Is Consolidated Credit legit?

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Consolidated Credit is a non-profit organization in Canada since 2005. They’ve guided Canadians with debt management plans, credit counseling, and educational resources, helping eliminate debts without high-interest loans. They have a proven track record with positive reviews. We also offer the same services at no cost and with a more debtor-first approach. We also guarantee the lowest cost to you for a bankruptcy or consumer proposal.

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_{Trusted non-profit for debt management and counseling.}

Credit Counselling Question

Is Consolidated Credit legit? I’ve seen ads for this company and want to know if it’s a safe option for help with debt management.

From: Anonymous Question
Location: Oakville, Ontario (ON)
Category: debt management plan

Credit Counselling Answer

If you’re struggling with debt, credit counseling can be a helpful way to manage your financial situation. Organizations like us, Consolidated Credit offer a range of services, including debt management plans and educational resources, to assist individuals in lowering or eliminating their debts without resorting to high-interest loans. However like many credit counsellors their sometimes don’t work with the best Licensed Insolvency Trustees (LITs).

At Debt Insiders, we only work with the best Trustees, Debt Managment and debt partners in Canada Our A rating from the Better Business Bureau underlines their commitment to supporting those in need. Reach out today and let us be your advocate in your fight for financial freedom.

From: Insider Scott

Office of the Superintendent of Bankruptcy (OSB) Answer

Consolidated Credit is a debt management company that operates in Canada. It is important to verify the legitimacy of such companies by checking their adherence to federal regulations governing debt management services. Under the Bankruptcy and Insolvency Act, (RSC 1985, c 11) and associated regulations, companies providing debt management services are required to be licensed and to comply with specific practices regarding consumer protection (see sections 7 to 9 of the Act).

Additionally, regulations such as SOR/2007-256 outline the obligations of companies in terms of transparency and ethical conduct. Consumers should ensure that any debt management company, including Consolidated Credit, is registered and licensed under applicable laws. It is advisable to check for any consumer complaints or reviews and ensure that the company follows the regulations for credit counseling services in Canada (C.R.C., c. 369). Always do thorough research and consider consulting with a licensed insolvency trustee for more personalized guidance on debt management options.

From: OSB Helper

Related Questions to Consolidated Credit

Here are the top 5 most frequently asked questions related to the legitimacy and services of Consolidated Credit, based on common concerns and online search trends:

1. Is Consolidated Credit a non-profit organization?

Yes, Consolidated Credit is a non-profit organization[1][5].

2. Does Consolidated Credit charge any upfront fees?

No, Consolidated Credit does not charge upfront fees[1][5].

3. How do the fees for Consolidated Credit’s debt management plan work?

There is often a setup fee and monthly administration fees, which vary based on the size of your debt and financial situation[1][5].

4. Will using Consolidated Credit’s services affect my credit score?

Yes, enrolling in a debt management plan can impact your credit score, although it is generally less damaging than bankruptcy or a consumer proposal[1][3][5].

5. What types of debts can be included in Consolidated Credit’s debt management plan?

Only unsecured debts, such as credit cards, personal loans, and payday loans, can be included in the plan; secured debts like mortgages and car loans are not eligible[1][5].

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

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