Weighing The Options With Debt Consultants

One of the most important reasons to reach out to debt consultants early in the situation is to ensure you have the greatest number of possible options to get out of debt. The longer people in Victoria wait to seek help, the fewer the options.

This is particularly true if the issues include foreclosure on a home, repossession of vehicles, or high levels of fines, interest, and fees on credit cards and loans. The earlier debt is addressed, the lower the total debt amount to manage or to repay.

Bankruptcy

One of the things our debt consultants hear is that clients were told by friends or family their only option to resolve their debt issues was to file for bankruptcy. While this may be the case, working with our professionals provides you the professional insights as to the possibility of bankruptcy or other options to work through the debt.

There is a process for bankruptcy in Canada. This is managed by a LIT or Licensed Insolvency Trustee and not through debt consultants. We can help you in understanding the process and what to expect.

Consolidation Loans

People in Victoria will only be eligible for consolidation loans if they have a good credit score. This can be an effective way to take out one large lump sum and pay off all of the debt. It means just one payment to the lender, which should be lower than the combined previous debt payments.

Other options include an informal proposal or a Consumer proposal. Let us help you to understand your options for debt repayment. Call us at 866-690-3328 to schedule a free consultation.