113 - How to Spot Bad Financial Advice

DebtMatters Podcast

Do you know where to turn for financial advice? We tend to think that anyone calling themselves a Debt Advisor, Debt Consultant, or Credit Counsellor must be qualified and have a formal financial education. This is not always the case. In Canada, anyone can offer debt advice and call themselves an expert. If you are struggling with overwhelming debt, you are probably searching for a debt advisor. But how do you know who you can trust?

Leigh Taylor has been a Licensed Insolvency Trustee for over 40 years. He relates his experience of seeing many people who have been taken advantage of with ‘too good to be true’ promises of debt relief.

In this podcast, Leigh discusses:

• How to spot ‘magic bullet’ solutions and how to protect yourself
• Lack of regulation around credit/debt counsellor and their companies
• Advantages of dealing with local professionals, person to person
• Differences between unregulated counsellors and Licensed Insolvency Trustees
• Why you shouldn’t pay upfront for debt advice

Licensed Insolvency Trustees (LIT) are considered some of the best debt advisors in the country and are licensed and regulated by the federal government of Canada. There is no cost for your initial consultation where you will be able to find out about all the debt relief options that are available to you.

About Leigh Taylor

Leigh began his career as an Official Receiver with the Office of the Superintendent of Bankruptcy. He is a Certified Professional Accountant and attained his license as a Licensed Insolvency Trustee in 1980.

LCTaylor’s mission is to help people get out of debt through compassionate care and professional service. With over 40 years experience in the insolvency field, Leigh and his staff have helped over 50,000 Manitobans solve their debt problems.

Additional Resources

• LCTaylor Licensed Insolvency Trustee
• Warning – Not All Debt Advisors are Equal
• A Local Licensed Insolvency Trustee