HAMILTON, ON, Feb. 20, 2020 /CNW/ – “We are a nation of Debtors. Most Canadians are, have been or will be, a Debtor. The time has come to improve the way Debtors in Canada are treated” said Henrietta Ross, CDA’s President and Chief Executive Officer and consumer finance industry insider.
For too long, Debtors have not had a collective voice, have been disrespected and disempowered by the consumer credit industry. Yet, Debtors are the anchor and backbone of the credit industry itself – an industry that is dependent on Debtors to exist and prosper.
When Debtors face a financial crisis, they are at the mercy of the credit industry’s systemic flaws and no one is legally prescribed to solely represent the interests of the Debtor. Organizations that have a fiduciary duty to the creditors, or are funded by the creditors, offer options to resolve financial difficulties. However, this unfairly works to advantage the creditors – and fails those that need support the most – the Debtors.
According to Ross, “This is a big problem that the Canadian Debtors Association will fix by supporting and acting for Debtors. That’s why CDA created the Debtor Bill of Rights as a framework for the ways that Debtors should be treated. We see a future where Debtor rights are fully embraced and universally accepted.”
The CDA will use the Debtor Bill of Rights to advocate for improved standards of treatment and respect for Debtors. To learn more about how CDA works for Debtors, see http://www.debtorsvoice.org/
About the CDA
The Canadian Debtors Association is a national non-profit organization that examines industry and Debtor issues, considers practical, meaningful and innovative solutions and presents thoughtful recommendations to introduce, enhance and improve legislation, regulation, policies, systems and practices. With a deep understanding and insight about the problems that Debtors face, CDA uses a collaborative approach to work with all facets of the credit, debt, collections and insolvency industry. CDA is committed to helping individuals and families, particularly those who are financially vulnerable, to have a better Debtor experience and successful recovery from financial breakdown and insolvency. As the voice of the Debtor, CDA is the industry advocate that supports and acts solely for Debtors.
For further information: Henrietta Ross, E: henrietta@cdndebtorsassoc.ca, T: 905-296-2775