Poor George. He didn’t see that huge trap right in front of him. Let’s learn from his loss of foresight shall we. Recently, I saw an ad in the paper looking for participants to join a clinical study. I was intrigued; free laser hair removal in exchange for documentation of the results. I could imagine my silky smooth skin already.
It was at the initial consultation that I got the real deal. Pay in full up front (like any regular customer) and get refunded at the completion of the study 18 months later! And these treatments do not come cheap. In order to collect that refund down the road you must not only pay for 100% of the services upfront but if you are unable to make even one of those appointments then you can kiss that refund goodbye. It’s just too risky for me. What if I want to go on vacation during the treatment week or my schedule changes at work and I can’t easily make it? In the end I decided to play it safe and keep to more traditional and less expensive hair removal techniques.
With any contract that you are considering, make sure to closely go over it with a fine toothed comb. Ask a plethora of questions and imagine hypothetical situations. What if the company goes under? Am I protected? If there is a company name change does the contract still stand? It’s good to know these kind of things just in case.
That goes for any contract. Whether it’s a bank loan, employment terms, house sale or even a cell phone plan, always proceed with caution. You would not believe the number of “nearing the end of my cell-phone contract” parties I’ve been invited to!
Frequently Asked Questions
Have a question? We are here to help.
What is a Debt Consolidation Program?
A Debt Consolidation Program (DCP) is an arrangement made between your creditors and a non-profit credit counselling agency. Working with a reputable, non-profit credit counselling agency means a certified Credit Counsellor will negotiate with your creditors on your behalf to drop the interest on your unsecured debts, while also rounding up all your unsecured debts into a single, lower monthly payment. In Canada’s provinces, such as Ontario, these debt payment programs lead to faster debt relief!
Can I enter a Debt Consolidation Program with bad credit?
Yes, you can sign up for a DCP even if you have bad credit. Your credit score will not impact your ability to get debt help through a DCP. Bad credit can, however, impact your ability to get a debt consolidation loan.
Do I have to give up my credit cards in a Debt Consolidation Program?
Will Debt Consolidation hurt my credit score?
Most people entering a DCP already have a low credit score. While a DCP could lower your credit score at first, in the long run, if you keep up with the program and make your monthly payments on time as agreed, your credit score will eventually improve.
Can you get out of a Debt Consolidation Program?
Anyone who signs up for a DCP must sign an agreement; however, it's completely voluntary and any time a client wants to leave the Program they can. Once a client has left the Program, they will have to deal with their creditors and collectors directly, and if their Counsellor negotiated interest relief and lower monthly payments, in most cases, these would no longer be an option for the client.
