Credit Counselling

Find out if you are eligible to write off your unsecured debts*

  • Lower your monthly payments
  • Stop harassing creditor calls
  • Write off debts you can’t afford
  • Takes less than 30 seconds to check
  • Safe, secure and confidential

Why use credit counselling?

Many of the worse case scenarios can be avoided when our financial obligations become problematic. When you regularly miss payments on your credit cards, car loans or mortgage, not only does this affect your credit rating, if matters continue to slide you could be in danger of losing your home, car and other assets you’ve worked hard to pay for, as well as your ability to secure future loans, credit and more. You may even fall into bankruptcy.

Credit counselling is a trusted method to help you manage your situation and avoid each of these problems, providing a sensible way to control your budget and to stay solvent.

Credit Counselling in Canada

If you feel you are losing control of your finances, and your personal budget is stretched to almost breaking point, then credit counselling could be exactly what you need to prevent any additional monetary problems tipping you into more serious problems and getting you back on track.

Creating your plan

1. Your financial assessment

The process of credit counselling involves examining your personal financial situation, analysing all of your current incomes and outgoings with a professional credit counsellor, and making a plan in the best ways to manage your budget.

You will take a thorough look at your income, expenses, assets and debts, including regular payments and costs you can plan for, and where surprise costs and irregular payments may come from, that could easily tip your current schedule out of balance.

When you can clearly see the full extent of your financial obligations, and understand how to manage them as efficiently as possible, you will feel a new sense of control and the confidence to manage your finances better.

2. Your debt solutions

At this stage, your debt counsellor will explain all options available to manage the existing debts that are causing you problems.

These could include debt consolidation programs, more manageable loans, or by negotiating alternate repayment systems with your debtors to relieve some of the pressure in making your payments. You may be advised to file a consumer proposal to pay off debts through a trustee at a more manageable rate or free up some of the equity in your home to help contain your financial situation.

Your counsellor will help you create a long-term plan to manage your repayments comfortably, to get out of, and to stay out of debt.

3. Money management

The third stage prevents individuals from making the same mistakes they were prone to in the first place. Many people have never learned how to manage a budget, to work out the true costs of credit cards and loans, how to build on their savings to provide a safety net and to save for the things they really want from life.

By being shown where your bad habits have landed you in trouble, you will learn not only what your spending triggers are, but also how to avoid them in your new routine. It could be as simple as avoiding the places where you overspend on luxuries, cutting back on expensive social and leisure pursuits, or finding cheaper alternatives that can provide just as much personal reward as the costlier options you thought you couldn’t live without.

Your counsellor will help you understand how to create a household budget for you your and your family relating to your income, setting aside part of what you earn for both expected and unforeseen costs. You will learn how to create goals and more importantly, how to stick to them.

Having a counsellor at hand throughout the term of your counselling plan gives you continual access to the help you’ll need to not only avoid the pitfalls of debt but also understanding why each of the methods in your personal management system will work for you, and how you can continue to build on them well into the future.

How does credit counselling work?

Credit counselling can explain the different methods available to you to get out of debt, and also how to manage your current budget to help you prevent falling further into debt, both now and in the future.

Find out if you qualify

Arrange a call with one of our team to find out if you qualify for debt help.

Advantages of credit counselling

Credit counselling allows an individual to see a clear and unbiased view of their financial situation. This should outline what they can and can’t afford to spend each month to stay in control, and if they do, what steps they can take to regain financial stability.

There are always a range of solutions and plans that we are unaware of. Using a qualified counsellor and a professional counselling service, all of the tips and relief options will be made clear and available to help you stay in control of your budget.

Disadvantages of credit counselling

Credit counselling doesn’t actually reduce the amount of debt you’re in, nor will it remove any of the total amount that you need to pay back. Occasionally a debt counsellor can negotiate interest rates and payment terms that will make repayment more manageable, but generally, the amount you owe will still be your responsibility.

Another disadvantage is credit counselling will show up on your credit report with an R7 rating. This can have a negative impact when applying for future lines of credit.

Is credit counselling the correct option for you?

Credit counselling is an excellent way to rectify the smaller problems in your budgeting system before matters get out of hand, and can also provide valuable information about the mistakes you’ve made in the past and how to avoid them in future.

However, there are a selection of alternative solutions you can also consider.

A debt settlement can reduce your total debt amount by between 40 and 60% and could clear your debt problems in a much shorter term.

Debt consolidation can provide one single simple and more manageable payment to repay all of your existing debts.

A consumer proposal is an agreement between the debtor and their creditors to settle their unsecured debts. This will freeze any interest being added to the debts, protect your assets and last no longer than the maximum 5-year term.

You should discuss your personal situation with a qualified debt counsellor. They will guide you towards the best plan and appropriate options for your unique debts.

Looking forward to a debt-free existence

Working with a credit counsellor to get your finances in order and to clear yourself of all debt requires discipline and a strong belief that you can take back control of your situation, and work towards a happy financial future.

The rewards are great and keeping these goals in mind will be part of what keeps you moving forward, even when it might feel difficult to do so.

Find out if you qualify

Arrange a call with one of our team to find out if you qualify for debt help.

How we can help you with your debt?

You’re on your way to resolving your debt problems, this is what will happen next.

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Fill out the form and arrange a call back with one of our debt advisors.
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We will then run through all of the options available to you and advise you on which is the best option for you
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We will then help you put the debt solution in place that will help you get back on track

Why choose us

We’ve helped thousands of people get out of debt

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Expert team of debt specialists here to help you

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Confidential advice on all debt matters

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Convenient offices staffed with friendly local advisors

Credit Counselling