What Debt Help Resources Do I Have Available to Me?
Did you know that as a Canadian, you have so many options available when it comes to clamping down on your debt?
Personal debt is now at one of its highest levels and this means that more and more people are seeking relief solutions.
The good news is that it is now easier than ever for you to get the support you need.
Getting help is easy because advice is free, and the government also have plenty of options in place for those who need help the most.
If you are in debt right now and want to find out what resources are out there, then this is the guide for you.
Need Help Reviewing Your Financial Situation?
Contact a Licensed Trustee for a Free Debt Relief Evaluation
Personal Debt Advice
Meeting with a credit counsellor will mean that you have someone in your corner who can help you to deal with any money worries you might have.
It’s their goal to make sure that you have all of the information you need to make educated decisions, so that you can clear your debt in a way that makes sense to your situation.
When you talk with someone who can give you debt advice, your appointment will be in person or it will be over the phone.
You will usually be able to choose the type of correspondence.
When you start your appointment, your counsellor will assess the financial situation that you are in and they will also try and understand what exactly you’d like to achieve.
They will then take into account your goals, before telling you the options that are available.
They will also be able to answer any questions that you might have, and you’ll get a written overview too.
This helps you to avoid feeling pressured during your appointment and it also means that you can go away and think about what the other person has said before you make a decision.
Debt Solutions
If you are having a hard time paying your debt then the best thing that you can do is try and access reliable information.
This will help you to get the advice you need to deal with your debt properly.
You should know that there is no one-size-fits-all solution when it comes to your debt, and what works for one person might not work for another.
This is why your Licensed Insolvency Trustee will work with you to help you understand each one.
If you want to find out more about your options then they include:
Debt Consolidation
There really are so many different types of debt consolidation.
Some may require you to borrow more money and then use that fund to pay off your debts.
Other types of consolidation may restructure your debts into a program, so rather than borrowing more money, you will use the income you have to pay off your debts.
Debt consolidation does require your creditors to cooperate, but your advisor will be able to talk you through all of this.
Debt Settlement
If you know that it is not at all possible for you to pay off the debts that you owe then you may be able to offer your creditors a type of settlement.
If you want to do this then you will need to have a lump sum of cash.
Your family may be able to help you with this or you may even have a tax refund.
It’s also possible to use an insurance settlement too.
Use your Credit Report
Did you know that it is also possible for you to use your credit report to your advantage?
When you do you will be able to see the changes you need to make and you can also find out if there is anything that you need to do in order to boost your rating.
Sometimes, something as simple as having two addresses down on your report can really go against you and the last thing that you want is to have this bring down your entire rating.
If this is the case, then you may end up getting turned down for credit.
After all, it may mean that you end up having to apply for credit that has a higher interest rate to accommodate your lower rating, when in reality, it’s a simple clerical error.
If you want to avoid this, then it’s more than possible for you to check your rating for free, through a huge range of Canadian sites.
Opt out of Communication
If you are feeling pressured because you have creditors calling you up all the time, then you should know that it is very easy for you to opt out of phone communication.
You have every right to dictate how you are contacted, so it may be that you choose email or even post.
If you choose these types of communication, then you will have a written record of everything that you have received and you can also keep up with what you owe and your deadlines much more efficiently.
Remember that if you are in a severe or high amount of debt, then it is always a good idea for you to try and contact a Licensed Insolvency Trustee.
When you do, you will soon find that they can give you the support you need, and they can also guide you through the options that are available.
Getting out of Debt
It’s important to know that there is never “no” solution when it comes to getting out of debt.
There is always a way out and if you can structure your payments or if you have the capital free to pay down your debt then you can easily rebuild your credit rating over time.
If you feel as though the debt that you have is unmanageable then it is more than possible for you to file for bankruptcy, if you meet the right requirements.
This will stay on your record for a number of years, but you will always be able to come out of the other side and get a fresh start.
If you need some help with your debt, then make sure that you contact Bankruptcy Canada.
When you do, our team can then give you advice that is relevant to your situation.
Canadian Bankruptcies
How to File for Bankruptcy
What is Bankruptcy?
Bankruptcy FAQs
How Does Bankruptcy Work?
What is the Cost of Bankruptcy in Canada?
How to Rebuild Credit Following Bankruptcy
Personal Bankruptcy in Canada
What Debts are Erased in Bankruptcy?
