I’m Consumed By Debt, Who Can Help Me?Nov 21, 2018
Dealing with debt can be stressful. Whether it’s receiving calls from creditors, missing bill payments, or struggling to afford basic necessities, debt can have a significant impact on more than just your wallet. If you’re at a point where you feel like debt is consuming you and you don’t know where to turn to, you’ve found the right article.
No matter how dark debt has made your financial situation, there is always help available. As part of Financial Literacy Month, BDO is wanting Canadians to know that there’s a debt professional always willing to give you a helping hand. Those professionals were once known as Bankruptcy Trustees, but are now officially referred to as Licensed Insolvency Trustees (LIT).
If I’m struggling to pay bills and debts, how can I afford to speak to an LIT?
The initial consultation with an LIT is always 100% free and there are no obligations to move forward with any services or debt options they may recommend. It’s an opportunity to have a private and confidential conversation with a debt professional.
LIT’s are also the most educated and certified debt professionals out there. They are the only professionals licensed and regulated by the Government of Canada.
That regulation also means any fees related to LIT’s services are mandated by the government and will be the same regardless of which firm your LIT works for. All fees will also be clearly explained to you before moving ahead with anything.
Where can I find an LIT?
There are a lot of companies out there that provide debt help services; be careful just doing a google search because the results may include companies that charge for initial consultations or other services.
The best place to find an LIT in your area is through the Government of Canada’s Licensed Insolvency Trustee Registry. You’ll find the individual names of LIT’s, the company they work for, and contact information all within the search results.
Is there a reason why an LIT wouldn’t be able to assist me in dealing with debt problems?
After speaking with an LIT at your initial consultation, they may actually be able to determine that you don’t need their help. That doesn’t mean they will leave you to fend for yourself.
Should they determine with you that a debt consolidation loan or even getting some education on how to more effectively budget and manage your money, can alleviate some of your stress and provide debt relief, they will make a qualified referral to a financial professional who can assist you.
If the LIT is just going to refer me to another debt professiona,l why should I go to them in the first place?
Speaking with an LIT when feeling overwhelmed or consumed by debt is important because besides the fact that the initial consultation is no-cost and no-obligation, they are the only ones who can legally assist you with a consumer proposal or filing for bankruptcy, should you need it.
Consumer proposals or bankruptcies are very effective methods of debt help, but are primarily used when no other debt options work for you. The sooner you seek help for your debt the greater the odds that you won’t need to rely on one of the last resort debt options.
Take action and fight back against debt consuming you. Continue to grow your financial knowledge during Financial Literacy Month and if debt really is causing you stress, don’t hesitate to speak with an LIT. They are always there to fight and protect you, not your creditors.