The Fight Against Debt (Consultants vs. LITs) Need to Knows!
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- Опубликовано: 12 янв 2024
- Doug and Ted discuss the ongoing battle against unregulated debt consultants. They dive into the recent developments, including the conversation with Superintendent of Bankruptcy Elisabeth Lang and the release of a comprehensive position paper. The paper exposes the deceptive practices of these consultants, who have cost consumers a staggering $21 million in fees over the last two years! Doug questions the effectiveness of government actions while providing practical tips to avoid falling prey to debt relief scams.
Related Links:
Position Paper on the Adverse Effects of the Debt Advisory Marketplace on the Insolvency System.
ised-isde.canada.ca/site/offi...
The Adverse Effects of the Debt Advisory Marketplace on the Insolvency System
ised-isde.canada.ca/site/offi...
OSB Statutory Complaint Portal
www.ic.gc.ca/eic/site/bsf-osb...
Competition Bureau’s Complaint Form
www.competitionbureau.gc.ca/e...
Debt Consultants: Why You Should Avoid the Extra Cost
www.hoyes.com/blog/debt-consu...
The Problem with Debt Consultants
www.hoyes.com/blog/the-proble...
Debt Counsellors and Debt Coaches - Real or Scam?
www.hoyes.com/blog/debt-couns...
Use of Debt Consultants Questioned by OSB
www.hoyes.com/blog/use-of-deb...
Debt Consultants or Licensed Insolvency Trustees? Who to Trust
www.hoyes.com/blog/debt-consu...
The Cold-Hard Truth About Unlicensed Debt Consultants
www.hoyes.com/blog/the-cold-h...
The first step in getting out of debt is education. The first step of education is this podcast/channel.
What’s the difference between a bankruptcy and a consumer proposal?
It looks like the premiere time was set to 8 PM, not 8 AM as it usually is.
Apologies, it is now set to premiere.
It could be that I wanted to give the lawyers extra time to review it and ensure I wouldn't get sued for my comments. Or we may have just pushed the wrong button. One never knows....
@@JDouglasHoyesOr maybe you changed your target market to Indonesia.
Are Debt Consultants the same as those that run a Debt Management program? This is where they negotiate with your creditors that you will pay what is owed, and the creditors will not charge any more interest.
Debt Management Plans are provided through Credit Counsellor Agencies. We don't often bring them up as they are becoming fewer and fewer. One of the reasons is the Debt Management Plan is the same rating on your credit report as a Consumer Proposal. But with the Consumer Proposal the principal amount of the debt is reduced as well as having no interest. So, if entering into a proposal you become debt free for less and likely sooner. However, if wanting to work with a Credit Counsellor be sure to check that they are certified!