If you’re suffering from financial problems, you may have to consider some insolvency options and if you are interested in meeting with a trustee you might be wondering if the trustee charges any extra fees or fees for a consultation.
In Canada, those options are limited to consumer proposals or bankruptcy.
To proceed with either, you need to hire a Licensed Insolvency Trustee.
Fortunately, government licensed insolvency trustees are highly ethical and well trained professionals licensed by the Canadian government.
As it happens, we are a Licensed Insolvency Trustee and can help with all your insolvency needs.
Feel free to get in touch with us to learn more.
One of the most common questions relating to insolvency trustees is whether or not they charge extra fees or a consultation fee.
After all, how else will they make money?
When you deal with almost any other business or consultancy, you end up paying loads of additional money in fees.
So, is this the case with an insolvency trustee?
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No Hidden or Extra Fees
You will be pleased to learn that your insolvency trustee will NOT charge any hidden or extra fees.
You should be aware of exactly how much it will cost before you go ahead with anything.
The common misconception is that you pay an up-front fee for the service, plus additional fees for consultations.
This makes sense when you compare it to how the rest of the world works.
If you were to hire a lawyer, they tend to charge for consultations and ask for additional fees when everything is over.
A Licensed Insolvency Trustee will never do this, and you should instantly be suspicious if one does try to charge additional fees.
All Fees Are Regulated By The Bankruptcy Insolvency Act
It’s worth noting that this isn’t a free service.
You will still have to pay the insolvency trustee for the work provided.
However, all the fees and charges are outlined in the Bankruptcy Insolvency Act.
They are also regulated by the Federal Government to ensure that all trustees charge the same amount, making it fair for you.
While there are lots of potential charges, most of them are fairly small.
As such, it’s not beyond the realms of possibility that you pay as little as $150-$200 a month.
You also get to set the allotted timeframe to pay all the fees, making it easier for you to manage.
You can even pay the fees early in some instances, and there are no penalty charges or interest rates to worry about.
Again, to reiterate, you will learn how much you have to pay before your insolvency is officially filed.
This figure won’t change, and there won’t be any hidden fees to surprise you.
It’s all transparent and laid out for you to see!
Contact A Licensed Insolvency Trustee Today
Get in touch with us to book a debt assessment consultation.
From here, we can analyze your financial situation and decide which insolvency option is best for you.
We also provide additional debt relief services that might help you avoid insolvency altogether!
You never get charged any hidden or extra fees, so contact us today to get started.