Canadians who get the right debt advice at the earliest possible sign of financial trouble have better options and outcomes. The Office of the Superintendent of Bankruptcy (OSB) has longstanding concerns about the Debt Advisory Marketplace in Canada and the potential harm to Canadians.
Unregulated, unlicensed debt advisors often claim to be authorized to assist with insolvency options, or offer services they are not licensed to provide. They may market other unnecessary services before, during or after a consumer proposal or bankruptcy filing, charging hundreds or even thousands of dollars Canadians can ill afford when dealing with serious debt. Wasting money on unnecessary services often delays financial relief and can also limit…