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Focus on an Individuals Financial Recovery Counsellor

Financial difficulties can happen to anyone, for all sorts of reasons. The role of financial recovery counsellors and licensed insolvency trustees is to help these people find the best solution for regaining financial stability. But how?

We talk about it with Émilie Boulanger, Senior Financial Recovery Counsellor at Raymond Chabot Grant Thornton.

How did you get here?

I arrived at Raymond Chabot Grant Thornton in 2016. Before that, I had worked for six years as a notary, but I really missed the human side in this profession. This is what led me to become a financial recovery counsellor for individuals.

Can you tell us more about your specialization?

Our main role is to help people get out of debt. We evaluate their options with them and help them get their financial stability back. The same service is offered to businesses, but I take care of individuals.

Who calls upon your services?

Our clients come from all walks of life. We have self-employed workers, people who have lost their job, retirees, individuals who inherited an insolvent estate, unlucky people who bought a property with hidden defects, etc. We truly have different stories each day.

Can you describe a typical assignment?

When a client calls on us, the first meeting is for them to explain the situation. We weigh all matters by analyzing their assets, debts and budget.

It takes a lot of empathy and active listening from us because when people come to us, they often feel embarrassed that they have financial problems. It’s our job to make them feel that they can trust us and to tell them that this can happen to anyone.

Some financial problems are related to personal issues, such as separation, illness or even addiction issues, which require a bit of finesse.

We collect as much information as possible to file the bankruptcy or consumer proposal based on the situation.

What are other aspects of your work?

Not all clients have insolvency issues. By analyzing their situation, we can suggest tailored solutions such as redrafting the budget, selling assets, refinancing their property, consolidating debt or opting for a voluntary deposit.

This is why we need to study the situation, in order to propose the best solution and guide them to the right professional before settling for the consumer proposal or bankruptcy.

If a consumer proposal or bankruptcy is recommended, we submit the file to the Office of the Superintendent of Bankruptcy. From then on, we act as an intermediate between the creditors and debtors. We negotiate with the banks or creditors to come to an agreement.

Another part of our work consists in following clients to advise them on their budget, find out why they are insolvent, provide reference material to help them, offer tips for rebuilding their credit, etc. We want to make sure the solution lasts and that they don’t fall back into old habits.

What do you like most about your job?

I like to make a difference in people’s lives. When I first meet them, they are lost, tired, ashamed. But once the job is done, they are relieved, they sleep better, they start living again. It’s very rewarding.

This job is also very stimulating intellectually because you have to keep up to date on legislation, caselaw, and new developments in our field.

We’re also in touch with various specialists to support us in our files, such as lawyers, notaries, bailiffs, mediators or social workers. It’s very comprehensive.

Why did you choose Raymond Chabot Grant Thornton?

I recognize myself in the firm’s professionalism and it’s important for me to be recognized as a specialist in my field. There are many lawyers, notaries and accountants in the profession. Often, it’s a career change, so everyone comes with professional experience.

Do you have tips for people who would like to become an individuals’ financial recovery counsellor?

The financial recovery counsellor profession is not well known. I suggest that if you are interested, you should contact a counsellor and ask questions. That’s what convinced me to make the switch!

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