Maybe you’ve heard our recent ads on the radio cautioning people against debt “consultants”. If not, this story is a good example of why you should be very careful before you decide to go visit a debt “consultant” to discuss your debt troubles.
Earlier this year, I met with a couple who had recently been to see a debt “consultant”. Based on the advice of this “consultant”, the couple paid over $1,000 in up-front fees and was told that a Trustee in Bankruptcy would contact them so that they could file for bankruptcy as that was their only option. They’ve never heard from either the “consultant” or the Trustee that was going to call them.
They found us online and called to book a free consultation with us.
When they came into our office, we reviewed their situation and we discussed the options that they had including filing a consumer proposal. The consumer proposal offered them an opportunity to repay a portion of what they owe to their creditors and eliminate their debts without filing for bankruptcy. This was not an option that the “consultant” told them about. It turned out that for their family, the consumer proposal was the best option for them, and they signed the paperwork with us a short time later.
Before you meet with anyone for financial advice, make sure you know who you’re dealing with. Ask them if they are a licensed Trustee in Bankruptcy who would actually be able to provide you with the services they are talking about whether it be a consumer proposal or filing for bankruptcy, and you should never have to pay an up-front fee.
If you’ve had a similar experience with a debt “consultant” or if you’re interested in knowing more about consumer proposals and whether they might be the right option for you, contact our office at 310-PLAN or email us and speak to one of our professional staff. You can come meet with us for a free consultation where we will review all options and come up with a plan that will work for you.