Collection Agency, Rapid Recovery Solution, Responds to the News of Tighter Debt Collection Regulations in Ontario

Following an article about tightening debt collection regulations in Ontario, Rapid Recovery Solution responds with their comments.

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Bohemia, N.Y. (PRWEB) January 13, 2013

On January 13, 2013, collection agency Rapid Recovery Solution responded to a Canadian Press article, regarding the tightening of debt collection agency regulations in Ontario.

According to the Canadian Press article, “The Ontario government has introduced measures aimed at better regulating debt collection agencies.” The article states that the new regulations will ban up-front fees charged by firms, and limit how many many fees consumers can be charged.

The article informed that, “Debt collection agencies would be required to offer clear, transparent contracts and implement a 10-day cooling-off period.” The article mentions that, The Ontario Association of Credit Counseling Service has received so many complaints about debt collection companies, about 100 a month.

According to Consumer Services Minister, Margarett Best, "There is evidence of harmful practices used by some debt settlement companies and that is why our government is taking steps to protect consumers." Best also advised that consumers should know their rights, and not just sign a contract without doing proper research.

John Monderine, CEO of collection agency, Rapid Recovery Solution knows how important it is to regulate debt collection firms. “Tightening regulations and cracking down on rogue firms is very important. It is good to see Ontario is making sure people are being pushed around by some agencies and collecting on illegal debts,” said Monderine.

Founded in 2006, Rapid Recovery Solution, Inc. is headquartered at the highest point of beautiful Long Island. Rapid Recovery Collection Agency is committed to recovering your funds. We believe that every debtor has the ability to pay if motivated correctly. We DO NOT alienate the debtors; we attempt to align with them and offer a number of ways to resolve not only your debt but also all their debts.

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