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If you’ve found yourself worried about managing your debt and wondering what you should – or even can – do to get out of debt, you’re not alone. Struggling with debt can feel overwhelming and isolating and many Canadians are unsure where to turn for help. Fortunately, debt is a problem like many others in that it does have solutions and Canadian consumers have an ally in this – Licensed Insolvency Trustees.

Read on to learn why a Licensed Insolvency Trustee (“LIT”) is your best debt help resource, and the key benefits to talking with a Licensed Insolvency Trustee for support.

About Licensed Insolvency Trustees and Consumer Proposal Administrators 

A Licensed Insolvency Trustee is a professional who is federally licensed to provide debt advice and services to people facing financial difficulties. The primary goal of a Licensed Insolvency Trustee is to help you deal with your debt.

Talking with a Licensed Insolvency Trustee in a confidential debt consultation offers many advantages and the means to explore all the debt solutions available to you.

Learn More About Licensed Insolvency Trustee Qualifications

Licensed Insolvency Trustees Offer Free, No-Obligation Debt Advice

It is free to have a consultation with a Licensed Insolvency Trustee and this meeting is a confidential, no-pressure conversation.

  • Our goal is for you to get answers to your questions and a plan to deal with your debt, with clear next steps for the solution that you feel is best for you.
  • You are under no obligation to continue working with a Licensed Insolvency Trustee after your consultation, and your credit score will not be impacted in any way by this meeting.

The processes that a Licensed Insolvency Trustee follows are governed by law, and this includes any fees if you decide to continue working with a Licensed Insolvency Trustee. A LIT is the only type of debt help professional that can offer you these no-surprises guarantees.

  • Options that a Licensed Insolvency Trustee offers such as a Consumer Proposal or bankruptcy are generally the cheapest and most effective for reducing or forgiving your debt.
  • If you decide to work with a credit counsellor or debt consultant the fees can be substantial, and even non-profit credit counsellors charge a fee for using their debt repayment programs.

It should never cost you money to find out your debt options. If you are ever asked to pay for debt advice this should be a warning that you may not be talking with a Licensed Insolvency Trustee.

How Does a Licensed Insolvency Trustee Get Paid? Learn More 

Learn About All Your Debt Options with a Qualified Professional 

It’s important that you’re getting accurate advice and information about your situation and all the options you can consider to help you deal with your debt. Licensed Insolvency Trustees are uniquely qualified to provide you with unbiased, neutral debt advice to make sure your rights are respected, as well as those of your creditors.

When you have a consultation with a Licensed Insolvency Trustee you can expect to receive information about different debt solutions, and additional debt management resources and strategies that may help you in your unique situation. The options that may be discussed can include (but are not limited to):

  • Debt consolidation, Consumer Proposals, credit counselling and debt settlement
  • Refinancing options and do-it-yourself repayment strategies
  • Personal bankruptcy debt forgiveness
  • Other provincial and federal laws and rules that may pertain to your situation

Once you fully understand your situation and options you can make an informed decision about how to move forward. Many people are surprised to learn the realities of their debt obligations and the solutions they have available to them.

  • It’s very easy to connect with a Licensed Insolvency Trustee – anyone can seek help, advice, or information about their debt simply by getting in touch with a local Licensed Insolvency Trustee in their area, no referral is needed.
  • If you’ve received debt advice from an advisor other than a Licensed Insolvency Trustee it is strongly recommended you seek a second opinion from a Licensed Insolvency Trustee in your province, especially if your situation hasn’t improved.

What Can I Do to Pay Off My Debt? Learn More 

Access Canada’s Legal Debt Solutions

Licensed Insolvency Trustees are the only professionals in Canada authorized to administer debt solutions that allow you to have some, or all of your debts forgiven, and this is most often done through a making a Consumer Proposal, or if you are unable to afford to repay some portion of your debt, personal bankruptcy.

A Consumer Proposal allows you to consolidate and cut virtually all your debts (including consumer debts and government debts), often by up to 50-80% in full settlement of your debt.

  • Customized to fit your personal budget and other circumstances, a Consumer Proposal offers you the ability to streamline your debts into one manageable monthly payment, freeing up your finances and allowing you to focus on other goals.
  • You’ll have a clear ‘debt-free’ date and can pay off your Consumer Proposal early any time.
  • Financial counselling is provided as part of the Consumer Proposal process and is provided by a Qualified Insolvency Counsellor.
  • Your Licensed Insolvency Trustee will take over communication with your creditors, giving you breathing room and peace of mind.

Bankruptcy Is Not Your Only Option – Learn More About Consumer Proposals

When Should I Contact a Licensed Insolvency Trustee? 

If you think you are headed for difficulty in managing your debt alongside your costs of living, are worried about an escalating problem with a creditor, or want to get support with a structured debt repayment plan, you should contact a Licensed Insolvency Trustee for advice and solutions.

The sooner you can recognize that your debt is becoming unmanageable or stressful and reach out to a Licensed Insolvency Trustee, the faster you’ll be able to get back on track and move forward with your life, without the stress of debt. Be on the lookout for common signs of a growing debt problem such as:

  • Feeling overwhelmed by your debts.
  • Only being able to pay your minimum monthly payment on credit card debts (or close to these minimum payments).
  • Using your credit cards, overdraft, or payday loans to meet everyday living costs and debt payments.
  • Not seeing real progress in paying down your debts.
  • Having a debt repayment plan that would require you to make (non-mortgage) debt payments for more than five years.

Remember, anyone can talk with a Licensed Insolvency Trustee to get free, confidential debt advice – no referral is needed, and you don’t need to be behind in your debt payments or have a ‘low’ credit score to seek help with your debt.

Learn More About Debt Warning Signs

How Do I Choose a Licensed Insolvency Trustee?

All Licensed Insolvency Trustees in Canada will have the same qualifications and authority, but your Licensed Insolvency Trustee should be local to your province as some rules will vary province to province. You should also consider the following when talking with a Licensed Insolvency Trustee:

  • Are you feeling comfortable and heard? It’s important that time is taken to understand your situation and address all your questions in a non-judgmental way.
  • Do you have all the information you need to decide with confidence? You should feel supported to move forward with the debt solution that’s right for you and your situation.
  • What are other people saying? Reading online reviews and testimonials can help you feel reassured and at ease to talk about your concerns and goals.

Connect with a caring, non-judgmental BC Licensed Insolvency Trustee today and get started with a debt-free plan that works for you. Book your free confidential consultation here.