consumer alert

Debt Solutions Portal

admin · July 13, 2023 ·

Information Rich On-line Resource to Help Canadians

A couple working together on their laptop at the kitchen table.

The Office of the Superintendent of Bankruptcy (OSB) has created a series of articles and videos to help consumers’s identify reliable sources of debt assistance.

OSB and the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) are working together to help Canadians find advice and solutions they can trust to help with their debt.

You can access the portal for free here.

Here are some direct links to articles:

How to spot sketchy debt advice. Read the article here.
How to avoid paying unnecessary fees on your debt. Read the article here.
Money tips to improve your financial health. Read the article here.

Video and audio:

Worried about your debt? Video and audio here.

Contact us to discuss your situation over the phone, a video chat, or in-person. You will talk directly to a Licensed Insolvency Trustee.

Call Us. It’s Not Too Late!
(604) 605-3335

Boale, Wood & Company Ltd. – Licensed Insolvency Trustee

Boale, Wood & Company Ltd. is a Licensed Insolvency Trustee that has been around since 2004. We are local experienced insolvency practitioners who have a hands-on approach to your situation. We understand the personal impacts of major financial stress. We offer free consultations to review your financial situation and practical debt resolution options.

Credit Cards Rewards – Honest Mistake or ?

David Wood · March 18, 2023 ·

Man at a desk looking at his credit card while on his laptop

Recently I had to call my credit card company for a new credit card as my card was delaminating and the tap function was no longer working.

While speaking to the credit card agent, I just happen to notice that my rewards number had been changed on my statement. Not at my request. There was no reason to change the number as I had been a member of that rewards program pretty well since its inception.

After reviewing my statements, it turns out that my rewards number had been changed for over three months. I had called the credit card company three months previously to clarify a charge on the statement. However, at no time was there any discussion about changing my rewards number. There would be no reason for it. And when subsequent statements came, I didn’t check the number.

While speaking to the agent about the new card I requested, they changed the number back to the correct one and they told me that the points that were credited to the other rewards number would be credited back to my rewards program on the next statement.

Three months passed by and there had been no credit for the missing points. When I called in again, I received a totally different story about how I was supposed to obtain the lost or missing rewards. I was asked to call the rewards program and have them merge the points from the two accounts. Except that, the other number wasn’t mine and I’m sure whosoever number it was didn’t want to lose their points. I just wanted credit for the points I had earned. In other words, the credit card company didn’t want to admit a mistake and wanted me to do all the work to fix it. I held firm that this was their mistake, and it was up to them to fix it.

After what seemed like an eternity of going back and forth, and the agent putting me on hold to talk to the supervisor, twice I might add, the credit card company agreed to make a one-time adjustment for the missing points. Same thing I heard previously. It seemed like they were doing me a favour.

On March 10, 2023, I did receive my credit card statement and the points were indeed credited to my rewards account as promised by the credit card company. So, they came through. But not without me pushing for it.

The takeaway from this is that you should always check your statement, not just for charges but for other details like your rewards number. Some other useful tips in dealing with these types of issues are;

Don’t lose you temper and abuse the agent. It’s not their fault and you may not receive the help you need to solve the problem.
Try not to attribute blame. Just ask for help to find a solution to the issue. Don’t create more problems.

I’m still baffled by how this happened. Was it an honest mistake by the first agent I called or something more sinister as some sort of points redirection scam.

I would like to think that some form of internal inquiry is going on as to how this happened and am I the only one. I know they do record conversations for “training” purposes, but who knows how long they keep them for and if my first call was still available. As imaginations go into overdrive, I keep wondering if there are internal sleuths wearing dark glasses, sitting in secure rooms lurking around corners seeking answers. I’ll never know as the credit card company won’t admit a mistake and won’t share that information. Nonetheless, I received my points back like they said and that’s all I wanted.

No bank or credit card company was harmed in the writing of this article.

Beware of the Online Calculator

David Wood · December 30, 2022 ·

Artist rendering of a woman on a computer in a sparse yellow room

There are a lot of online calculators that will calculate whether you qualify for a consolidation loan, what your credit card payment will be and whether you qualify for a consumer proposal to name a few.

This article focuses on the consumer proposal calculator. These calculators are generally run by unlicensed professionals who actually cannot help you file a consumer proposal. They claim to offer debt relief but what the reality is, they simply charge a fee (which most people who need debt relief cannot afford) and then refer the file to a Licensed Insolvency Trustee (“LIT”) whom the consumer has to pay again.

These calculators are misleading and make claims about how much debt can be reduced and what the monthly payment would be. They are designed to fool you into thinking you qualify to file a consumer proposal.

These calculations are generally just wrong and do not reflect the many different factors that are needed to determine whether a consumer proposal is viable and capable of being accepted by your creditors. No two situations are alike.

To be frank, I have never seen a consumer proposal calculator state that you weren’t qualified.

A consumer who wishes to file a consumer proposal or a bankruptcy, must use the services of a Licensed Insolvency Trustee. There are no other debt professionals who can assist them. So the people who advertise these calculators have no ability to do anything.

Secondly, they must undergo a full financial assessment by the LIT and disclose their assets, liabilities, and their income. This includes understanding the composition of the debt, whether the debt is secured or unsecured and what types of debt are owed (credit card debt, student loan debt, business debt, taxes, etc).

The takeaway here is that if you are in debt you need to talk to a Licensed Insolvency Trustee. Don’t rely on some mathematical gimmick that’s run by unlicensed professionals who will take your money but cannot help you. The general information provided by these websites that make outlandish claims about debt reduction and monthly payments are simply delaying the process of you knowing what the true options are. By calling a LIT directly, you will save time and money and have the correct information available to make an informed decision.

Boale, Wood & Company Ltd. – Licensed Insolvency Trustee

Contact us to discuss your situation over the phone, a video chat, or in-person. You will talk directly to a Licensed Insolvency Trustee.

OSB Issues Consumer Alert

admin · November 9, 2022 ·

If it sounds too good to be true, it probably is.

A woman holding up a clipboard with a large warning icon on the top page

The Office of the Superintendent of Bankruptcy has issued a News Release/Consumer Alert alerting those Canadian Consumers who are in financial difficulty to be aware of unregulated, unlicensed debt advisors that claim to be authorized to assist you with insolvency options.

These firms sometimes charge hundreds or even thousands of dollars for services they are not licensed to provide, or for unnecessary services offered before, during or after a consumer proposal or bankruptcy filing.

The release states that Canadian Consumers meet with a Licensed Insolvency Trustee (LIT). LITs provide independent, unbiased advice about the options to deal with debt. LITs are required to assess your financial and personal situation, and to discuss all options available for solving financial difficulties, including insolvency and non-insolvency options.

Quotes from the news release:

Those faced with desperate financial situations are susceptible to false promises of a quick solution to their debt problems. Anyone considering a consumer proposal or bankruptcy should meet with a Licensed Insolvency Trustee first. LITs are the only federally regulated professionals who can provide debt relief options such as bankruptcy and consumer proposals. LITs are bound by a Code of Ethics and required to explore all debt relief options to help debtors find the best solution for their needs.

Elisabeth Lang

Superintendent of Bankruptcy

Canadians can feel confident that when they seek advice from a Licensed Insolvency Trustee, they are dealing with someone who has demonstrated they have the knowledge, experience and skills to help them make informed choices to deal with their debt. They are the only debt-relief professionals in Canada legally required to offer a complete financial assessment, explain all the options for debt-relief and offer unbiased advice.

Jean-Daniel Breton

Chair of CAIRP

You can read the entire release here.
If you are in debt, you need to call us. It’s not too late.