Bankruptcy: An accredited professional Credit Coach/Counsellor does not provide bankruptcy services. The bankruptcy process is managed by a Bankruptcy Trustee under the federal government jurisdiction of the Office of the Superintendent of Bankruptcy. A Credit Counsellor can explain how the process works and will be involved in coaching on how to budget. But, a Counsellor does not provide bankruptcy services and, neither does Crown Canada.
A Collection Agency: The industry and its agencies are not collectors of last resort. An agency does not work on behalf of lenders to collect debts. Lenders may voluntarily provide a modest financial donation to a counselling agency but, are not required to do so. A Coach's preference and objective is to proactively educate people on how to manage their financial affairs and avoid difficulties in the future.
A Lending or Broker Organization: Some organizations offer counselling services only with the primary solution of negotiating the consolidation of debts into home equity or other refinancing tools. There is no significant education component. These organizations are often for-profit enterprises without accreditation by and accountability to, an industry regulatory body. An accredited Credit Counsellor will not provide any lending services.
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