Is Canadian Debt Support legit?

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Curious about Canadian Debt Support’s legitimacy? Ensure they’re linked with a Licensed Insolvency Trustee as required by law. Avoid those boasting wild debt reduction claims. Verify their presence on platforms like the Better Business Bureau, and beware of pushy tactics or unclear fees.

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Debt Support Question

Is Canadian Debt Support legit? I want to verify if this organization is legitimate before engaging with them. It’s better to be cautious.

From: Anonymous Question
Location: Thunder Bay, Ontario (ON)
Category: debt settlement

Keywords: Canadian Debt Support, Licensed Insolvency Trustee, Office of the Superintendent of Bankruptcy, scams, debt reduction, government-approved, consumer protection, reviews, high-pressure sales tactics, fee structure, legal authorities, nonprofit credit counselor.](/articles/solutions/debt-settlement

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Debt Support Answer

Wondering if Canadian Debt Support is the real deal? Start by checking if they team up with a Licensed Insolvency Trustee because that’s a must under Canadian law. You can find out about their licensing through the Office of the Superintendent of Bankruptcy Canada. Steer clear if they make wild promises about slashing your debt or offer supposed “government-approved” fixes—those are big red flags for scams. Make sure they have a proper office in Canada, not just a digital footprint floating in cyberspace.

Hop onto sites like the Better Business Bureau or your provincial consumer protection organizations for reviews. Watch out for high-pressure sales tactics, bold claims that creditors will suddenly dance to their tune, or a foggy fee structure—those are warning signs. If anything feels off, reach out to legal authorities or a local nonprofit credit counselor who can offer trustworthy advice and clear up your options.

From: Insider Scott

Office of the Superintendent of Bankruptcy (OSB) Answer

To verify the legitimacy of Canadian Debt Support, you should check if the organization is registered and regulated under the Bankruptcy and Insolvency Act (BIA) and related regulations. The BIA outlines the requirements for debt professionals, including licensing and registration. Specifically, you can refer to the following sections:

1. The Bankruptcy and Insolvency Act (BIA) states that only licensed insolvency trustees (LITs) can administer consumer proposals and personal bankruptcies. Check if Canadian Debt Support is associated with a licensed trustee, as per Section 4(1) of the BIA.

2. The regulations under the BIA include guidelines for the conduct of debt professionals. Section 8 of the Regulations (C.R.C., c. 368) outlines the obligations of administrators of consumer proposals, which Canadian Debt Support must adhere to if involved in such services.

3. Additionally, review SOR/2007-256, which provides further regulatory requirements that must be met by any consumer proposal administrator.

To ascertain legitimacy, verify Canadian Debt Support’s licensing status and whether they comply with these regulations. You can check the Office of the Superintendent of Bankruptcy Canada for their registration status.

From: OSB Helper

Related Questions to Debt Support Legitimacy

Here are the top 5 most frequently asked questions related to the legitimacy of debt support services in Canada, formatted as requested:

1. Is debt settlement legal?

Debt settlement is a legitimate and legal option for resolving unmanageable debts, regulated by federal and provincial authorities[1][4].

2. How can I avoid debt relief scams?

To avoid debt relief scams, ensure you work with Licensed Insolvency Trustees, verify the company’s physical office, and beware of unrealistic promises and high-pressure sales tactics[2][4].

3. What are the signs of a legitimate debt settlement company?

Legitimate debt settlement companies are federally regulated, have real offices, transparent fees, and do not make unrealistic promises; they also adhere to strict rules and standards[1][2].

4. Can debt settlement companies really reduce my debt by 60% or more?

There is no guarantee that creditors will agree to reduce debts by large percentages, but it is possible.

5. How do I cancel an agreement and pre-authorized payment deductions with a debt settlement company?

To cancel, contact the company directly, file a complaint with the Better Business Bureau and your provincial consumer protection authority if necessary, and consider seeking advice from a non-profit credit counsellor or a Licensed Insolvency Trustee[2][4].

If you have a question about debt see our debt questions or ask your own debt related question.

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