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One common concern we receive from national creditors is the large volume of balance verifications they receive from our members. In an attempt to streamline DMP administration processes across all CCC membership, and maintain strong relationships with creditors, the CCC in conjunction with the Creditor Relations Committee has developed the following balance verification standards for members.

Interest bearing accounts:
• Verify account balances on an annual basis.
• Advise financial institution of annual review.

Non-interest bearing accounts:
• All accounts with 0% interest should have at least 1 balance verification by mid-way through the program.

Successful Completion:
• Upon successful program completion contact all financial institutions to obtain paid in full confirmation in writing.
• Place information in client’s file.

Additional Practices:
• If possible, balance verification requests should not be sent in batches but rather spread out over the year. For this reason, we recommend verifying balances in accordance with the client’s program start date.
• Written balance confirmations are recommended and should be documented in the client’s file.
• In the case of no response: Contact CCC to ensure you have the up to date contact information. Attempt to make contact 3 times via different communication channels (ie: phone, fax, email). Document attempts on client’s file.
• Verify that payment protection insurance has been cancelled when previously requested by a client or is a requirement before a creditor will accept their account on a program.


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CCC’s Board Treasurer and CEO talk about myths around debt. Click below to read more. @CPAcanada

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