Are you drowning in a sea of debts and financial obligations? Debt Relief in New Brunswick might just be the lifeboat you need. This comprehensive guide will walk you through various options available, debunk myths, and empower you to regain control of your financial life.
Understanding Debt Settlement
A prevalent approach to debt relief involves the services of a debt settlement company. Essentially, these companies negotiate with your creditors to reduce your debts. However, it’s worth noting that there is no guarantee that these companies will be able to significantly decrease your debt.
Some creditors may refuse to negotiate with debt settlement companies, while others might agree to settle each of your debts for less than what you owe. Before signing a contract with a debt settlement agency, it’s crucial to evaluate other potential strategies to pay off your debts.
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Here are some key points to consider:
- Impact on Credit Profile: Debt settlement can negatively impact your credit report, often reflecting months of “non-payment.”
- Interest Rates: Your interest rates may increase during the time your debt remains unpaid, increasing the amount you owe.
- Creditor Agreement: Not all creditors may agree to a settlement.
Exercising Your Rights
In New Brunswick, you cannot be charged any fees by the debt settlement agency unless your creditors accept the offer of a settlement of your debt. You have the right to cancel a contract within ten days after receiving a written copy of it without needing a reason. To cancel, you should:
- Inform the company in writing
- Keep a copy of the written cancellation notice as proof
Exploring Bankruptcy
Bankruptcy is often viewed as a last resort when dealing with overwhelming debt. It’s a legal process that discharges most of your debts, providing a fresh financial start. However, bankruptcy does have significant implications for your credit rating, lasting for several years.
Bankruptcy in New Brunswick
In New Brunswick, you can file for bankruptcy through various offices located in cities like Saint John, Fredericton, Woodstock, and Moncton.
Consumer Proposals as an Alternative
If bankruptcy seems too drastic, a consumer proposal might be a more suitable option. It’s a legal agreement set up by a Licensed Insolvency Trustee between you and your creditors.
Consumer Proposals in New Brunswick
Just like bankruptcy, you can file a consumer proposal through various offices in cities across New Brunswick.
Credit Counselling
Credit counselling can be an insightful way to gain a better understanding of your financial situation and learn how to manage your debt more effectively. It can involve creating a budget, setting financial goals, and even negotiating with creditors.
Credit Counselling in New Brunswick
To learn more about credit counselling in New Brunswick, visit one of the many offices across the province.
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Engaging Licensed Insolvency Trustees
Licensed Insolvency Trustees (LITs) are professionals who provide advice and services to individuals and businesses with debt problems. They can help you explore all the options available to you, including bankruptcy and consumer proposals.
Experienced Bankruptcy Trustees in New Brunswick
Several established firms in New Brunswick, such as Allan Marshall & Associates Inc and Harris & Partners Inc, have experienced LITs who can guide you through the process.
Choosing the Right Debt Relief Option
The best debt relief option for you will depend on your unique financial situation. It’s essential to consult with a professional to understand the implications of each option and make an informed decision.
Discuss options to get out of debt with a trained & licensed debt relief professional.
Conclusion
Navigating debt can be overwhelming, but you’re not alone. Debt Relief in New Brunswick is possible, and numerous resources are available to help you regain control of your financial life. Remember, the first step towards debt relief is seeking help. Don’t hesitate to reach out to a professional for guidance.
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