What are Licensed Insolvency Trustees, credit counsellors, and debt settlement businesses?

Make a plan to pay off your debt

When you first meet with a debt settlement business, counsellor or , bring a list of all your bills and . Make sure you include things like:

  • mortgages
  • car loans
  • student loans
  • credit card debts
  • lines of credit
  • loans to family
  • bills you pay month-to-month, like phone, internet, and hydro
  • taxes owed
  • any other money you owe

You should also bring information about your income and living expenses. This information should include:

  • the amount of money you have in a bank account or elsewhere
  • your living expenses, like food, child care, and travel to work
  • your income
  • your that can be sold to pay your debts

Bring your bank statements for the last 3 months. Those statements will help the credit counsellor, debt settlement business, or trustee to understand your financial situation.

A credit counsellor will help you think about a plan to repay your debt. If you cannot repay your debt, a trustee or a credit counsellor can help you decide if a or option will work better for you.

A credit counsellor can help you make a debt repayment plan but they cannot file a consumer proposal or bankruptcy. Only a Licensed Insolvency Trustee can file a consumer proposal or bankruptcy.

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