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.
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
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.
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
From the above list only Licensed Insolvency Trustees are Federally Regulated and have the educational qualifications to help.
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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