The Office of the Superintendent of Bankruptcy and the Canadian Association of Insolvency and Restructuring Professionals are warning against making use of unregulated, unlicensed debt advisors who claim to be authorized to assist with insolvency options.

Licensed Insolvency Trustee with BDO Nancy Snedden says people may fall victim to ads showing up on social media promising help, but she warns, don’t be fooled.

She says it’s a phenomenon that’s “popping up more and more in the last couple of years.”

Snedden says the advertiser lures consumers through social media and targeted campaigns to call them to get debt help. She says unregulated debt advisors are promising that they can help people wipe out their debt or build their credit score when in fact they’re taking a fee only to refer a customer to a licensed insolvency trustee. She says only a licensed insolvency trustee can actually solve debt through a consumer proposal or bankruptcy.