Saskatoon Credit Counselling
Credit Counselling in Saskatoon, SK
Our clients in Saskatoon have all different stories when it comes to their financial situations.
But they all share a common trait: life happened too fast for them to take back control of their debt.
Many wanted to fix it on their own.
But they felt overwhelmed by the situation.
The feeling is always the same when clients talk to our licensed insolvency trustees for the first time.
They felt like they were drowning in a world of debt, regardless of how much money they owed.
Bankruptcy Canada trustees have helped over 200,000 people in Canada regain control of their finances.
For Saskatoon residents who are looking for a plan that can help them to repay their debt, credit counselling in Saskatoon can be the answer to your problems.
Our trustees provide confidential, free, and objective debt relief support.
More importantly, you are guaranteed to receive non-judgmental and friendly Saskatoon credit counselling services to help you get rid of your debt.
Who needs credit counselling in Saskatoon?
Credit counselling services are designed for every Canada’s resident, as long as you’ve been living in the country for at least 12 months.
You don’t need to have Canadian citizenship to request credit counselling and other debt relief help.
However, it’s essential to understand that credit counselling is one of the many different debt relief services available to Saskatoon residents.
You will need credit counselling when you can’t find a way out of your debt by yourself.
People who find it hard to make multiple payments on time, for instance, can use credit counselling to make debts more manageable.
Late payments, as explained, is an indication that you need a debt management plan to meet your payment deadlines without putting your budget at risk.
Unfortunately, when you owe more than you can repay, your debt can accrue a high interest rate, which makes it hard to keep up with payments.
For many, it feels like a vicious circle with no way out.
Calls from collectors, who work on behalf of your creditors, can only make you feel trapped and helpless.
That’s where Saskatoon credit counselling services can provide a breath of fresh air to residents.
How do you know if your debt is suitable for credit counselling in Saskatoon?
Credit counselling can help you to manage unsecured debts with most creditors.
A credit counsellor will reach out to your creditors on your behalf to negotiate a payment plan that you can afford.
Most people who turn to credit counselling struggle with unsecured debt issues such as:
- Unpaid credit card bills;
- Maxed out credit cards;
- Lines of credits;
- Unsecured loans, aka a loan that has no collateral asset unlike a car loan or home mortgage.
What can Saskatoon credit counselling services do?
Credit counselling services are not a debt settlement solution.
They do not settle debts but instead enable you to manage your debt with a payment plan.
This debt management solution combines interest rate relief with the repayment plan.
As a result, Saskatoon residents can repay 100% of their debts while saving substantial money on the interest rate.
If you want to regain financial freedom, Saskatoon credit counselling services can provide an affordable way out of debt, as long as you are not insolvent.
By reducing the interest rate, it can give you sufficient financial room to meet the requirements of your repayment plans.
Because it is the result of an agreement with all your creditors to consolidate all late payments into one manageable monthly payments, residents of Saskatoon can rest assured that credit counselling prevents creditors from further communication.
The agreement also cancels any on-going collection process as long as the debt can be managed accordingly.
How can you get started?
Credit counselling agencies are non-profit financial experts who help you negotiate the best repayment plan for your situation.
A counsellor is, therefore, a specialized, trained advisor who can support consumers with personal finance, money management, consumer credit, and counselling.
You do not need any referral to make an appointment with a credit counsellor in Saskatoon.
Many licensed insolvency trustees are also accredited as insolvency counsellors to help consumers restructure their finances.
Additionally, you can expect the first meeting to be free of charge.
If a credit counselling company demands a fee to schedule your first appointment, it is unlikely to be a reputable company.
Before arranging for an appointment, consumers are encouraged to gather as much information as possible regarding:
- Your creditors;
- The money you owe;
- Your income;
- Actions taken by your creditors, including transferring your case to collection agencies or legal notifications of pursuit.
Can Saskatoon credit counselling eliminate your debts?
As explained earlier, credit counselling does not cancel your debts.
On the contrary, it provides you with a plan to repay the totality of your debt with lower interest rates.
The debt arrangement program will appear on your credit report for up to 6 years from the date of filing.
As a result, it will affect your credit rating, but it also puts you in a better position to rebuild your credit score.
If you have debts over $10,000 with little income to repay them or owe money to creditors who will not negotiate a repayment plan with credit counsellors, this may not be the right option for you.
A licensed insolvency trustee can help you find another debt relief solution that can settle and forgive your debts, including governmental debts.
A consumer proposal can reduce your debt repayment by up to 80%.
If you can’t afford to pay back even a reduced sum, it can be a good idea to file personal bankruptcy, which will forgive debts in as little as 9 months.
How to find a trustee in Saskatoon
Saskatoon residents can arrange to meet their local trustees free of charge to discuss their financial options.
You can arrange for a meeting with a trustee at:
- BDO Financial Restructuring Services, 306-500-1117
- 2162 Airport Drive, Saskatoon, SK, S7L 6M6
- MNP Limited, 306-988-1764
- 701-119 4th Avenue South, Saskatoon, SK, S7K 7E5
Don’t let debt drain your finances.
Get in touch with a trustee to discuss credit counselling in Saskatoon and other debt relief solutions.