payment plan to pay all, most or part of the money owed.  Most consumers want to pay their obligations.  Sometimes through no fault of their own, reduction in income or medical bills, they cannot.  Professional collection agents, who are licensed and bonded, can work with all people in a respectful fashion.

Author: Bobby

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