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As BC’s largest firm of Licensed Insolvency Trustees focused exclusively on debt solutions for individuals, Sands & Associates has helped tens of thousands of consumers get a financial fresh start over the past 30 years. Although there are sometimes clear indicators that a debt problem has reached a point of crisis, Senior Vice-President Blair Mantin and his team often meet with people who have long-delayed seeking professional assistance because they weren’t sure they qualified for help, or where to turn to.

Delaying Seeking Debt Help – 2019 BC Consumer Debt Study Findings:

The most common reasons for waiting to seek professional debt help were that consumers were trying to manage on their own (70.0%), as well as feeling ashamed of being unable to handle debts incurred (49.7%) and worried about being judged or feeling embarrassed (44.1%).

Blair joined Breakfast Television Vancouver to talk about some of the indicators that may help BC consumers recognize that a situation warrants professional debt management services, and where people can get debt advice.

Watch the clip here and read more below:

Where, When and How to Get Expert Debt Help in BC

  1. Recognize the Warning Signs

Signs that debt is getting out of control may look different for everyone, and there are many triggering events that cause people to seek debt help. If you are experiencing one or more of the following, it could point to a debt problem:

  • Near constant or overwhelming stress about money and general finances
  • Only making minimum payments required to service your debts (or paying just slightly more)
  • Accumulating more debt (continuing to rely on credit, using payday loans, etc.)
  • Using assets to pay down debts (or considering doing so)
  • Borrowing from friends or family members to make a debt payment
  • Experiencing legal action, wage, bank account or other asset seizures (or threats of)

If any of this sounds familiar connect with a Licensed Insolvency Trustee right away, the problem isn’t likely to go away on its own – and it could even get worse the longer you wait. It may feel hopeless, but there are options to stop the stress of debt, or seemingly never-ending payments.

Learn More About the Debt Experts at Sands & Associates

  1. Know Where to Turn to for Help

Reaching out for professional financial help can feel intimidating and overwhelming for many people, but the best place to turn for unbiased qualified assistance is a Licensed Insolvency Trustee.

  • Licensed Insolvency Trustees are the only professionals legally empowered and endorsed by the government to help Canadians restructure their debts and as dedicated licensed debt experts their responsibilities include administering Consumer Proposals and personal bankruptcies, and ensuring your rights under federal legislation are upheld.
    • Many Canadians view bankruptcy as an ultimate last resort in debt management, and although our profession used to be designated “bankruptcy trustees” Licensed Insolvency Trustees offer a variety of resources (not solely bankruptcy) to consumers.
  • While programs offered through debt consultants or traditional credit counsellors may resemble benefits of Licensed Insolvency Trustee resources (such as Consumer Proposals), they are in fact very different and do not offer the same protection and legal standing.
  • When facing financial difficulties it is imperative that Canadian consumers become fully informed about their legal rights and options, and Licensed Insolvency Trustees provide this information for free, with no obligation to commit to any formal proceeding.
  • The laws around debts can be complex and ever-changing, and although other professionals including lawyers and financial planners have expertise in a variety of areas, they may not be fully aware of the intricacies surrounding Canadian debt legislation.

If you are facing financial difficulty, please know that you are not alone! We understand that it can be overwhelming to try to manage debts on your own, and that taking the first vital step of asking for help can be difficult – we are here for you, without judgment.

Understand Key Differences Between Credit Counselling and Consumer Proposals

  1. Don’t Wait for a Crisis to Take Action

Anyone can connect with a Licensed Insolvency Trustee directly to talk about their situation and evaluate their options – no referral is required and there is no cost to get advice from Licensed Insolvency Trustees.

  • Many people dismiss the possibility of accessing professional debt help because they have incorrect information about what Licensed Insolvency Trustees do and how they help.
    • There is no requirement to be ‘delinquent’ on your debts in order to access our services.
    • Many people who seek assistance from Licensed Insolvency Trustees have an “ideal” credit rating but realize that they are facing a looming debt problem – research has shown that up to 70% of individuals who file bankruptcy never missed a payment and may have strong credit ratings.
  • Federal legislation exists to offer you debt solutions (including but not limited to bankruptcy).
    • There is no permission required from your creditors in order to seek bankruptcy protection – Canadian law gives you the ability to get relief from your debts.

There’s no need to be embarrassed about asking for help – and there’s no such thing as a silly question. Most people have little to no experience with the ins and outs of legal debt help and never expected to find themselves in a situation that has left them unable to repay their debts.

Ready for a change? Connect with a BC Licensed Insolvency Trustee from the comfort and convenience of your home and get a plan to be debt-free – book your confidential debt consultation now.