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Lender
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BDO Debt Solutions

Finanso.Multilogin™

About lender

BDO Debt Solutions is a division within BDO, a Canadian financial advisory company. Founded in 1958, BDO has been helping Canadians lower their debt load for over 60 years. Now it has more than 100 offices nationwide.

The company has Licensed Insolvency Trustees (LITs) and debt relief counselors within its team. They offer solutions that include debt counseling, a consumer proposal, and bankruptcy.

Features

BDO Debt Solutions can help you with a variety of financial issues:

  • Credit card debt

  • Tax debt

  • Student loan debt

  • Payday loan debt

  • Mortgage debt

  • Car loan debt

  • Bank loans and lines of credit

BDO Licensed Insolvency Trustees and counselors work closely with their clients to find an optimal solution to a debt problem. The company’s services include debt counseling, filing a consumer proposal, and filing for bankruptcy. As stated on the website, bankruptcy is a last resort option, and BDO Debt Solutions will only recommend it after exploring all the other debt-relief options.

Other company’s services include an assessment on:

  • Budgeting and repayment options

  • Debt consolidation loans

  • Debt forgiveness programs

Why go for a BDO Licensed Insolvency Trustee instead of a non-profit credit counselor? Unlike non-profit credit counselors who can only develop a debt management plan for you, BDO LITs can assist with a consumer proposal or bankruptcy.

Pros and cons

If you are having trouble paying your debt, reaching out to BDO Debt Solutions can be a way out. Here are the pros of working with BDO Licensed Insolvency Trustees.

Pros

  • You get expert advice on all types of available debt solutions.

  • BDO Debt Solutions can help you with a variety of debt types.

  • Unlike non-profit credit counselors, BDO LITs can administer a consumer proposal or bankruptcy for you.

  • BDO Debt Solutions takes care of negotiations with your creditors to come up with an affordable arrangement for you.

  • Upon filing a consumer proposal or a bankruptcy, collection agencies will stop contacting you.

  • Filing a consumer proposal assumes that all legal action against you will cease.

  • You can get your first consultation with a BDO LIT free of charge.

  • BDO Debt solutions specialists regularly assess their experience and education by the government.

Still, there are certain cons to be aware of when working with BDO Debt Solutions.

Cons

  • Fees involved

  • A consumer proposal filed by a BDO LIT can temporarily lower your credit rating to R7 — the second-lowest rating agencies like TransUnion or Equifax use.

  • Personal bankruptcy will lower your credit rating to R9, which will stay on your file for up to 7 years.

  • In case of a consumer proposal or a bankruptcy, you will have to hand over your credit cards to BDO LIT, and you will not be able to apply for a new one until recovering your credit score.

  • When filing a consumer proposal, $250,000 is the maximum debt amount you can have.

  • When filing for bankruptcy, you can lose some of your assets as creditors can take them as a portion of the debt owed.

  • Filing for bankruptcy allows you to eliminate most of your unsecured debts — credit cards, lines of credit, bank loans, payday loans, and income tax debts.

As you can see, working with BDO Debt Solutions has definite advantages. They handle all negotiations with your creditors on your behalf, plus you get freedom from annoying calls from collection agencies. But, beware of the disadvantages such as credit score reductions and the risk of losing your assets when filing for personal bankruptcy.

Conditions

BDO Debt Solutions serves clients who are either Canadian residents or have a property in Canada. For those who have trouble getting out of debt, reaching out to BDO Debt Solution can be an effective way to get the desired debt relief. After diving deep into a client’s financial situation, the company will offer the optimal solution — either preparing a debt management plan, filing a consumer proposal, or filing personal bankruptcy.

The initial consultation with a BDO Debt Solutions professional is confidential and free. However, the larger your debt, the higher the fees.

FAQ

What is BDO Debt Solutions?

BDO Debt Solutions is a Canadian company helping clients with financial problems by offering financial advice, credit counseling, and assistance with consumer proposals and bankruptcy.

Who owns BDO Debt Solutions?

BDO Debt Solutions is a division within BDO Canada LLP — a Canadian financial advisory company offering accounting, assurance, tax, and advisory services.

How do you qualify for BDO Debt Solutions?

Depending on the solutions offered by a BDO Licensed Insolvency Trustee, the eligibility requirements will differ. 

To qualify for a consumer proposal, you must meet the following requirements:

  • Owing more than the value of the assets you own

  • Being unable to keep up with your debt payments

  • Having an unmanageable debt that you cannot afford to repay in full

  • Having an unsecured debt in the amount between $5,000 and $250,000 (excluding mortgage)

  • Being a Canadian resident or having a property in Canada

Here are the eligibility requirements for filing for personal bankruptcy with BDO Debt Solutions:

  • Owing $1,000 and more in unsecured debt

  • Being unable to repay your debts 

  • Owing more than the value of the assets you own

  • Residing, doing business, or having a property in Canada

Is BDO Debt Solutions a legitimate company?

Being a licensed and fully regulated debt professional in Canada, BDO Licensed Insolvency Trustees have been helping Canadians get debt relief since 1958. BDO Debt Solutions has over 100 offices across Canada. The company has been providing financial solutions for over 60 years already.

Company documents

Legal & Privacy

A dedicated team of Licensed Insolvency Trustees and debt relief counsellors helping you turn the page on debt

© BDO Canada Limited

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What to pay attention to when applying for a loan from BDO Debt Solutions

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes BDO Debt Solutions from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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