Credit Counselling in Canada
What is Credit Counselling?
Credit counselling is a free service which can help you place your financial affairs under control. It is also known as debt counselling and consumer credit counselling. In Canada, the non-profit credit counselling services are provided by credit counsellors - the accredited debt management consultants.
Credit counselling includes help with personal budgeting to help you understand and control your finances to avoid future problems. It also includes possible debt negotiation and settlement with your creditors, through a Debt Management Plan.
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Call 1 888-228-2239 to speak to a certified credit counsellor and set up an appointment. |
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Gather your records and meet with with an expert to review your financial situation. |
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The credit counsellor will recommend a plan to help you and explain all details. |
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Follow your plan to become debt-free and start living your life again. |
Your counsellor will ask for information about your debts, your income, and your assets - your "net worth" in other words. They will need to know who you owe money to, and what you can afford to pay each month.
The solution may be as simple as giving you some personal finance and budgeting tips. They will probably also help you with household budgeting so you know where you are spending your money each month.
This may be enough to help you see where you can cut expenses, so you have more money to devote to repaying your debts. If so, your credit counselling involves one or two meetings with your credit counsellor, and you are on your way to solving your money problems.
If budgeting alone is not the answer, the credit counselling process may involve a Debt Management Plan. In a Debt Management Plan, your credit counsellor contacts your creditors and negotiates a debt settlement where you agree to repay your debts, in full, over a period of three to five years. In return, your creditors agree to stop all collection activity, and they usually agree to cancel all future interest.