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What Happens During a Credit Counselling Session?

Credit counselling is an effective way to take control of mounting debt for individuals and families struggling with their finances. However, a session with a licensed insolvency trustee (LIT) can seem intimidating for someone who has never been through the process. To help demystify the process, here’s what to expect during a credit counselling session.

two people having a credit counselling session in a comfortable office space

Phone vs. Online Sessions

Many people prefer a phone call or an online meeting with their licensed insolvency trustee. Each method has its advantages. A phone session is immediate and lets you build a personal relationship with your advisor. An online session gives you more flexibility with timing to provide information.

Debt Analyses

The first thing a credit counsellor will do is analyze your debt. Whether it’s credit cards, student debt, car loans, mounting tax bills, your mortgage or a combination of them all. Your licensed insolvency trustee will want to know how much you owe and to whom.

Budget Evaluation

Your licensed insolvency trustee will then ask you to determine your monthly expenses. The LIT will want to know how much of your budget is already going towards debt payment and try to determine if you have extra cash flow that could be directed toward paying your debt.

Credit Check

The licensed insolvency trustee may choose to perform a credit check to see if your debt issues are affecting your credit score. If you still have an excellent credit rating, more affordable debt repayment options may be available to you. This credit check doesn’t affect your credit score.


After reviewing your debts, budget and credit score, your LIT will give you their opinion on the best way to tackle your debt. Options may include submitting a consumer proposal or filing for personal bankruptcy. Your LIT can help you:

  • Establish a realistic budget to meet monthly expenses

  • Analyze potential lifestyle alternatives to reduce the impact of your spending

  • Set short-term and long-term financial goals

  • Prepare informal arrangements with your creditors, if necessary

Beyond helping you bring your debt under control, your LIT can provide many forms of debt help. They can help you get started on a path towards your goals.

Debt Help And Credit Counselling In Ottawa

At D. & A. MacLeod Company Ltd., we’ve been helping people take control of their finances and become debt-free since 1952. We offer credit counselling, consumer proposal and personal bankruptcy services to families and businesses in Ottawa. You can visit us at one of our eastern Ontario locations or schedule a virtual appointment from anywhere in Canada.

Contact us today to book a free, confidential, no-obligation session.


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