Debt relief and credit counselling in Canada

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What is credit counselling?

Credit counselling is a service that helps people manage their debts and improve their financial situation. They can also negotiate with your creditors on your behalf to reduce interest rates or create a payment plan that you can afford. 

The goal of credit counsellors is to help you get out of debt and improve your financial stability over the long term.

Credit Counselling

What sort of debts do Canadians struggle with?

It’s common to feel like you’re the only one with debt but nothing could be further from the truth. Statistics show that in Canada: 

– 40% have a mortgage

– 29% have credit card debt 

– 28% have a vehicle loan 

– 13% have HELOC, where you borrow against the available equity in your home

And while it’s true that not everyone may be struggling with these repayments, these figures do show that debt is a significant part of everyday life for a lot of Canadians.

Credit Counselling

Alternatives to credit counsellors

If your debts are more severe and a debt management plan won’t be an adequate solution then you should consider talking to a Licensed Insolvency Trustee instead. They have more legal powers than a credit counsellor and can act on your behalf to instigate consumer proposals and even bankruptcy.  

Harris and Partners have been helping Canadians with debt problems for over half a century, so if you need credit counselling or any other form of debt consolidation then complete the callback request form below today. 

Credit Counselling

Take control of your debt today

What solutions can credit counsellors offer me?

There isn’t a one-solution-fits-all fix when it comes to personal finances. There are plenty of different avenues to consider and it can be daunting knowing which one will serve you best. That’s where the advice of a credit counsellor can be invaluable. 

They’ll know about all the latest products and resolutions and have established working relationships with the people who can help reduce your debt to a manageable level (or even make your debt a thing of the past). 

Initially, credit counsellors will take you through the process of: 

– Working out how much debt you have overall

– How much gross money you have coming in

– How much you have going out in deductions

– How much you have leftover at the end of each month

Once they’ve established your financial situation, they can recommend the appropriate course of action.

Credit Counselling

Debt management plans

This is where a credit counsellor will negotiate on your behalf with each of your creditors to accept a reduced payment to make your monthly repayments more affordable. This is usually achieved by extending the length of time that your debts are paid over, up to a maximum of five years. 

Credit cards, loans and lines of credit can all be covered by debt management plans and, occasionally, secured debt can be included too. 

It’s important to know that this can negatively impact your credit score for up to two years once the debt management plan has been completed, but you’ll also be out of debt.

Frequently asked questions

How much do debt counsellors cost?

Fees for credit counsellors are regulated in some Canadian provinces but credit counselling companies can set their own prices. There may also be additional indirect fees so make sure you do your homework on fees before signing up with a credit counsellor.

How can credit counsellors help you

A credit counsellor will work with you to review your income, expenses, and debts, and then help you create a budget and a plan to pay off your debts. 

They know that your financial situation is unique to you, so they’ll work with you on putting together a completely bespoke solution to your financial issues. It makes no difference to them how you accumulated your debt, so there’s no need to feel embarrassed or ashamed.

If you don’t feel comfortable speaking about credit problems, fill out the form below and we will get back to you. 

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