Credit Consolidation & Debt Payments in Canada, Credit Counselling Services, Programs and Options
Do you live in Canada and need credit consolidation solutions to make managing money and paying your debts off easier?
Get help to consider all of your consolidation options. One affordable monthly payment that eliminates or shrinks interest might be the right solution to get your debts back under control.
In Canada non-profit credit counselling services are available at no cost so that you can find the right repayment plan or alternative to bankruptcy.
How Credit Counselling Services Can Help You with Credit Consolidation
Even if in the past you’ve consolidated debt, credit counselling services provided by a reputable, Canadian, non-profit agency like the Credit Counselling Society can help you. Dealing with debt is stressful, but a qualified Credit Counsellor can make it easier.
|Global TV interviews Julia Fletcher
after she eliminates her debt with
drastically reduced interest and
help from the Credit Counselling
Society. See the News Story
|CTV News interviews Dan Robinson
after he paid off $30,000 in debt with
no interest after getting help from
the Credit Counselling Society.
CTV - Debt Relief Story
By meeting with your Debt Counsellor for a free, confidential appointment, you’ll be able to share what’s going on in your life with someone who is trained to help you sort out your debts and get back on track. Your Counsellor will provide information and options to you after they know more about your budget, expenses, debts and goals for the future. Then it will be up to you to decide what you want to do.
Contact us now for an appointment, or see below for more information.
The Types of Debt Solutions That a Credit Counsellor Can Give More Details About
There are a number of options for the consolidation of credit card payments that are accessible in Canada through not-for-profit credit counselling services which are not offered through your credit union, bank or any other lenders.
Credit Consolidation & Debt Payments Through a Debt Management Program
Canadian credit counselling services, like our non-profit Society, nomoredebts.org, offer a debt management program. Getting back in control of your money is easier with our debt management program because it is based on your budget.
A debt management program may be an option for you, depending on what type of debt you have, your assets, and how much is left in your budget for debt payments, while you still maintain a reasonable standard of living.
A debt management program arranged by the Credit Counselling Society is supported by your creditors. Your creditors will accept reduced payments and most of them will waive or substantially reduce ongoing interest charges while you make your payments. This saves you thousands of dollars.
If consolidating your payments through a debt management program is an option for you, your Credit Counsellor will explain exactly how it works.
Loans to Consolidate Debt
Your Credit Counsellor will explain how it works and can help you with your budget.
A debt consolidation loan means borrowing more money to pay off what you already owe on your credit cards and unsecured debts or loans. If your credit is still good enough to qualify for a loan, your lender may offer you a debt consolidation loan, either with or without a co-signer.
The best way to make a debt consolidation loan work for you is to have a budget first. Then you’ll know if you can afford the payments and still set money aside to pay for unexpected expenses that would have gone on your credit card in the past.
Settling Your Debts
When you ask your creditors to accept a lump sum of money, in exchange for fully repaying what you owe, that is called a debt settlement.
Sometimes it makes sense to offer your creditors a reduced, one-time payment to get rid of your debts. But, if you can afford what you owe, your creditors won’t accept your settlement offer.
If a debt settlement is a good solution for your debt problems, your Credit Counsellor will explain what you need to know and answer your questions. Part of coming up with the lump sum of money might mean selling assets, redeeming investments, or asking for help from family and friends.
Legal Solutions for Debt in Canada
Sometimes legal solutions for debt are needed. The Bankruptcy and Insolvency Act governs legal debt solutions in Canada.
Resolving your debts with the help of the Courts may be your best option. This will depend on what you owe, the nature of your debts, what you own and where you live. Both legal debt resolutions – Consumer Proposals and bankruptcies, are offered through licensed trustees.
Meeting with a trustee to find out more about these options may be a good idea, after your Credit Counsellor has gone over your budget and financial circumstances. While bankruptcy should always be a last resort, a Consumer Proposal allows you to repay part of what you owe over a period of 2 – 5 years.
To find out more about Consumer Proposals, contact a trustee in your area, or click here.
To find out more about bankruptcy and alternatives, click here.
How to Get Help to Consolidate Credit with Credit Counselling Services in Canada
To find out how credit consolidation and credit counselling services and options in Canada can help you deal with your debts, contact us now by phone, anonymous online chat, or by email. We will answer your questions and make a no-obligation, free, confidential appointment for you to speak with one of our qualified, friendly Credit Counsellors.
You’ll feel better and have less stress once you know what you can do about your debt and money problems. There is a solution to being in debt, and it starts with looking at your options. Contact us now at 1-888-527-8999. We’re happy to help you.