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Am I eligible for your service?
YES. Anyone who would
like non biased, confidential advice on money or debt management
can come and see us. Our clients come from all walks of life. There
are no social or economic barriers, and no amount of debt is too
small or too large to qualify.
Collectors call me all the
time at home and at work. Can you help?
YES. Our first priority is to ease the pressure you're under! We
contact all your creditors immediately to let them know that you
are working with us. They normally provide a grace period so that
we have time to work out the details of a repayment program that
you can afford.
My monthly payments are more than I can
afford. How do you help?
Creditors apply the pressure they do because
they fear that people will go bankrupt. When they are assured by
us that you intend to pay back your debt, they readily agree to
extend the terms to reduce your monthly charges - giving you the
time you need to settle their account.
I have many creditors and payments to make.
Can you still help?
Your counsellor builds your Debt Management Program
to match your income and basic living expenses. Whatever is left
over services your debt repayment. We negotiate with your creditors
until an agreement is reached - asking for more time, lower payments,
and reduced interest.
Is it true that I pay you & then you pay
my creditors?
YES. The essence of
Debt Management Programs is that they are fair to everyone involved.
By paying us, your creditors know that all monies will be shared
equitably according to the terms of your agreement. Creditors also
cooperate because we stay involved throughout the process.
How long will it take
me to get out of debt?
We can say that creditors generally give clients all the time they
need - however, statistically, most successful programs end within
two years. It may not seem possible now, but many things change
in two years, and our experience is that people solve their problems
within that period.
What if it takes me longer to get out of
debt?
There are situations that take longer - for example
student loans that can take up to nine years to settle depending
on the size of your income and debt. Creditors are normally very
cooperative in reducing interest charges when programs continue
over extended periods.
What does it cost?
There is no charge for our counselling and advice.
If you choose a Debt Management Program, a small fee that is dependent
on your ability to pay may be added to your monthly payment. However,
nearly all our costs are paid by charitable donations and by credit
grantors.
Who will know I have gone to Credit Counselling?
No one will ever know you have seen a counsellor
or used our services unless you tell them yourself. Our service
is discrete and FULLY confidential. We will disclose no information
on your account without your written consent requesting us to do
so.
How does a Debt Management Program affect
my credit rating?
Your creditors can at their discretion post a
notation to your credit record that you are a 'slow payer', and
may note that they accepted a reduced interest rate to settle your
account. However, upon successful completion of your program, those
notations will be purged after 2 years.
What happens to my credit rating if I file
for bankruptcy?
Bankruptcy stays part of your credit rating for
a period of 6 years following discharge of your debts. It will make
qualifying for any credit, including a mortgage, difficult. Bankruptcy
may also involve forfeiting personal property, assets, and savings.
It also has emotional consequences.
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