How to Manage Debt Wisely

Debt can be a stepping stone to improve our lives, or it can become a stumbling block and hinder our progress.

Discover how to manage debt wisely and pay it off faster

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how to check
your credit

Credit reports can contain errors and even show if someone else has taken out credit in your name. You should check yours.

how to fix
your credit

Learn what it takes to repair & rebuild your credit rating in Canada as quickly as possible for free.

7 smartest
things for your
finances
Ever wonder what the most important things are that you can do for your finances now and in the future?

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Debt Settlement
An uncommon way of resolving your debts for less than you owe.
Couple looking at their finances and considering filing a consumer proposal to deal with their debts.

When Debt Settlement is an Option

If you can no longer make regular, full payments on your debt, or you’re not sure if you’ll be able to make future payments, then settling your debt can be a good option. However, you need to have enough money on hand, otherwise creditors will reject any settlement request they determine is less profitable. You also need to be well-prepared with a truthful and persuasive argument about why they should accept what you’re offering over the alternative, which is collecting the full amount of what you owe.

What Debt Settlement Covers

Debt settlements only work for unsecured debts, which are debts that you haven’t put up collateral for. That’s because creditors have no reason to accept less for your debt when you could just sell the collateral to pay them back, whether that’s your car, house, or other assets. If most of your debts are secured in Canada, then this debt relief program is probably not an option worth exploring.

A debt settlement negatively affects your credit because it allows you to repay less than what you owe. This negative effect will last for 6 years unless you use the debt settlement program and services of a non-profit credit counselling organization like us. Unlike several debt relief companies, when we negotiate a settlement for a client, the effect on your credit lasts 2 years.

What Debt Settlement Covers

How Our Debt Settlement Program Works

Through our program, negotiating a debt settlement with your creditors will be done by one of our experts on your behalf to come to a settlement agreement amount based on your individual situation. Nobody can guarantee success, but we do guarantee that you’ll only pay us if we succeed – and any fee we take is part of the lump sum of money you already have. Our success rate is extremely high because we won’t attempt a debt settlement unless we believe it will work. We know what creditors are likely to accept based on many years of experience negotiating Canadian settlements. If we believe that settling your debt is not the best choice for you, we’ll explain exactly why that is and what your other options are.

Debt Settlement Program Works

Got debt? Need help?

Take this 1-minute quiz to figure out how to get started.

Client Bill

Thank you for giving me my life back!

I had almost forgotten what it was like to have a good night’s sleep and not wake up stressed about money . . . there are no words to describe my gratitude. Thank you for giving me my life back!

Bill

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See if a debt settlement makes sense for your situation.

Contact a non-profit credit counsellor.

Debt settlements are just one of 7 debt relief options available in Canada (5 are available in all provinces). Before deciding to pursue a specific option, it would be wise to speak with a credit counsellor, review your situation, and determine which option is going to help you achieve your financial goals. Speaking with our counsellors is always free and confidential.

Get Some Help – It’s Free

Get a free appointment to explore your options and get back on track.

Related Topics

communicating and dealing with creditors

Why Talk to Creditors?

When you’re in debt, your creditors can help you. But communicating with them effectively is key.

Debt Settlement Dangers

Debt Settlement Dangers

Working with a for-profit debt settlement company can cost you. Here’s what to watch out for.

Debt Settlement Scams

Debt Settlement Scams

If something sounds too good to be true it usually is. Here’s how to spot a debt settlement scam.

 

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Related Topics

communicating and dealing with creditors

Why Talk to Creditors?

When you’re in debt, your creditors can help you. But communicating with them effectively is key.

Debt Settlement Dangers

Debt Settlement Dangers

Working with a for-profit debt settlement company can cost you. Here’s what to watch out for.

Debt Settlement Scams

Debt Settlement Scams

If something sounds too good to be true it usually is. Here’s how to spot a debt settlement scam.