Debt Settlement Services, Solutions, Programs & Tips in Canada

For people who struggle with a debt situation, debt settlement services can provide the relief they need.

It is a service dedicated to settling your debts in a way that is manageable and empowers debtors to rebuild their worth.

However, as with any debt related service, debt settlement targets specific needs and situations.

As such, opting for a debt settlement solution may not be the best answer to your financial distress.

With over 20 years of experience in debt relief services, we have helped many people in Canada overcome their debts.

Therefore, we understand when and how debt settlement services can help, and when it’s best to look for an alternative solution.

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What are debt settlement services?

The first and most important thing debtors need to understand is what debt settlement services can do for them.

As a rule of thumb, they help to settle your debt with creditors.

This makes them a suitable approach for a variety of financial situations that have resulted in accrued liabilities.

Our impartial and professional debt advisors can administer two types of debt settlement services: Filing for personal bankruptcy or filing a consumer proposal.

In both cases, once the process has been approved, your debts are settled with your creditors, which puts an end to all legal actions and pursuits.

Depending on the choice of debt settlement services, your trustee will negotiate an affordable debt amount, including reduced payment terms and interest rates.

Debt settlement services don’t protect your credit ratings.

Filing for personal bankruptcy will result in an R9 rating, while a consumer proposal will create an R7 score.

They don’t cancel your debts overnight.

But they cancel all creditors’ actions taken against you as a result of debts.

Debts will appear in your credit report for a number of years after the settlement is completed.

What if debt settlement isn’t right for me?

Our debt relief specialists can also help people look at other options.

Indeed, we always assess your financial situation carefully before suggesting debt settlement services.

We consider what is best for you based on your:

 

  • Income;
  • Assets;
  • Payment duration preference;
  • Other financial goals;
  • Personal situation.

 

As a result, we also provide impartial and objective advice when dealing with credit counselling companies, consolidation loans, money management issues, and credit rebuilding strategies.

Why you can rely on us for debt settlement services

Since 1999, Bankruptcy Canada has helped 200,000 individuals overcome debts and financial issues.

Our licensed insolvency trustees are professionally qualified and certified as well as federally regulated https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/home.

As such, only trustees can provide some debt settlement services.

Consequently, creditors are open to negotiations with trustees, while they may be more reluctant to talk to credit counselling companies.

With over 430 trustee offices in Canada, we are dedicated to supporting our clients in finding a way out of debts.

What to expect from debt settlement

Debt settlement services give our clients the chance to rebuild their worth.

As soon as the agreed terms for the settlement are over, individuals can restore their credit ratings, using the financial tips and tricks they’ve learned with their dedicated trustee.

Besides, the right debt settlement can protect your assets.

Call 877-879-4770 to meet a professional debt settlement expert who can get you out of debt.

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?

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