The goal of our initial credit counselling will be to help you understand your options in eliminating your debt and how to hopefully avoid having to file for bankruptcy. You will receive personalized advice regarding which alternative may be best for your situation. Sessions will focus on improving money management and spending habits as well as helping you identify early warning signs of financial difficulties. We will also help you understand the causes of insolvency and credit problems and assist you in establishing a realistic financial plan of action.
Debt settlement involves coming to an agreed upon compromise with a particular creditor to pay them a reduced lump sum amount as a final settlement of the debt owed. The settlement is often between 50% and 80% of the total amount owed. A more effective method of settling debts can be to file a proposal with a licensed Trustee. Filing a proposal is a very common and effective method that Canadians have been using for many years to deal with problem debts.
Debt consolidation usually involves combining a number of debts into one loan with a single monthly payment, normally at a lower overall payment or interest rate. The types of debt consolidation available to you will largely depend on your individual circumstances and debt situation. Our professional staff at G. Slocombe & Associates Inc. can advise you of all your debt consolidation options and discuss which options may be best suited to your individual situation.