How Not to Get Scammed by a Debt Consultant | DFI30

How Not to Get Scammed by a Debt Consultant | Debt Free In 30 | Ep 361. Unlicensed and unregulated debt consultants prey on vulnerable, indebted Canadians. They say they can eliminate your debt, but all they really do is charge you a big fee and then refer you to a Licensed Insolvency Trustee to file a consumer proposal. On today’s podcast, Ted Michalos and Doug Hoyes discuss how debt consultants work, how to prevent yourself from getting scammed by them, and provide their recommendations on how this unregulated industry should be eliminated. Tune in for a great discussion!
Additional Links:

Podcast 220: The Cold-Hard Truth About Unlicensed Debt Consultants: Ontario Government – search for a collection agency:
Government of Canada – search for a licensed insolvency trustee:
How Credit Counselling agencies really work today: and
Hoyes Michalos Joe Debtor Bankruptcy Study
Ontario Ministry of Government and Consumer Services
Ontario Collection and Debt Settlement Services Act
$23 million in fees paid to debt consultants – OSB data:

Time Stamps:

3:08 What is credit counselling?
4:42 What is a consumer proposal?
5:50 How ‘debt consultants’ work
7:59 The debt consultant business model
11:22 What are debt consultant tricks?
13:50 What questions to ask when meeting with a debt professional
23:10 Advice to the Office of the Superintendent of Bankruptcy to better regulate debt consultant scams

#DebtScam #Debt #DebtFree #DebtConsultant #DebtFreeIn30 #Scammed #CreditCounselling #CreditRebuilding

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