489 –  The Fight Against Debt Consultants

489 – The Fight Against Debt Consultants

Author: Doug Hoyes January 13, 2024 Duration: 31:11

In this episode of Debt Free in 30, Doug and Ted discuss the ongoing battle against unregulated debt consultants. They dive into the recent developments, including the conversation with Superintendent of Bankruptcy Elisabeth Lang and the release of a comprehensive position paper. The paper exposes the deceptive practices of these consultants, who have cost consumers a staggering $21 million in fees over the last two years! Doug questions the effectiveness of government actions while providing practical tips to avoid falling prey to debt relief scams.  



Related Links: 

Position Paper on the Adverse Effects of the Debt Advisory Marketplace on the Insolvency System.  

https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/licensed-insolvency-trustees/adverse-effects-of-the-debt-advisory-marketplace-on-the-insolvency-system 

The Adverse Effects of the Debt Advisory Marketplace on the Insolvency System  

https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/licensed-insolvency-trustees/adverse-effects-of-the-debt-advisory-marketplace-on-the-insolvency-system 

OSB Statutory Complaint Portal 

https://www.ic.gc.ca/eic/site/bsf-osb.nsf/frm-eng/LSMH-BB2MMW 

Competition Bureau's Complaint Form 

https://www.competitionbureau.gc.ca/eic/site/cb-bc.nsf/frm-eng/GH%C3%89T-7TDNA5 

Debt Consultants: Why You Should Avoid the Extra Cost

https://www.hoyes.com/blog/debt-consultants-why-you-should-avoid-the-extra-cost/

The Problem with Debt Consultants

https://www.hoyes.com/blog/the-problem-with-debt-consultants/

Debt Counsellors and Debt Coaches - Real or Scam?

https://www.hoyes.com/blog/debt-counsellors-and-debt-coaches-real-or-scam/

Use of Debt Consultants Questioned by OSB

 

https://www.hoyes.com/blog/use-of-debt-consultants-questioned-by-office-of-the-superintendent-of-bankruptcy/

 

Debt Consultants or Licensed Insolvency Trustees? Who to Trust

https://www.hoyes.com/blog/debt-consultants-or-licensed-insolvency-trustees/

The Cold-Hard Truth About Unlicensed Debt Consultants

https://www.hoyes.com/blog/the-cold-hard-truth-about-unlicensed-debt-consultants/


Doug Hoyes sits down each week with a different specialist to untangle the complicated feelings and hard numbers around owing money. The conversations in Debt Free in 30 move beyond simple scare tactics or dry theory, focusing instead on actionable strategies for managing debt, rebuilding savings, and making informed investing choices. You’ll hear from trustees, financial planners, and counselors who explain concepts in plain language, stripping away the industry jargon that often leaves people feeling overwhelmed. Whether it’s navigating a consumer proposal, understanding credit scores, or starting to invest with a tight budget, this podcast provides a clear-eyed look at the steps toward financial stability. Doug’s approach is grounded and pragmatic, reflecting his deep expertise in the field, making each episode feel like a direct consultation with a knowledgeable guide. Tuning in regularly offers a consistent source of demystified advice, turning what can be a stressful topic into a manageable process. It’s that blend of expert insight and relatable conversation that defines this particular personal finance podcast.
Author: Language: English Episodes: 500

Debt Free in 30
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