Debt Help & Credit Counselling in Kitchener, Ontario
Kitchener, Ontario Debt Help & Credit Counselling Services
When you accumulate debts, it can be tricky to find a way out.
Debt feeds debt, which makes it difficult for people to recover financial stability.
Creditors, unfortunately, are not generally willing to accommodate their debtors.
We often meet people who come for debt help & credit counselling in Kitchener, Ontario, in an effort to stop creditors’ and collection agencies’ actions.
Indeed, the main problem that our clients face is not letting debt anxiety overwhelm them.
Debts can be a highly stressful experience.
However, finding the right debt relief plan for your situation helps alleviate stress and regain your stability, both mentally and financially.
We believe debt freedom is only one consultation away.
We help you assess your budget
Learning how to budget your money is a difficult skill when you are facing debt.
However, with the assistance of a professional debt advisor, such as a licensed insolvency trustee in Kitchener or a credit counsellor, you can figure out how to organize your budget.
Money budgeting is the best strategy to get control of your finances.
Many households can rebuild financial stability by tracking expenses and managing their payment deadlines.
Even if budget management doesn’t provide the answer to your problem, it allows a debt expert to assess your situation and understand what you can afford to pay.
Consolidating your debt in Kitchener
If you can afford to pay off the debt, a credit counsellor can help you with a debt management plan.
Credit counselling lets you consolidate all your debts into one monthly payment.
It is an agreement with all creditors, which means you can pay off the debt in full.
However, creditors agree to waive the interest, which makes the repayment more manageable.
Alternatively, some people choose to apply for a debt consolidation loan.
The principle is the same, except that with a loan, if you are eligible, your creditors are repaid as soon as the loan is accepted.
You are left with paying off the loan at a reduced interest rate.
You can’t pay off your debt in full
If when we assess your situation, we realize that you can’t afford to pay off your debts in full, you can find debt settlement programs that let you repay a portion of your debt.
Individuals can reach out to their creditors to negotiate a debt settlement plan.
With a debt settlement, you can arrange up to 70% off of the money you owe for some debts.
However, not all creditors are willing to engage in a debt settlement negotiation.
Besides, during the negotiation process, collection agencies and legal cases are still active.
There’s another debt settlement plan that can stop all creditors’ actions, including legal courts: the consumer proposal.
The consumer proposal can only be administered by a licensed insolvency trustee in Kitchener, for residents.
If you can’t afford to pay off your debt, even a portion of it, your trustee will recommend filing for personal bankruptcy.
The process of filing for bankruptcy will also immediately halt creditors’ legal pursuits and collection agencies’ contacts.
Bankruptcy is federally regulated, which means it has a set cost of $1,800 for individuals who have no valuable assets or income surplus.
Financial freedom is only one free consultation away.
Call (877) 879-4770 to meet a licensed trustee for debt help & credit counselling in Kitchener.