Word to the Wise: Beware


Brian P. Doyle B.Sc., MBA,
CA·CIRP, CFE, President

A personal word of caution from Brian Doyle, CA·CIRP, President

Unscrupulous and unqualified so called “Credit Counselors” from the United States have entered into Canada and are taking advantage of Canadians. According to a Fox TV news broadcast; “debt consolidation is the number one scamming scheme”. The Fox source is Jonathan Mintz, Commissioner, New York City, Department of Consumer Affairs.

Taking unfair advantage of people in financial distress:

Many of these non-professional, non-certified organizations promise a great deal of service, but end up providing virtually nothing, while taking unfair advantage and wasting the money of people who can least afford it. For example; Doyle Salewski has received calls from people that have paid as much as $1,500 for a simple personal budget analysis, which they could have acquired free from a qualified Trustee. They were then told that in order to do anything further to fix their personal financial problems, they would have to see a licensed Trustee in Bankruptcy.

These so called Credit Counselling Agencies make vague suggestions about what they can accomplish. In fact, we have not been advised of any that can legitimately offer:

  1. A legally enforceable stay-of-proceedings which prohibits creditors from taking action.
  2. Forgiveness of principal.
  3. Forgiveness of interest.
  4. Termination of any further penalties on your accounts.

Additionally; many if not all of these agencies do not wish to deal with certain debts such as utility bills, certain credit card companies and other creditors.

Non- Profit? Not Likely!

One of their big drawing cards of these un-qualified groups appears to be that they advertise themselves to be "non-profit" and "charitable organizations". In fact, some of these agencies set up dummy corporations with the same or similar names when in fact you deal with alternative organizations which are "for profit" and not at all "charitable". As well, a not-for-profit corporation can be run not for profit by paying out all the surplus "profit" to associated companies controlled by the perpetrators. This can also be achieved by paying excessive salaries and dividends.

We have encountered individuals who have signed on the dotted line with these agencies and after several years when they finally receive an accounting of their status, are emotionally distraught at the fact that they owe more money than they did when they started their debt management program!

Significant Fees and Costs:

Some organizations advertise that they charge no fees. However, there may be charges for books and other materials. One of our clients said they were asked to pay $900 for certain materials. Additionally, once you become a client, they may press you for voluntary contributions, usually 20% of your payments, which may be taken out of your account even without your knowledge until years later.

At DOYLE SALEWSKI, your first consultation is FREE. You are provided with a clear explanation regarding your options and the most comfortable economical decision to take in order to eliminate your excessive debt. You are given a clear plan with a clear time line and a monthly amount based on what you can afford.

In Canada, a legitimate, certified Trustee in Bankruptcy, such as Doyle Salewski, is strictly regulated. In addition, agreements a Trustee arranges with your creditors are legally binding. If you are presently involved, or about to become involved with an organization that cannot prove its qualifications or legitimacy, get out of the program immediately…before it's too late.

For an excellent example concerning these unscrupulous organizations, Google "Ameridebt" and read how they were eventually forced out of business by the authorities.

Signs that illegitimate, un-qualified credit counselors are trying to pull a scam:

  • They promise to remove negative information from your credit report. Fact: No one can legally remove negative information from your credit report that is accurate and must remain on your report for a set amount of years.
  • They request an upfront fee before any type of credit repair is performed. Fact: A legitimate company will not demand payment before the service is provided.
  • They offer to create a new credit report for you with different identification. Fact: This is illegal and you should report the fraud to the authorities.
  • They ask you to sign blank forms and provide personal information so they can act on your behalf to help with credit problems. Fact: NEVER sign blank paper work, and NEVER give out personal information without knowing the reason. Once someone gets your personal information, you may be in danger of “identity theft”.
  • They tell you it can boost your credit score by piggybacking on someone else’s credit.
  • They send you an offer through e-mail in hopes that you will respond. Fact: If you did not request information to be sent, do not deal with the company.

A portion of advice from Suze Orman’s, book, “Suze Orman’s 2009 Action Plan, Keeping your money safe and sound…”If you are considering hiring a debt consolidation company to help you with your credit card debt, don’t fall for the come-ons. These offers are often rip-offs and can do serious damage to your credit score and leave you in more debt than you started with.”


Do not be taken in by IMPOSTERS. If you think you need financial help, play it safe, and wise. Call DOYLE SALEWSKI.

Remember, your family's future depends on your financial stability.