With inflation, many Quebecers are experiencing financial difficulties, but few of them resign themselves to seeking financial advice.

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According to a recent survey conducted by Ipsos on behalf of the accounting firm MNP Ltée, one in four Quebecers do not trust professionals to get them out of debt.

In addition, no less than 26% of respondents admitted to not knowing how to settle their debts or who to call on to alleviate this burden.

“Vulnerable people who can no longer manage the debt they have accumulated should know about the assistance services that exist,” said Frédéric Lachance, licensed insolvency trustee at MNP Ltée in Montreal.

The latter took the opportunity to recall that only licensed insolvency trustees can act in a professional capacity to offer solutions to debt problems, information ignored by 49% of survey respondents.

However, those who resign themselves to asking for help are not out of the woods, as 24% of Quebecers say they have paid for useless financial advice.

“Insolvency advice is not all created equal. Beware of unlicensed specialists who guarantee to erase all your debts. Only a licensed insolvency trustee can have recourse to the Bankruptcy and Insolvency Act to exonerate an individual from his debts,” explained Mr. Lachance, who believes that the “best starting point” is to request a free evaluation from a licensed insolvency trustee.

The survey was conducted online with 2,000 Canadians aged 18 and over between March 9 and March 15, 2022.