Credit Counselling British Columbia

What is Credit Counselling?

Credit Counselling is a process for assisting individuals with debt settlement through education, budgeting, and a variety of other tools with a goal of reducing and ultimately eliminating their debt.

If you need credit counselling in British Columbia, let us help you settle your debt.

*Federally Licensed and Regulated*

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Your Credit Report
Are you struggling with your finances, and accumulating debt problems? it can be difficult to know where to begin. As time passes, debts go into collections and transferred from one company to another. This makes it difficult to keep track of who you owe and how much. With your permission, D. Thode & Associates Inc., can help you figure out what you owe. Understanding the full extent of your debt is an Important step in determining the best way to move forward.

What are Debt Management Programs?

In Canada, we are unaware of any firms that advertise being credit counsellors that offer credit education and budgeting techniques. Instead, these firms offer individuals what they refer to as a “Debt Management Program”. In British Columbia, Debt Management Programs can only be offered by firms registered as Debt Repayment Agents under the Business Practices and Consumer Protection Act of British Columbia. These firms are registered under the same legislation as debt collectors. The biggest difference is they can pool your funds to be distributed to multiple creditors.

Debt Management Programs are not a legislated process under Canadian law. Creditors do not have to participate; creditors can agree to the plan and then later cease to continue. Furthermore, they can, at any time, continue with legal actions. The Federal Government does not deal with Debt Repayment Agents for federal debts; so, if you owe money for income tax or student loans, a Debt Repayment Agent cannot help.

In addition, using the services of a Debt Repayment Agent will not necessarily improve your credit rating, deter the efforts of a creditor to collect a debt, or prevent legal action to recover the debt, including garnishment of your wages.

A Debt Management Program does not necessarily allow for a person’s debts to be compromised, nor does it necessarily protect the debtor from harassment, continued collection efforts, or legal actions by creditors not participating or ceasing to participate in the program. A Debt Management Plan also has a fee to the Debt Repayment Agent. This fee is in addition to the amount of your debt. Under the Business Practices and Consumer Protection Act, this fee must not be greater than 15% of the debt. In most cases, debtors will pay the debt in full over 5 years plus an additional 15%.

The Trustees at D. Thode & Associates Inc. together have more than 50 years’ experience in filing Consumer Proposals. Our offices have settled debt for cents on the dollar. Payment under a Consumer Proposal varies from individual to individual but is usually based on what one can reasonably afford given their current situation. For the purposes of comparison as to costs between a Consumer Proposal and a Debt Repayment Plan by credit counsellors, we use a Consumer Proposal with a 20% payment.

Again, please remember, not all Consumer Proposals will offer a 20% payment. Some may be higher or lower and will depend on the debtor’s individual circumstances. 

Most Debt Repayment Agents will not advise the debtor that a Consumer Proposal is an alternative, because they are not licensed to file one. Typically, a Debt Repayment Agent only sells you their own product.  Debt Repayment Agents are not required to advise you as to your alternatives. They often do not know or fully understand all the alternatives available or the legal consequences of these alternatives. 

But wait, what about your credit bureau?

Under both processes you will receive an R7 rating and will be expunged from your record 3 years from completion.

Licensed Insolvency Trustees have gone through the rigorous training and education required by the Bankruptcy and Insolvency Act, are licensed by the Federal Government, and are legally required to discuss all alternatives available to debtors.

Contact us for a FREE "Know Your Alternatives" consultation.

Learn Your Alternatives


Applying for personal bankruptcy releases you from your debts and gives you a fresh financial start. We’ll help you prepare documentation for bankruptcy and walk you through the process.

Consumer Proposals

Let us negotiate a payment plan for you though the filing of a consumer proposal. You don’t have to file for bankruptcy. Pay your creditors on a modified payment schedule with no further interest.

Debt Help

Get started today. Download and complete our convenient online application form and bring it with you to your next appointment and save time.

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