Licensed Insolvency Trustee
Trust your trustee
Creditors are calling they are threatening you and making your life miserable you need to do something but where do you start? Who can you trust?
Trust a Trustee:
You don’t want to talk to a Licensed Insolvency Trustee because they are just going to bankrupt you and take over your life, right?
Perception is everything – I’ll talk more about that in my blog – but you know, people really do think that way… Some people actually believe that trustees are going to show up to house and proceed to count the silverware, repossess cars and seize bank accounts. But nothing could be further from the truth. Trustees are highly trained to help people and companies experiencing debt problems.
Debt Consultants trust Trustees:
In fact when GTA Credit – a Debt Consulting Company – had financial problems they turned to a Licensed Insolvency Trustee for help and filed a Division One Proposal under the Bankruptcy and Insolvency Act.
Another well advertised Debt Consulting Company touts the value of filing a Consumer Proposal on the front page of their website but negate to mention that ONLY a Licensed Insolvency Trustee can file a Consumer Proposal.
I spoke with a local Debt Consultant whose real job is selling investment and insurance products – he offers debt consulting as a means to obtain data from people. After the person’s debts are cleared typically following a referral to a trustee he then reconnects to provide financial planning advice.
Not-for-profit credit counselling agencies are typically licensed under the Collection Agencies Act and are paid commissions from Banks and other creditors they collect money for. They have a standing agreement with the Canadian Banker’s Association. When you enter into a Debt Management Programme (DMP) your credit bureau report will be damaged in the same way as if you filed for bankruptcy.
So who do you trust?
Do you trust someone who has undergone an intensive training programme, is an officer of the court, licensed and closely regulated by the Federal Government or do you trust someone who purchased a Debt Consulting Franchise Business for $30,000.00 and underwent two weeks of training at the corporate head office?
Trustees don’t work for free but most of us will provide initial consultations and good advice at no cost.