Debt Help & Credit Counselling in Brantford, Ontario
Brantford, Ontario Debt Help & Credit Counselling Services
A lot of Canadians admit that financial stress is on top of their list of worries.
Facing debts you can’t afford to pay off is a huge source of stress for our clients.
Our licensed insolvency trustees in Brantford, Ontario, are dedicated to providing effective debt relief to help with anxiety and finance management.
Indeed, finding the right debt help & credit counselling in Brantford, Ontario, can boost your health, both financial and mental.
We recommend residents who are dealing with payments they can’t make to reach out for a free consultation with no obligation or risk.
Trustees use the consultation to get to know you and understand your situation, after which they can recommend the best debt relief options.
Assess your financial situation in Brantford
When you first arrange to meet a trustee or an independent debt advisor, you will need to share information about your income, your expenses, and the debts you’ve accrued with creditors.
Your consultation with the trustee is completely confidential.
We encourage you to be candid and not hold back any potentially relevant information.
Indeed, the meeting acts as a basic analytic exercise to define whether:
- You can repay your debts with appropriate budgeting tips and know-how.
- You can pay off your debt in full with consolidation solutions.
- You can reach out to your creditors to obtain a reduced debt amount.
- You are insolvent.
Planning for debt consolidation in Brantford
Most clients who reach out to a trustee in Brantford have considered a debt consolidation loan.
Some have had their application rejected, and come to a trustee for advice.
You will find two main debt consolidation options for Brantford residents:
A debt consolidation loan, if your application is successful, allows you to pay off your creditors at once.
The process saves you a lot of interest rates, firstly because you pay off the money you owe rapidly.
And secondly, because debt consolidation loans have low interest rates.
However, you need a good credit score to be eligible for a loan.
Alternatively, your trustee can recommend credit counselling, which happens with a credit counselling company.
Credit counsellors reach out to your creditors to design a debt consolidation plan that consolidates your payments into one and reduces interest rates.
Don’t pay off your debt in full
Reducing the amount of your debt can make repayment more manageable for individuals who struggle to meet payment deadlines and amount.
Your trustee can help with a consumer proposal, which is a legally-binding plan that can negotiate up to 80% off the money you pay off.
The consumer proposal can settle a variety of debts, including government debts, and obtain debt forgiveness as long as you complete the plan successfully.
If you can’t afford to pay off your debt, even on a reduced rate, you may qualify for personal bankruptcy.
Bankruptcy is administered by a licensed insolvency trustee to allow you to get a fresh start with your finances.
Once the bankruptcy cost is paid – and if you don’t have any surplus income or assets to sell –, you could be debt-free in only 9 months.
If you don’t know how to manage your debt, you can set up a free appointment with a local trustee in Brantford, ON, to review your options.
Call (877) 879-4770 to book your consultation.