Collection and Debt Settlement
Overview
The Commission administers the Collection and Debt Settlement Services Act through regulation, oversight and licensing of any company or individual who offers collection or debt settlement services in the province.
A collection agency is a business that is hired by a company (creditor) to recover unpaid consumer debts, such as credit card balances, loans or other past-due bills.
A debt settlement agency is a company that a consumer may choose to hire to negotiate with creditors on their behalf to try and settle their debts for less than what they owe.
Consumer Protection
We license and supervise collection agencies, collectors and debt settlement services, and enforce rules to prevent harassment and unfair practices. In New Brunswick, these agencies and their collectors must follow strict rules to protect consumers.
While debt settlement agencies are not registered or licensed in the province, the Act does provide rules that companies must follow that help protect consumers.
To check the licence of debt collection agencies and individuals, contact the Commission directly at consumer.licensing@fcnb.ca.
What we can do:
- investigate complaints about the practices of collection agencies, collectors and debt settlement companies
- enforce consumer rights under the Act
What we cannot do:
- stop a collection agency from contacting you completely
- forgive or negotiate your debt
- provide credit counselling services
Resources
Learn more about collection agencies and debt settlement at Finfo.ca.