What is a Debt Relief Specialist? How Can They Help?  

What is a debt relief specialist? How They Can Help

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By Bromwich+Smith Staff | 526 words | Reading Time: 4 minutes and 23 seconds | Date: 2023/03/02

Did you know that there are debt relief specialists, who help individuals who are in debt and looking at ways to reduce debt quickly? Bromwich+Smith has a team of Debt Relief Specialists (DRS) available to negotiate with your creditors, to reduce your debt. We talked to Greg, one of our qualified DRS to find out more about what he does day to day.

Tell us about your journey and why you joined Bromwich+Smith as a debt relief specialist. 

I’ve been in the debt industry for 23 years. I ran my own company from 2009 to 2022, when I then joined Bromwich+Smith. In 2019 I had hit the point where I felt my career had really stalled and there wasn’t much room left for growth and ultimately started looking for other opportunities. Bromwich+Smith had been a referral partner of mine since 2014 and I knew several people within the organization. I started to look around and see what opportunities were available outside of my current role, and at the time there was a posting for a client services role and I thought why not. So, I applied for and decided to let my contact, the Director of Client Solutions know that I was interested in the position. Rob immediately contacted me and started the discussion of me joining the team. When Covid hit those conversations took a back seat, and it wasn’t until when things started opening up again we started to reengage. The role had evolved from what we originally discussed, so we decided on a DRS roll, which I have been doing now since June of 2022.

What does a typical day look like in your role?

Chaos is the only word I can think of to describe it. A typical day starts with signing on to my computer and systems and jumping between taking live call, web leads, live chats and prepping files for ourLicensed Insolvency Trustees. Most days are over before I even know it. With that said, I spend most of my days on the phone talking to both new and current clients. Discussing their options to consolidate and how they can move on from the debt that they have accumulated.

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What should someone expect the first time they pick up the phone and talk to the DRS?

A typical first contact can last anywhere from 45 minuets to an hour. During that time we will go over their current situation, the debts that they have, what’s lead them to call us, what they are hoping to accomplish and of course the solutions available to them. Mostly I spend time re-assuring them that they have options and that there is a light at the end of the tunnel.

What do you wish people knew before they called?

That’s an easy one, It helps the process if they know who they owe money to. I often get calls from people who have no idea who they owe and how much. It can slow down the process but it is ok if you don’t know all the answers, I am here to help you through the process and will track down all the information you might not have.

What do you think stops people from picking up that phone and calling?

Pride, ego, embarrassment, and the unknown. People in debt are often scared and embarrassed, which I understand. My honest advice, is they don’t need to be. So many people are in the same boat and I find that it really is not their fault.

Can you share your proudest moment as a DRS with Bromwich+Smith?

I would say one of the proudest moments in my span at Bromwich+Smith was helping a lady, who was  going to lose her home. She was on a fixed income and owed a lot of money. She had a fair bit of equity in her home but of course being on a pension income the banks wouldn’t help her. When I first started working with her, because of the equity in her home, the payment in the proposal was going to be more than what she could afford. After discussing with the client and having conversations with colleagues we managed to come up with a pretty “out of the box” proposal for her that saw her payments in a proposal drop to close to) $250/month when before it was going to be north of $1,000.  Knowing that we helped her stay in her home and got her protected when it was originally looking like we couldn’t was a really great moment for me. I want to find solutions for everyone and I pride myself in looking at all options. We know that every situation is unique, and we need to find unique solutions that will help our clients.

Thanks Greg! We appreciate the work that you, and all of our debt relief specialists do to find the right debt relief program for our clients.

If you are facing overwhelming debt, remember that you are not alone. Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at 1-855-884-9243, or request a call back at contact us page. 

FAQ for Debt Relief Specialist

1. What is a debt relief specialist, and how can they help me manage my debt in Canada? A debt relief specialist is a financial professional who can provide individuals struggling with debt  a plan to manage and reduce their debts.  A Bromwich+Smith Debt Relief Specialist works with the Licensed Insolvency Trustee to help provide guidance on debt management strategies, negotiate with creditors on behalf of their clients, and assist with the implementation of debt repayment plans.

2. How do I know if I need the services of a debt relief specialist? You may consider the services of a debt relief specialist if you are struggling to make your debt payments, receiving collection calls or notices, or facing legal action due to your debt. If you feel overwhelmed by your debt and unsure of how to manage it, or have questions on what options you may have or how to end your debt a debt relief specialist can provide guidance and support.

3. What are the different types of debt relief services available in Canada, and which ones do debt relief specialists offer? There are several types of debt relief services available in Canada, including debt consolidation loans, Credit Counselling, consumer proposals, and bankruptcy. Debt relief specialists typically offer debt management plans, debt settlement negotiations, and which include Consumer Proposals or Bankruptcy. 

4. What qualifications should I look for in a debt relief specialist in Canada? When looking for a debt relief specialist in Canada, it's important to ensure that they are licensed and regulated by a reputable organization, such as the Office of the Superintendent of Bankruptcy or the Credit Counselling  Society. Another qualification you may consider, is to look for a specialist who has experience working with clients in similar financial situations to your own while every situation is unique someone who has experience with your situation ie divorce, job loss, personal  injury etc may have more insight on how to find the best option for you.

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5. How much does it cost to work with a debt relief specialist, and what are the fees involved? The cost of working with a debt relief specialist in Canada can vary depending on the services provided and the specialist's fee structure. Some specialists charge a flat fee for their services, while others may charge a percentage of the amount of debt that is settled or consolidated. It's important to discuss fees upfront and ensure that you understand the costs involved before agreeing to work with a specialist. All consultations at Bromwich+Smith are free with no obligation. 

6. What are the potential risks of working with a debt relief specialist, and how can I avoid scams? Some potential risks of working with a debt relief specialist in Canada include high fees, negative impacts on your credit score, and the potential for scams. To avoid scams, it's important to research potential specialists thoroughly, ask for references, and check their credentials.

7. Can a debt relief specialist negotiate with creditors on my behalf to reduce my debt in Canada? Yes, debt relief specialists can negotiate with creditors on behalf of their clients to reduce the amount of debt owed. This can include negotiating lower interest rates or lump-sum settlements. Bromwich+Smith debt relief specialists have a good understanding of what your creditors are willing to accept, so can propose a debt settlement plan that will be approved by your creditors. 

8. Will working with a debt relief specialist have a negative impact on my credit score in Canada? Working with a debt relief specialist in Canada may have a negative impact on your credit score- for example a phone call to inquire about options will not show up on your credit score however filing a consumer proposal or bankruptcy will. However, the impact may be less severe than if you continue to miss payments or default on your debts. It is important to know that if you are missing payments and receiving phone calls, your credit has already taken a hit and it may be difficult to get out of your debt without help.

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