How to avoid paying unnecessary fees on your debt

(NC) If you’re trying to pay down debt and need help, it can be tempting to work with someone who promises to fix the issue fast. But be careful – some debt advisors charge hundreds or even thousands of dollars for debt relief solutions they aren’t authorized to provide or that you don’t need.

This “quick fix” can end up costing you a lot more money, without chipping away at your debt. Instead of turning to an unregulated, unlicensed debt advisor, consider speaking with a Licensed Insolvency Trustee (LIT).

LITs offer independent, unbiased advice about dealing with debt. They are required to assess your financial and personal situation and to discuss all options available for solving financial difficulties, including insolvency and non-insolvency options. And you can know that you’re dealing with someone who has proven they have the knowledge, experience and skills to be granted a licence from the Office of the Superintendent of Bankruptcy.

LIT services are available across the country, even in remote locations. Usually the first consultation is free, so you can get reliable advice with no commitment and no upfront fees.

If you’re struggling with debt, don’t wait too long. Be proactive and seek help sooner rather than later. Learn more and find a LIT at canada.ca/debt-solutions.

Related video:
Three steps to take if you’re worried about debt
(NC) Financial distress can be draining. But there are simple steps that you can take to obtain advice and solutions that you can trust in Canada. 

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