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Tuesday, January 14, 2014

NB Government To Roll Out New Collections Strategy

This could be a little chilling for folks who have outstanding student or business loans.

 According to media reports, the New Brunswick government is testing out a new approach to collecting outstanding dollars owed to the provincial treasury for things like loans and general receivables.

The new Collection Services Unit being rolled out  will send out notices, and workout a consolidated approach to debt collecting including offsetting wages and other penalties. The government has to act quickly: under the current law, the province has 6 years to collect outstanding debts, bit as of 2016 they'll have only 2 years.

It's estimated 2.6 billion dollars are currently owed to the government.