Sometimes, the best advice you can give someone is to speak with someone else. Experts can be a great resource in all kinds of business concerns and personal life in general.
One area where there is a great infrastructure in Canada is in dealing with consumer debt. Several agencies and groups can help consumers tame debt, advise them on to pay it off or work on some options to start on the road to less debt.
Here is a look at what is provided, as well as some good advice from two agencies to make sure you are talking to the right resources.
Experts who can help with debt
First, the Government of Canada has shared some information on how you can get some help if financial problems are at different levels. They have a planning tool on their site with information on how to improve a financial situation that is starting to look direr.
Beyond that, they also have resources for Licensed Insolvency Trustees, or LITs, in Canada. These are professionals who can give free initial consultations to Canadians on assessing a financial situation and giving options. They can include discussions with creditors, debt consolidation, a debt management plan or consumer proposals.
If bankruptcy is unfortunately in the cards, the LIT can control the process for that. Although, it should be a last resort. There are the other options listed above that might be a better fit and might be better for consumers in the long run.
Vetting debt advisors
Two government agencies — the Office of the Superintendent of Bankruptcy and the Canadian Association of Insolvency and Restructuring Professionals — went into more detail recently on which professionals to use to help with debt. They warn that unregulated or unlicensed debt advisors can be out there charging for services they aren’t truly able to provide, or for extra services that aren’t needed.
As they said in a press release about debt control, “if it sounds too good to be true, it probably is.” The pressure being put on to close a sale for a service or pitches to fix credit scores are likely signs that it may not the right source for you. The OSB does have a directory of credible and licensed LITs that can help.
Building trust through the process
Treating everyone with compassion and empathy starts with the customer service relationship, and it’s the place where building trust can be practiced daily. Those twin pillars of empathy and compassion are also major parts of what we do at ARO.
We can reconcile customer debt on your behalf with the personal touch needed to create a solid customer experience. It also results in better outcomes for everyone involved. Find out more about what we have to offer businesses on our website.
