Why choose a Licensed Insolvency Trustee?

LITs help you navigate debt-related issues and offer support as you build your overall financial wellbeing. Farber LIT’s offer free, confidential, no-obligation consultations to assess your financial situation, and provide guidance–not only for your debt issues, but also for your future financial health.Once a LIT has reviewed your specific situation with you, they’ll present a personalized plan with your options and suggest a solution.  One solution is a consumer proposal. It’s a legally binding document that can only be submitted by a LIT and can reduce your debt by up to 80%.

If your debt has become too much to manage, you might think that bankruptcy, a consolidation loan, or even taking out another loan, are your only options. But more loans could make your situation worse in the long run. They can also come with high interest rates.When you meet with a LIT, they’ll review your current situation in detail and without judgment. A LIT is an expert in debt and is there to help you understand all your options so you can make a decision that will help improve your situation and not make it worse.

LITs help people who are having problems repaying their debts with practical advice and debt-relief solutions. LITs are strictly regulated by the Canadian government and the only professionals licensed to reduce debt and debt payments, stop interest, and stop collection calls with solutions such as consumer proposals and bankruptcies.Debt consultants are unregulated advisors and charge a fee for their services. They do not have to meet strict legislative requirements, and are not required to have any formal training to provide their services. They also charge for information that you can get free from a LIT. Debt consultants can’t file consumer proposals or bankruptcies.

LITs are not allowed to set their own fees or rates, unlike lawyers. They must follow strict government-regulated rules when handling and being paid for managing a consumer proposal or personal bankruptcy.You don’t directly pay a LIT. That means that any consultation or phone call, as well as any ongoing support, it’s included and you won’t get a bill for it.

Making the decision about who will help you take control of your debt is an important one. It involves feeling comfortable and confident in your LIT’s scope of services, capabilities and ability to provide support. Some things to help you choose the best fit for you are:

1. Look at online reviews to see how other clients rate your LIT’s services. The highest Trustpilot score is 5.0. With over 5,000 reviews, we’re proud to have received a score of 4.9.
2. Take full advantage of your free consultation to get all the information you need to understand your options.
3. Ask yourself how the people you talked to make you feel? Do you feel like they listened and understood your situation? Do you feel relief and feel confident to move forward?