A Guide To Debt Relief Programs In Canada

Are you dealing with significant debt that makes you feel like you will never work your way out from under the financial situation you have ended up in? You need to know how to access debt relief programs. Canada has plenty of options to help you create debt management plans that make the burden easier to bear. 

Here is what you should know about finding debt relief and where you can turn to find debt settlement companies to help you:

Government Debt Relief Programs 

Many people who are looking for a debt solution will turn first to the government. However, they do not act as a debt settlement company and may not provide you with the relief you are looking for. Instead, the government supports other entities that offer a comprehensive debt relief program. 

That being said, the government has created legislation which allows you to offer a consumer proposal to your creditors, which can help you avoid bankruptcy. It is a part of the Bankruptcy and Insolvency Act. A consumer proposal is a debt settlement program that provides creditor protection filed by a licensed insolvency trustee. 

Debt Consolidation Loans

A debt consolidation loan is different from payday loans which often have predatory interest rates. Debt consolidation is one larger loan that pays off smaller loans so that you have only one monthly payment to make. The benefit of a consolidation loan is that it typically has a much lower interest rate and can spread out the payments due for longer periods. 

One thing to keep in mind is that it won’t eliminate all debts. Licensed insolvency trustees can help you decide if this is the right move or if you would be better served by a consumer proposal to settle your debt. 

Credit Counselling

Not quite sure how to manage your budget and make headway on your debt? Do you need help understanding what you should reasonably offer on your debt relief plan? Licensed Insolvency Trustees employ credit counsellors, known as BIA Insolvency Counselors, who can help you get the answers you need to make smarter financial moves. They take a look at all debts and offer advice on planning to pay off that debt. Your debt management plan will typically last for three to five years, at which point you may have paid off the majority of your debts, including credit cards. 

Debt Settlements

Last but not least, you might decide to get a debt settlement with your creditors. With debt settlement, you will arrange to pay back just a portion of your overall debt. Keep in mind that there is no guarantee that your creditors will agree to the proposed terms, and may, in fact, choose to come back in the future for any amounts you don’t pay, plus interest

Debt Relief Services at C. Buhler & Associates Ltd.

If you need an insolvency trustee, licensed by the federal government to help you eliminate unsecured debt, let C. Buhler & Associates Ltd. walk you through the process of finding the best debt relief program. With our help, you can take charge of your finances and eliminate the stress of creditors calling at all hours of the day. 

When you are ready to take charge of your situation, let us help you with debt consolidation today so that you can experience relief from your financial burdens.