London, Ontario Debt Help & Credit Counselling Services
When it comes to recovering from debt, the first step that residents of London, Ontario, need to take is to recognize their situation.
Indeed, more often than not, people who meet our licensed insolvency trustees in London for the first time, feel overwhelmed by debt.
This is something that happens a lot when you don’t identify your financial issues.
The first and most important question to ask yourself is whether you can afford to pay off your debts.
Even if you’re making most payments on time, it doesn’t mean that the debt is getting smaller.
Making the minimum payment towards your credit card balance, for instance, may not be sufficient to become debt-free.
If you are wondering where to get help & credit counselling in London, Ontario, here is how to get started on your debt-free journey.
Need Help Reviewing Your Financial Situation?
Contact a Licensed Trustee for a Free Debt Relief Evaluation
Learn to budget your money
We appreciate that budgeting your money doesn’t cancel debts.
However, it can give you enough insight to pay off some of your creditors and eliminate unnecessary expenses.
Budgeting your money allows you to identify some areas where you can cut spending.
Additionally, you can also set a priority goal to pay off your debts.
For some people, budget management can be all it takes to recover from debts.
But even if it isn’t sufficient, the exercise will help assess your financial situation.
Credit counselling for London residents
Credit counselling is an effective debt program that lets you pay off your creditors by combining all your debts into one monthly payment.
Credit counselling programs also guarantee a reduced interest rate, which makes paying off your debt more manageable.
It’s worth noting, though, that not all creditors are willing to negotiate with a credit counsellor.
Alternatively, individuals who have a good credit score and assets that can be used as collaterals can also apply for a debt consolidation loan with the bank.
Both these options focus on paying off the totality of your debts with London’s creditors.
Settle your debts for a lower amount in London
Debt settlement programs can provide a level of debt repayment that is more suitable for individuals who struggle to pay off the totality of the debt.
You can reach out to your creditors to negotiate a debt settlement plan that lets you repay a smaller amount than what you owe.
Not all creditors are open to negotiations, but it can be an effective strategy to rebuild your financial balance if creditors are satisfied that it’s the best way for them to receive any form of payment.
If you are concerned about creditors’ actions to garnishee your wages or collect money, the consumer proposal is a debt relief plan administered by a trustee in London, Ontario.
It enables you to pay off your debt with up to 80% reduction on the amount.
It is a legally-binding plan that stops creditors from collecting money or taking you to court.
At the end of the proposal, your debt is forgiven.
You can’t pay off your debts
We appreciate that sometimes debt is too overwhelming.
When you can’t afford to make payments, a licensed insolvency trustee can advise on filing personal bankruptcy to settle your debts in as little as 9 months.
Are you unsure how to recover from your debts?
Call a trustee to get debt help & credit counselling in London, Ontario at MNP Limited, 519-800-7253, or Adamson & Associates Inc. 519-800-3129.