Credit Counselling

Credit Counselling SolutionsMany Canadians facing money problems may not be aware of the free pre-bankruptcy credit counselling services in Canada.  

If you are facing financial difficulty you should you should take a close look  your current debt load.  Did you know that calculating your debt to income ratio is part of a formal counselling program? You will also learn how to reduce credit card debt  and manage credit buying.  If you file for bankruptcy or a consumer proposal, this counselling is required.

Whether you need to file for bankruptcy, or are just experiencing financial difficulty, a bankruptcy trustee can help you review your present financial circumstances.  

If you want to avoid bankruptcy, the sooner you seek pre-bankruptcy credit counselling services, the more likely it is you can stay out of bankruptcy. These services may actually help you avoid declaring personal bankruptcy in Canada.

Here are some Canada Credit Counselling Facts

  • Not all Credit Counselors in Canada are non-profits.
  • Some non-profit companies are subsidized by credit card companies, banks, and other lenders.
  • Due to the wide disparity in fees charged and the lack of uniform regulatory oversight, the Financial Consumer Affairs Agency of Canada (FCAC) warns consumers to shop with care when looking for a counselor.
  • Canadian Credit Counselors are not obligated to receive any specialized training or education of any kind.
  • Registered Insolvency Counselors (RQIC) are the only professionals authorized by the federal government to provide formal counselling required in proposal and bankruptcy filings.

  • With the exception of an Orderly Payment of Debts (OPD), no credit counseling solution protects you from legal collection activity.
  • An OPD is only available in the provinces of Alberta, Saskatchewan, PEI, and Nova Scotia.

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