January 24th, 2010 by Questions
would a debt settlement be better then a consumer proposal. how do i locate a debt arbritator??
Posted from: Ontario
January 25, 2010 at 6:37 am, A licensed trustee said:
My answer is most definitely biased towards a consumer proposal.
To begin, there is no such thing as a “debt arbitrator”, at least as far as a professional designation in Canada goes. Anyone prporting to be a debt arbitrator is likely no more than a consultant who hopefully has some experience in these matters.
Second, the majority of the debt consulting firms you see advertising in the papers and on the radio will charge you a fee, meet with you a couple of times and then refer you to a trustee to do a consumer proposal.
There are some bona fide credit counselling agencies out there – they are not for profit agency specifically set up to provide people that can afford to repay their debts in full with relief from interest charges and collectors.
Before you sign any agreement with a debt arbitrator or debt consultant ask them specifically if their company will be handling the entire matter, or if they are going to refer you to a trustee to file a consumer proposal. If they are going to refer you to a trustee then don’t sign – simply call a trustee yourself and save the fee the debt arbitrator was going to charge…
Log in to Reply
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.