01.13.2024 - By Doug Hoyes
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/