Canadians have a dizzying array of debt help options such as non-for-profit credit counsellors, debt management consultants as well as licensed Trustees in Bankruptcy and proposal administrators, such as BDO. Adding to the confusion, , a number of U.S. debt settlement companies have recently started operating in Canada and aggressively marketing their debt settlement solutions.
Their marketing tactics are slick, such as online ads, radio commercials, television spots, telemarketing (leaving voice mails on your home phone) and direct mail campaigns made to look like official government documents such as this one:
Debt Settlement Company Marketing Tactic.PDF
We also continue to hear alarming things in the media and from people who come to see us after being taken advantage of by one of these 'for profit' debt settlement companies. If you are thinking of speaking to a company that offers debt settlements, we recommend doing background research and comparing a few options to help you make an informed decision.
The U.S. Federal Trade Commission and U.S. Government Accountability Office warns consumers to be wary of these debt settlement companies and found that in the America:
For more insight, check out this article about other Canadians’ negative experiences with U.S. debt settlement companies.
If you are looking for debt help, of course we encourage you to talk to a BDO professional who will review your situation and outline all of your options. We offer a complimentary, confidential consultation and there is no pressure or obligation to make a decision.
As government licensed professionals operating within the rules of our profession, BDO offers a level of professionalism and transparency that U.S. debt settlement companies and many of our competitors don’t. BDO offers debt consolidation through a consumer proposal to help you renegotiate the amount you owe as well as the length of time to pay it back. We also offer a fresh start through bankruptcy. We will carefully explain how we earn our fees (fee tariff is set by the government) and outline the steps involved. We'll also explain all of the benefits and implications of making a consumer proposal or filing for bankruptcy so you can make an informed decision. Contact a BDO debt help professional near you and take control of your debt today.
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