Credit Counselling British Columbia
*Federally Licensed and Regulated*
What is Credit
Counselling?
Credit Counselling is a process for assisting individuals through education, budgeting, and a variety of other tools to reduce and ultimately eliminate their debt.
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As part of your Free Consultation/Credit Counselling session our credit counsellors/debt analysts will review your current situation including:
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Details of your assets
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Liabilities, current income and expenses
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Your views on your immediate problems and concerns
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Our counsellors will discuss with you the options available for resolving your financial difficulties and develop a practical plan for finding a solution to your financial situation.
Credit Counselling is not a Debt Solution
It is the first step in understanding the practical solutions available to your situation.
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Not all Credit Counselling firms are created equal. There are several firms claiming to offer Credit Counselling services (some even use Credit Counselling in the name) including:
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Licensed Insolvency Trustees
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For Profit Debt Repayment Agents
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Not-For Profit Debt Repayment Agents (shortfall of costs, if any are funded by the creditors)
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Debt Settlement/Debt Management firms
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From the above list only Licensed Insolvency Trustees are Federally Regulated and have the educational qualifications to help.
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Both for-profit and not-for-profit debt repayment agents are registered and regulated in British Columbia under the Division 2 of the Business Practices and Consumer Protection Act as “Collection Agents and Debt Repayment Agents”. Debt Settlement/Debt Management Firms are not regulated in Canada.
The Government of Canada has even gone so far as to advise; through their website, with a consumer alert when considering a debt settlement company, as there are many fraudulent unregulated companies/websites that cannot deliver the promises they make, and also cause more problems for individuals in financial difficulties.
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