Does Debt Counselling Work?

Yes, debt counselling works. If you’re reading this article, chances are you’ve found yourself in a debt situation that you need help with. Naturally, you’d do an initial search using your phone or computer. That’s a double-edged sword, because you’ll find dozens of links that will give advice. Some may be applicable to you, some may not. It may even leave you more befuddled than before you did your search.

Every debt situation is unique, as you will have a different type of debt and exposure level compared to the next guy. Your repayment options will also vary. When you do a search, the typical options that will appear will include payday loans, debt consolidation, reverse mortgages, debt counselling, or even bankruptcy proceedings. You may then be directed to links to debt counsellors or credit counselling services. While seemingly the next logical step, do note the legislation related to this. The Canadian government has already warned of the risk of retaining the services of debt advisors who tack on unnecessary or exorbitant fees. As in the case of physical goods where the middleman makes a hefty profit, financial counselling service are there for just that. To gain profit from a service. Some, not all,  consultants will just take your case on for a fee but ultimately pass you on to a Licensed Insolvency Trustee.

Best then that one goes to a Licensed Insolvency Trustee, who, apart from being recognized by the Canadian government, can actually give you legal protection from creditors. This is a big relief in terms of emotional stress and piece of mind, as you will get protection from garnished wages and even court proceedings.

What is Licensed Insolvency Trustee? Well, a LIT is a qualified, knowledgeable, and tested, financial counsel who will give you the range of options pertinent to your particular case. Licensed and supervised by Canada’s Office of the Superintendent of Bankruptcy (OSB), the LIT is required to adhere to standardized and ethical procedures that will ensure that the person they are counselling gets the best advice possible. With the least impact possible to their financial viability and personal dignity. Licensed Insolvency Trustees do charge a fee, but these are regulated, and the initial consultation is usually free.

There is a bankruptcy trustee in Victoria, so it is easy to find the one near you. If you are in financial trouble, it behooves you to first look at this option before going anywhere else.

Contact G. Slocombe & Associates Inc in Victoria BC for any debt help.