When you are experiencing financial problems, you may think credit counselling is the right solution for you. In Canada, the term means something very different than traditional one on one money counselling. In Canada, credit counselling often refers to companies that offer debt management programs. Debt management programs are companies that are not regulated by a Federal law like Licensed Insolvency Trustees. They do not follow Rules of Professional Conduct, Standards of Professional Practice or a Code of Ethics. They are companies that make informal arrangements with your creditors to accept lower payments. They negotiate on your behalf for a fee and may even ask you for money upfront to cover their costs.
The Canadian Association of Insolvency & Restructuring Professionals provides an education program to become a qualified counsellor. The candidate must pass a CQP exam and conduct 100 hours of direct counselling before becoming a qualified counsellor. It’s taken very seriously! Most Licensed Insolvency Trustees are BIA counsellors. If you proceed with a bankruptcy or consumer proposal, the trustee will provide you with two counselling sessions designed specifically with you in mind. We educate you on everyday money management and understanding the credit industry and your credit report. Our certified BIA counsellors understand that poor money management may not be the cause of your financial problems, but,we also know that everyone can be better with their money! We have the education, experience and understanding to assist you with your future financial aspirations. We want to see you succeed.
When speaking with our BIA qualified counsellors, you should disclose all your money management issues. We are only as good as the information you provide us! The more information, the better. We want to see you in a better financial situation in the future. Your BIA counsellor will take the time to identify the causes of the financial problems which could include behaviours like consumption habits. Counselling will also help you discover resources that can help maintain economic stability.
We know that two counselling sessions cannot fully address all there is to learn about money and the credit industry. We also know that most people don’t have the time or energy to research resources after they meet with us. That is why we have created our monthly newsletter with Money Tips & Tricks. We discuss topics such as filing your taxes, saving for retirement and offer suggestions on how to save money. We also have resource materials that can be sent to you upon request on different topics such as “RRSP vs TFSA” and “How to Understand my Credit Report.”
We have four convenient offices in Dartmouth, Bedford, Kentville, and Enfield (non-resident). Our team serves residents in the Annapolis Valley, Greater Halifax, and Nova Scotia. If you need credit counselling, learn how to get started below.
Consultations are always free.