Posts tagged credit counselling
Announcement - New Designation for Insolvency Professionals

On December 2, 2015, the Office of the Superintendent of Bankruptcy Canada released Directive 33, Trustee Designation and Advertising, updating the designation to be used by Licensed Trustees with regards to the advertisement, promotion, and communications related to their services.  All trustees holding a valid license will now adopt the professional designation “Licensed Insolvency Trustee”, which replaces the previous designation of “Licensed Trustee in Bankruptcy”.

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Beware of Debt Settlement Offers

The debt settlement and credit counselling companies would have you believe that they can easily have your credit balances reduced and save you hundreds if not thousands of dollars.   The problem is they cannot guarantee any results.  They will require that you pay them monthly administration fees and/or a percentage of the settlement amount as payment for their services.  But you need to read their documents very closely to find out what happens to all of those fees that you have paid if they are unable to reach agreements with some or all of your creditors.

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Financial Warning Signs

Most of us can sense impending financial trouble but we tend to shy away from seeking professional help out of embarrassment or fear of being judged.   Licenced Insolvency Trustees and debt counsellors are there to help and should be able to provide you with financial counselling in a non-judgmental and professional manner.   The information they provide should help you better understand your financial situation and the options and resources that are in place to assist you.  This will allow you to make the best possible decision to resolve your financial concerns.

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