Debt relief in Nunavut
In short
All five routes out of consumer debt are open to residents in Nunavut. Consumer proposals and bankruptcy are federal and work the same way in every province and territory. Debt settlement and consolidation lending are regulated provincially, so the licensed providers available to you are the ones registered in Nunavut.
Updated
The five routes
Consumer proposal
A formal offer to your creditors, filed by a Licensed Insolvency Trustee.
Debt settlement
A licensed company negotiates with creditors on your behalf, for a fee.
Debt consolidation loan
One new loan pays out several balances, leaving a single payment.
Non-profit credit counselling
A counsellor reviews your budget and may set up a debt management plan.
Handle it yourself
For smaller balances, a plan and a payoff order often beats paying anyone.
Which routes apply here
Consumer proposals and bankruptcy are federal, so they work identically in Nunavut as in any other province or territory. Debt settlement and consolidation lending are provincially regulated, so the licensed providers available to you are specific to your province.
Free resources
Find a Licensed Insolvency Trustee
The federal directory of Licensed Insolvency Trustees. Free, and the only route to a consumer proposal.
Find a non-profit credit counsellor
Non-profit member agencies. The first appointment is usually free.
Free budgeting tools
The federal budget planner. Costs nothing and needs no account.
Frequently asked questions
- Who licenses debt-settlement companies in Nunavut?
- Nunavut does not run its own debt-settlement licensing regime, so there is no territorial register to look a company up in. The licence that does exist is federal: a Licensed Insolvency Trustee is licensed by the Office of the Superintendent of Bankruptcy and appears in its national directory. For any other kind of provider, ask what body licenses it and in which province, then confirm with that body before you sign anything or send money.
- How long can a creditor sue for a debt in Nunavut?
- Nunavut carries forward territorial legislation inherited at division, and this page does not quote a limitation period for it because we have not been able to read the consolidated provision at source. A figure we cannot check is worse than none, so the honest answer is to read the consolidation published by the Legislative Assembly of Nunavut, or to ask a lawyer to apply the period to your own dates.
- Which debt-relief routes are federal and which are provincial in Nunavut?
- Consumer proposals and bankruptcy are federal. They are governed by the Bankruptcy and Insolvency Act and filed through a Licensed Insolvency Trustee, whose licence comes from the Office of the Superintendent of Bankruptcy, so the mechanism is identical everywhere in the country. Debt settlement and consolidation lending are not: those providers are licensed province by province, which is why the list of companies available to you, and the rules they must follow, change when you cross a border. Credit counselling from a non-profit agency sits alongside both.
- Is a consumer proposal different in Nunavut?
- No. Consumer proposals are governed by the federal Bankruptcy and Insolvency Act, so the mechanism is the same in every province and territory. What differs is which Licensed Insolvency Trustees practise near you.
- How do I check that a provider in Nunavut is licensed?
- Ask for their licence number and the name of the body that issued it, then verify it with that body directly. A provider who will not give you this in writing is telling you something.
- Does this site cost anything in Nunavut?
- No. You are never charged. We are paid by licensed settlement companies and consolidation lenders when we introduce you, and we are paid nothing for trustee and non-profit referrals.