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Gathering the Facts

Recently I went to speak with a BBB accredited agency. But in my meeting I told the person we dont have extra funds to pay at the moment for their services. I have yet to miss any payments but I was told to start skipping payments and use that money to pay them in the end. Is this normal practice for anyone that doesnt have the sufficient funds. Also if you have a lien against a vehicle whats the best way of getting out of that lien without having to sell it. I was told I cant touch any of the debt owing on one loan due to having a lien on the car. So what are my options? thanks

Posted from: Ontario

One Response to “Gathering the Facts”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

I would recommend you proceed with extreme caution. Firstly to become a BBB accredited agency all you really have to do is to pay a monthly fee, so isn’t as useful a service as most people feel. What I would recommend is that you ask for their designation and whether they belong to a professional body. My guess is they don’t, there are many firms out there that claim to be able to negotiate settlement’s on your behalf with the creditors, accept money up front and then do nothing. My recommendation is get a second opinion, and do so with a local trustee. The trustee will be aware of the legitimate and non-legitimate players in the market place and will help to steer you to a place where you are protected. I would also recommend you discuss the notion of a consumer proposal with the trustee. The consumer proposal is a way that has been set up by the government to restructure and settle your debts. So it may be what you need.