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Debt Consultants

December 30, 2019

This is an older topic that deserves revisiting at this time of year – before your Christmas Credit Card bills hit the mailbox. 

Debt Consultants and other related service providers are either completely unregulated or only regulated by a few consumer protection rules and laws.  Unlike Licensed Insolvency Trustees, Debt Consultants are poorly trained and unable to provide most, if any, of the services they appear to advertise. 

The Office of the Superintendent of Bankruptcy (“OSB”) has oversight of Licensed Insolvency Trustees (“LITs”) but not of Debt Consultants.  Accordingly, the OSB can only curtail the activities of these Debt Consultants by regulating the Trustees that use them to provide referrals. 

Follow the link to learn more, and remember the old adage “if it sounds to good to be true, it probably is”.

https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br03754.html