Can I get out of a debt settlement or credit counselling agreement?

Understand the contract

Debt settlement companies and counsellors must give you a written contract that includes:

  • the company's name and address
  • the agreement's date
  • a complete list of the services they will provide
  • an outline of when you will make payments, or a one-time payment
  • the dates they will contact your creditors to talk about the plan
  • whether or not the will be paid by your for settling your debt
  • the date they will complete their services, which can't be more than 18 months
  • how much they will charge you, which can't be more than 10% of the total debt you are settling

It is important to understand your contract. Although the rules give you some protection, some agencies might still try to take advantage of you. Ask questions if there is something you don't understand.

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