The speakers

The authorized insolvency trustee and financial turnaround advisor helps debtors regularize their financial situation and make a fresh start. As the only person authorized to administer insolvency files under the Bankruptcy and Insolvency Act and to initiate certain legal proceedings, the trustee plays a unique role as an intervener with the various parties involved in the process. He ensures that the rights of debtors are respected, without prejudicing the rights of creditors. He guides debtors through the process and negotiates settlement agreements with creditors. In this way, he ensures that the rights of both debtors and creditors are respected.

In the case of a consumer proposal or summary bankruptcy, the fees of a trustee authorized in insolvency and reorganization are prescribed by the Bankruptcy and Insolvency Rules. Any amounts paid to the trustee by the debtor are deposited in trust funds administered by the trustee. A report on his administration (including fees) is sent to each party and to the Superintendent of Bankruptcy for comment at the end of the process.

The Superintendent of Bankruptcy ensures that the Bankruptcy and Insolvency Act is applied and understood by explaining the rights and obligations of trustees in bankruptcy and debtors. It establishes the rules of conduct for trustees and promotes their code of ethics. It ensures that debtors are properly informed of the various options available to them to resolve their overindebtedness.

These are finance companies that offer second-chance credit services: chattel mortgages, rent-to-own institutions, check-to-cash institutions, pawnbrokers, payday and instant car loan companies.

The MPCC is currently unregulated, leading to dubious practices and sometimes very high interest charges. However, the Canadian government is attempting to regularize the situation so that every citizen has access to fair credit.
What's more, such credit is often added to existing repayments and does not cover all other debts, multiplying payments or creditors.

N.B.: The term "first chance at credit" is intended for people who have never borrowed before, while "second chance at credit" is for people who have already taken out a loan. personal bankruptcy.

Private credit consultants' fees are not subject to any regulations. Their fees are therefore free and payable before the first consultation, often between 500 $ and 1,000 $. After an initial meeting, these advisors may ask for additional sums. It is therefore strongly recommended to find out about the fees to be paid and the services offered.

Non-profit credit counsellors add about 10 % to the repayments debtors pay to creditors as fees. In addition, they receive fees of around 22 % from creditors such as banks and credit card companies, when debtors repay their debts.

Provincial and territorial governments are responsible for regulating credit counselling agencies. Most of these organizations have a good reputation; however, it's important to be well-informed before using their services, as there is no certification, training or legislation validating their skills.