Skip to main content

What must the licensee do to add or remove a creditor?

The certified counselor must prepare an updated budget analysis that complies with Sections 12(1) & (2) of the Act to ensure the debtor can reasonably fulfill the requirements of the debt management plan. The licensee may amend the contract if the licensee determines the budget analysis is suitable for the debtor. This is required for both adding and removing a creditor. A copy must be maintained of each completed budget analysis for six years after the date created.

A new contract or an addendum to the existing contract must be completed. The new contract or addendum must be in writing and signed by both the licensee and the debtor, and must restate the terms required under Section 14(1) of the Act. A copy must be maintained of each completed contract for six years.