GoC wants you to ask questions when getting help with debt

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The news release on Canada.ca is asking consumers to ask questions when looking for help to deal with debt.

A joint news release from the Office of the Superintendent of Bankruptcy (OSB) and the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) asks consumers to consider the following:

New Release: “Beware of unregulated, unlicensed debt advisors that claim to be authorized to assist you with insolvency options. Some charge hundreds or even thousands of dollars for services they are not licensed to provide, or for unnecessary services offered before, during or after a consumer proposal or bankruptcy filing.

Cousellors.Org: Like other credit counselling agencies, we are not licensed insolvency trustees and we do not provide bankruptcy or consumer proposal services. What makes us different than most credit counsellor agencies is our referrals are free.

If it sounds too good to be true, it probably is. Watch out for high-pressure sales tactics or unrealistic promises to quickly solve your debt problems or to fix your credit score. Signs may include high fees, high interest rates, delayed payments and advisors encouraging you to make further advances on your credit card or take out a high-interest loan to pay their fees

We evaluate the pros and cons of each option and how they relate to your unique situation. The best option depends on your priorities whether it’s to save money or save your credit. We are upfront about all fees and the likelihood of potential outcomes. Our fees for negotiation are lower than the industry standard, we don’t charge interest or lend money, we don’t manage your money for you and importantly, we are not licensed debt collectors.

The OSB has a directory of LITs and LIT firms. LIT services are available across the country, even in remote locations

Licensed Insolvency Trustees are the only ones who can administer a Bankruptcy or a Consumer Proposal. If you are sure that you need to file for one of these, please find a trustee you trust or use the list in the link above to browse trustees in your area. If you’d like to consider other options to avoid bankruptcy or proposals, our consultations are free and referrals are free where many counselling agencies charge a fee.

If you have more questions or would like to know how counsellors.org is different or how we can help, please call us at 780-488-DEBT or email us at info@counsellors.org