The Hardest Part is Coming to Your Initial Consultation

The Hardest Part is Coming to Your Initial Consultation

Overcoming the Challenge: Your First Step towards Debt Consultation

For many individuals, the mere thought of confronting their debt issues can be daunting. However, the challenging part is not necessarily the consultation itself, but the action of taking the first step towards The Hardest Part is Coming to Your Initial Consultation. This article will guide you through the process and help you understand what to expect.

Recognizing the Problem

Debt issues are unique for each individual. The triggers, circumstances, and consequences differ, but the underlying issue remains the same. The hardest part is often the realization and acceptance of the problem. This is where the journey towards financial recovery begins.

To illustrate this, we will follow a fictional character named Anthony. Anthony represents many individuals who seek debt help every day. He is in his mid-thirties, residing in a bustling city, juggling life and financial obligations with reduced income due to the pandemic.

Embracing the Challenge

Anthony’s story is common among many Canadians. He struggles with his finances for an extended period before acknowledging his debt problem. This period of struggle may vary, extending over months or even years. The hardest part for Anthony is not the debt itself but coming to the realization that he needs help.

Reaching the Breaking Point

For Anthony, the breaking point comes when he can no longer ignore his financial situation. He is frustrated and emotionally drained, which is often the case for many individuals facing debt issues. Upon reaching this point, most people seek help from a Licensed Insolvency Trustee (LIT).

LITs provide financial therapy, offering empathy and solutions to a wide range of money problems.

The Initial Consultation: The Hardest Part is Coming to Your Initial Consultation

The first step towards resolving debt issues is the initial consultation with an LIT. For Anthony, understanding that a simple consolidation loan won’t suffice is a big realization. He is insolvent, meaning he owes more than he owns, and cannot reduce his debts.

In preparation for the meeting, Anthony is asked to provide information about his financial situation, including:

  • Value of assets.
  • Debt amount.
  • Income.
  • Monthly obligations.

Understanding Your Financial Situation

During the consultation, the LIT will evaluate your financial situation based on the provided information. This helps them understand your financial state and suggest the best possible debt relief options.

In Anthony’s case, his LIT recommends filing a consumer proposal, considering his age, limited assets, and future aspirations.

The Solution: Consumer Proposal

A consumer proposal allows Anthony to pay back a fraction of his owed amount, significantly reducing his total debt. He can make affordable monthly payments over a period of five years. Although this impacts his credit rating, he can rebuild it over time.

Consumer proposals are not uniform; they are customized agreements negotiated by the LIT with your creditors, which means the debt reduction amount varies from person to person.

The Aftermath of the Initial Consultation

The initial consultation is often a turning point for many individuals. For Anthony, it is a relief. He now has a clear plan to resolve his debts and is proud of himself for seeking help.

Asking for help is not a sign of weakness but strength. Consumer proposals are a compromise and act as a middle ground between you and your creditors.


Meeting an LIT for a debt consultation may seem intimidating, but it is a crucial step towards financial recovery. The hardest part is not the consultation itself but taking the first step towards it. Remember, you don’t have to wait until you reach a crisis point.

Debt management is a challenge, but with the right guidance and support, you can overcome it. The Hardest Part is Coming to Your Initial Consultation but once you do, you’re on the path to financial relief.

Are you struggling with debt? Discover your debt relief options during a free, initial consultation.

Find Your Personal Debt Relief Solution

Licensed Insolvency Trustees are here to help. Get a free assessment of your options.

Discuss options to get out of debt with a trained & licensed debt relief professional.