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Licenses Matter

February 15, 2017

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As a licensed professional, I’m always shocked when I see headlines of an unlicensed health practitioner being shut down or an unlicensed dental clinic being raided by police. When I see or hear about things like this, I find myself wondering why anyone would use such a service?

Regrettably, it’s often the people with the most to lose who seek out these unlicensed service providers. They are likely in significant distress and lost as to where to turn, so they unknowingly seek out the help of an unlicensed service provider.

The unfortunate reality is that I encounter similar situations every day while dealing with people in financial difficulty. It is often the result of people visiting unlicensed and unregulated credit counsellors offering services that, by law, they cannot provide.

Many of these unlicensed businesses will tell you they can help to file your consumer proposal or that they can manage your bankruptcy. However, only a Licensed Insolvency Trustee can administer a consumer proposal or file a bankruptcy. It’s against the law for a credit counsellor to say they can provide these services, let alone actually provide these services. 

Visiting a Licensed Insolvency Trustee directly can help save you and your family a lot of time and money. Without the help of a trustee, many families end up paying for costly and unnecessary advice from a credit counsellor. Even more troublesome is the fact that this advice can sometimes make the situation worse.

In addition to paying unnecessary fees to an unlicensed credit counselor, many people are also sold insurance products and other services they simply don’t need. These hidden costs are all disguised as being necessary to rebuild one’s credit, yet they do little to address the real problem: overwhelming debt.

A Licensed Insolvency Trustee’s fees are regulated by the federal government and come out of the funds paid in a consumer proposal. There are no hidden costs. Furthermore, because Licensed Insolvency Trustees are the only professionals authorized to file a consumer proposal, they have extensive experience in understanding the process and what creditors expect.

When you speak with a Licensed Insolvency Trustee you are not only dealing with someone who has the knowledge, skills and expertise to solve the problem, but you are also dealing with someone who:

  • is federally regulated;
  • has had their education, experience and background tested by the federal government;
  • has fees set and regulated by the federal government; and
  • must not advertise in a misleading way.

Most importantly, you are dealing with someone who is licensed and adheres to a stringent code of ethics. Licenses do matter. The next time you, or someone you know, is struggling with debt, take a minute to think about who you want to help solve the problem.

At Smythe Insolvency, we give free advice to people struggling with debt. We understand the overwhelming stress financial difficulties can cause and the impact it has on families and relationships.  We have a very compassionate, non-judgmental and personalized approach.  If you, or someone you know, is experiencing financial difficulties, call us to arrange a free consultation. Together we can find a solution.

Greg Best

Licensed Insolvency Trustee
Contact Greg


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