bankruptcy canada faq Archives - Ira SmithTrustee & Receiver Inc.

Bankruptcy Canada FAQ could change your life, but only if you took positive action after reading it. Can the Better Business Bureau (BBB) change your life? Definitely. We all think that the BBB could only change your life in a positive way. However the BBB could also change your life if it helped one of its member’s perpetrate a scam. If you suffer financial damage by relying on a BBB member’s scam, then you very well may have to read our Bankruptcy Canada FAQ to consider getting out of the debt the scam placed you in. In the past we’re warned you about several scams:

As consumers we all try to be diligent about companies we choose to do business with and it’s quite common to check with the BBB to see how they’re rated. However, it’s a common misconception that the BBB is a government agency that advocates and protects the consumer. We should be wary about relying on the BBB ratings. Any scam will hurt you and if it has caused a serious debt problem, then you will have to read our Bankruptcy Canada FAQ in order to change your life for the better.

What is the BBB?

The BBB is NOT a government agency.
It is a FOR PROFIT
It is NOT a consumer watchdog.
BBBs are franchises designed to generate profit.
They sell advertising and memberships to companies.

How does a company acquire a BBB accreditation? Businesses pay a fee for accreditation review and monitoring for continued compliance and for support of BBB services to the public.

How is the BBB funded? The BBB is funded from the advertising and membership dues paid by its accredited companies.

Could this create a conflict of interest? This has been an ongoing issue and many are of the belief that this is a conflict of interest. Do you believe the BBB can accurately “rate” a company that is one of its paying clients? In addition only companies that are BBB members can defend their reviews and you can’t post a positive review about a company that is not a BBB member, so it’s not a level playing field.

Here is a perfect example: SaveOnResorts.com is rated an A+ by the BBB. Yet many websites including Scam-Detector, RipOffReport and ComplaintsBoard have numerous complaints against them dating as far back as 2007, and call it a travel scam. Even TripAdvisor advises caution when booking with SaveOnResorts. Logic dictates that there is no conceivable way that SaveOnResorts.com could have an A+ rating. Yet, they are a paying member of BBB and enjoy an A+ rating, which no doubt has cost many people money. There is nothing new about a travel scam, but one that comes with a glowing report from the BBB is a prime candidate to have to drive you to read our Bankruptcy Canada FAQ.

It seems that having a BBB accreditation will not prevent you from being ripped off by that BBB accredited member! Buyer Beware! Don’t take things for granted and always do your due diligence. Such a scam could cause you serious financial harm, forcing you to consider all options in dealing with your debt, including reading our Bankruptcy Canada FAQ to find out more about the bankruptcy process.

We hope that you will never be a victim of a scam or experience serious financial difficulties for any reason. But if life throws you a curveball, find out information by reading our Bankruptcy Canada FAQ and then contact the Ira Smith Team today. We can help put you back on the road to financial health with practical advice and a solid financial plan. You can also gain quick answers to find out all about the personal bankruptcy process by reading our Bankruptcy Canada FAQ. Starting Over, Starting Now you can put your money problems behind you and regain a great quality of life.

Watch for our next blog when we’ll be discussing Disaster Relief Scams.

Rent-to-own offers sound great, but beware, because it is another form of very expensive borrowing. At this time of year we tend to shop much more than any other time on the calendar. And, from time to time we come across a great deal on a new television, or computer or piece of furniture but the credit cards are already close to their limit and there’s not much available cash. You’re about to walk away but then the salesperson tells you that they have a rent-to-own program and it sounds perfect! But, what the salesperson isn’t telling you is that rent-to-own can be VERY expensive. The reality is that the rental charge can amount to three or four times what it would cost to pay cash or finance the purchase on an installment plan.

According to a CBC News investigation, Canadians spend $260 million every year for rent-to-own products, often paying exorbitant prices that would not be allowed in some U.S. states. Canada lags behind the U.S., where the majority of states have enacted laws to protect rent-to-own customers by requiring more transparent advertising. Five states have actual price controls. Not a single Canadian province has followed suit with specific rent-to-own legislation. Rent-to-own targets low-income and credit-constrained consumers who are living paycheque to paycheque by offering low weekly and monthly payments for household goods.

Before considering rent-to-own, The Canadian Consumer Handbook has suggested four questions to ask yourself:

Is the item something I absolutely have to have right now?
Can I delay the purchase until I have saved enough money to pay cash?
Have I considered all my credit options, including applying for retail credit from the merchant or borrowing money from a credit union or bank?
Would a used item purchased from a garage sale, classified ad or second-hand store serve the purpose just as well as something new?

Don’t sign a rent-to-own contract without calculating what it’s really going to cost you and ask yourself if it’s really worth it. Getting into more debt is not the way out of debt. You need professional help to solve your debt issues. Contact Ira Smith Trustee & Receiver Inc. We can help you get back on solid financial footing so that Starting Over, Starting Now you’ll be well on your way to conquering debt. Check out our bankruptcy Canada faq yourself to start finding answers.