Be Aware: Licensed Insolvency Trustees vs. Debt Consultants

Be Aware-Credit Counsellors & Debt Consultants Are Not What They Seem

Licensed Insolvency Trustee Vs. Debt Consultants

You may have noticed that we have been posting a lot about the differences between debt consultants/ credit counselors and Licensed Insolvency Trustees. It is a question that our office is asked almost daily, and there is a lot of confusion surrounding the issue. To try and clear that up, we have compiled a list of articles to help explain the differences.  We feel that it is our responsibility to ensure that you to get the right information about who you need to see, and where to go to get the help that you need. Every day, vulnerable debtors pay unnecessary fees to debt consultants for work that can only be accomplished by an LIT.

The most important distinction to understand when it comes to Licensed insolvency Trustees and debt consultants, is that ONLY an LIT has the authority to administer a bankruptcy or a consumer proposal.

Here is the list of helpful articles and resources to further explain what an LIT can do for you vs. what credit counselors do:

 

  1. Bankruptcy Canada  reports on Caution when Dealing with Canadian Credit Counselors.
  2. Earl Sand’s cautionary article, Debt Consultants Taking Advantage of Vulnerable Customers, is available to read on LinkedIn.
  3. Bankruptcy Canada also supplies an outline of the differences between credit counselors and LIT’s.
  4. The Office of The Superintendent of Bankruptcy  has this useful chart which we also referenced this handy chart in our article on debt consultants ( you can read here in full ).

 

At C.E Craig & Associates, we are more than happy to guide you through the insolvency process and to protect your best interests. If you are unsure if a bankruptcy, or a consumer proposal are right for you, contact us today for a no-charge, no-obligation consultation.

You may also find these articles interesting:

Get Rid of Personal Debt in 2017

What is a Licensed Insolvency Trustee?

How To Manage Your Debt

Unlicensed Debt Consultants Cannot File Consumer Proposals

 

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