The following bulletin was released by Consumer Protection BC on December 5th, 2013
Consumer Protection BC has frozen the bank accounts and suspended the licence of Options Credit Services Canada Ltd., a debt pooler operating in Chilliwack BC. Based on consumer complaints, Consumer Protection BC began an investigation into the business practices of Options Credit Services Canada Ltd. (OCSC) and Mr. Don Antle.
Although the investigation is still ongoing, these actions have been taken to safeguard the public interest as it is alleged that OCSC is non-compliant with the Business Practices and Consumer Protection Act and the Debt Collection Industry Regulation. The law requires debt poolers operate a trust account and appropriately distribute consumer money to their creditors in accordance with an agreed upon repayment program. Under the law, OCSC and Antle have 30 days to respond to the licence suspension and allegations. Clients of OCSC are asked to contact Consumer Protection BC at 1-888-564-9963 or email@example.com.
In BC, debt collectors, bailiffs and debt poolers are required to be licensed with Consumer Protection BC and meet the requirements of the Business Practices and Consumer Protection Act and the Debt Collection Industry Regulation. The law protects consumers a variety of ways including the safeguarding of consumer money by requiring debt poolers to use trust accounts and provide security. A backgrounder on debt pooling is available with additional information about the debt law in BC, consumer rights, business obligations and statistics.
To find out more about BC’s debt collection industry, please visit Consumer Protection BC’s website at http://www.debtrightsbc.ca. All recent Consumer Protection BC enforcement actions are also published online. For a list of licensed debt poolers in BC, please email us at firstname.lastname@example.org.