If you want to get out of debt with the help of a professional, you might be weighing the benefits and drawbacks of credit counselling against a consumer proposal. Here’s an overview of how credit counselling and consumer proposal are different. Table of Contents What is a DMP? What is a Consumer Proposal? Credit Counselling vs Consumer Proposal? When is Credit Counselling a better option? Bottom Line What is a DMP? A debt management plan is a consolidation programme offered by credit counselling (DMP). You must be able to repay your loans in full within five years to qualify. A ..read more

Is getting a new loan to consolidate debts or pay off credit card debt a smart idea? One way to pay off debts is to take out a debt consolidation loan. A consolidation loan allows you to make one monthly payment at a cheaper interest rate than you would with your current credit cards. Consolidating your debts might also help you enhance your credit score if done appropriately. However, there are drawbacks, which is why you should weigh all of the benefits and drawbacks of using a consolidation loan to manage your debt before applying. Table of Contents What is a debt consolidation loa ..read more

Bankruptcy is a regulatory procedure that allows you to clear your debt problems and start again. The procedure can preclude legal action being taken against you, as well as creditors pressuring you for repayment. However, bankruptcy is a legal procedure, and any actions you took prior to filing will be scrutinized. Before filing for bankruptcy, there are a few things you should never do. Some of these errors may be considered offences under the Bankruptcy and Insolvency Act, jeopardizing your chance to receive a bankruptcy discharge. Others are simply not financially viable. Table of ..read more

A debt settlement happens when a creditor agrees to accept less than the whole amount owed as full payment. It also means that debt collectors won’t be able to pursue you for the money, and you won’t have to fear about being sued for the debt. Even if you are successful in debt settlement, the process can take years, and you may find that you owe taxes on any forgiven amount. You’ll also have to pay fees if you employ a debt settlement business. It is the last effort. Table of Contents How does debt settlement work? Benefits of a Debt Settlement Programs What are the implications of a ..read more

Debt can be stressful, but you don’t have to go through it alone. The first step in resolving your debt and getting your finances back on track is to understand the options accessible to you. When making a debt relief choice, it’s critical to have an advocate who is looking out for your best interests rather than that of your creditors. A proposal submitted to your creditors with an advocate on your behalf versus a proposal made to your creditors without your own representation can have significant distinctions. Through a comprehensive credit rebuilding and financial management program, Debt ..read more

If you’re dealing with massive debt, out-of-control costs, or loans you know you won’t be able to return, then you’re probably looking for debt advisors in Canada. There are several debt relief options available, whether you’re dealing with tax debt, credit card debt, or rising payday loans. There is always a way forward, no matter how bad your financial situation is — you simply need the appropriate support. Our debt advisors in Canada will help you in determining the most appropriate form of debt relief for your specific situation, allowing you to reclaim your freedom from debt. Tabl ..read more

Debt may easily accumulate and spiral out of control, ranging from school and personal loans to credit card amounts and other expenditures. Too much debt can paralyse you, preventing you from reaching your financial goals and creating the lifestyle you want. When you seek debt relief consulting, you can engage with a debt consultant who can help you figure out the best approach to pay off your debt as quickly as possible and share suggestions with you about how to manage your money so you don’t get into more debt. Table of Contents Who are debt consultants? What does a debt consultant ..read more

You must struggle with interest rates and payment periods for the amount borrowed, so the money you have borrowed is not free. Debt can be secured or unsecured, thus not all debt is the same. Here, we explain all the kinds of unsecured debt in Canada a little further whether you have it or not. Table of Contents What Is Unsecured Debt? Why is unsecured debt popular? What is the difference between secured and unsecured debt? What are the different types of unsecured debt? Getting help What Is Unsecured Debt? Unsecured debt refers to money borrowed by a debtor with no asset pledg ..read more

Paying down high-interest credit card debt can be difficult, especially if you have many credit cards with large balances. A debt management plan may be the answer if you’re having problems getting out of debt on your own. It can make being debt-free much easier and faster in the correct circumstances. Let’s take a look at how the plan works and how you can determine whether it’s the best option for you. Table of Contents What exactly is a Debt Management Plan? How does a Debt Management Plan work? Bottom Line What exactly is a Debt Management Plan? A debt management plan (DMP ..read more

Credit counselling, in particular, is often misunderstood as a result of wrong information circulating. The mistaken belief that, unlike other debt relief options like as the consumer proposal, credit counselling has no negative impact on one’s credit is particularly deceptive. Credit counselling services, in fact, have a negative impact on your credit and potential creditors will be aware that you were in a debt management plan—credit counselling. Table of Contents What is the real effect of Credit Counselling on your score? Is the impact on my credit a negative one? Is Credit Counse ..read more