Do you want to know more about credit and debt settlement? The following information may be of interest to you.

Several forms of credit are available for you to finance your purchases. Before buying on credit, the Office de la protection du consommateur recommends that you be informed about the mandatory contents and the cancellation terms for credit contracts that are governed by law.

Credit cards and lines of credit

The information about your credit card or line of credit must appear in a written contract. The mandatory information is presented in the page on the contents of a contract for a credit card or a line of credit.

If you would like to cancel your credit card or line of credit, the procedure varies depending on whether or not you have already used it. All of the information is provided in the page on cancelling a contract.

Instalment sales

An instalment sale contract is a financing contract. Your purchase is financed by the merchant, which usually assigns the contract to another merchant, such as a financial institution. You will then pay for the item by making a series of instalments over a given period.

The information about an instalment sale must appear in a written contract. The mandatory information is presented in the page on the contents of an instalment sale contract.

If you have entered into this type of contract, you have 2 days to change your mind. The page on modifying or cancelling an instalment sale contract provides all the information on this subject.

If the financing is for a new road vehicle, you do not have to have taken possession of the vehicle to benefit from this 2-day deadline. Refer to the page on cancelling a financing contract for a new vehicle for all the details.

Money loans

The information about your loan must appear in a written contract. The mandatory information is presented in the page on the contents of a contract for a money loan.

If you have entered into this type of contract, you have 2 days to change your mind. The page on modifying or cancelling a contract for a money loan provides more details on this subject.

High-cost credit

A contract for a credit card or a line of credit, an instalment sale contract or a contract for a money loan may be a “high-cost” credit contract. The contract must then include additional information. This information is presented in the page on the contents of a high-cost credit contract.

You have 10 days to cancel this type of contract. Refer to the page on cancelling a high-credit contract to find out more.

A merchant that offers you, for example, to negotiate the settlement of your debts with your creditors must give you a written contract.

Contract

The page on the contents of a debt settlement service contract provides all the details.

Cancellation deadlines

Once you have entered into the contract, you have 10 days to cancel it. In certain cases, the deadline can be extended to one year. Refer to the page on cancelling a debt settlement service contract to find out more.

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