Your Debt Solutions Experts
BDO Sault Ste. Marie

747 Queen Street East
P.O. Box 1109
Sault Ste. Marie, Ontario
P6A 5N7
(705) 945-0990

Who Can Help Me Find Debt Relief?

Debt relief can mean a variety of things depending on your financial situation — from DIY solutions you can work into your everyday routine to formal debt solutions that require the help of a professional.

If you’re not sure where you fall in that spectrum, the world wide web is (of course) a great place to start your research on how you can reduce your debt. Here are a few search suggestions:

Building up your knowledge on all of these financial and debt-related topics is important. It’s actually a goal of Financial Literacy Month, which happens across Canada during the month of November.

Sometimes taking in all of this information about how to reduce debt and whether or not you need professional help can all feel a bit overwhelming. That’s okay, you’re not alone in feeling like that. The good news is you can find professional debt advice at no-cost and no-obligation from a Licensed Insolvency Trustee (LIT).

What is a Licensed Insolvency Trustee?

A Licensed Insolvency Trustee — also known as an LIT — is a financial professional who has the knowledge, skills and training to help individuals make well-informed choices about dealing with their debt problems. An LIT is the only professional that is licensed and authorized to assist you with a consumer proposal or bankruptcy.

Here’s a brief description of an LIT’s role:

“A Licensed Insolvency Trustee is a professional licensed by the Government of Canada to provide services to people who are having difficulties with their debt. After explaining all options, a Licensed Insolvency Trustee helps you choose a debt solution that’s right for your situation.”

The first consultation with an LIT is always free and you’re not required to commit to using an LIT’s services if you don’t wish to. It’s an opportunity to sit and speak confidentially with a debt professional about the debt relief options available to help you deal with personal debt.

Since LITs are licensed and regulated by the government, if you decide to move forward with a consumer proposal or bankruptcy, any associated fees are also regulated by the federal government.

What will I learn during my first consultation with an LIT?

If you come prepared with all of your financial information, such as what you owe, what you’re earning, etc., the LIT will be able to make recommendations for the best course of action to deal with your debt.

If you and the LIT decide that a consumer proposal or bankruptcy is not the right solution for your debt problems, your LIT can refer you to another trusted financial professional. For example, a lender can provide debt help with a consolidation loan, and a non-profit credit counsellor can help you expand your budgeting and credit management knowledge so you can deal with debt more effectively.

Debt relief comes in many forms and you’ve taken a great step in beginning your research online. If you want to learn more in a confidential, one-on-one environment don’t hesitate to reach out to a Licensed Insolvency Trustee. What have you got to lose?

Help us spread the message about Financial Literacy Month and how #LITsCanHelp you find debt relief by sharing this article on your favourite social media using #FLM2018 or #LeaveDebtBehind.



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