Having a pile of debt is devastating. Some fall into despair, frustration, and even depression. If you miss or abstain from paying on time, it is perceived as a heavy load to catch up and get back on track. It is best to consult a skilled debt advisor to avoid worsening your financial constraints. By doing so, you can understand your situation better, find out ways on what to do, and the available programs to eradicate your debts.
What is Offered in a Debt Settlement Program?
Save Interest Charges
Canadians who consider debt settlement is making a smart move. Each month, residents are having difficulty in making their minimum payments. Paying back the amount that they owe with its interest rates, makes it hard for them to get rid of their debt. This is true, especially to those who are paying high-interest rates. Besides, the additional payments for late charges and overcharges are adding up to their burden.
In debt settlement, you can reduce your monthly payments. Also, you can potentially reduce the principal of your debt, which makes it more easier for you to pay it off. In fact, a good debt settlement program can get you a 40% to 60% reduction on your debt principal. This way, it is possible for you to be debt-free in just 12 to 36 months.
Save Time and Effort
It is indeed stressful in attempting to avoid debt collectors every time you can’t comply with your monthly obligations. In debt settlement, you no longer have to exert effort in dealing with your creditors. Your debt will be handled by skilled debt specialists for you to focus on getting stable finance. Once you paid off your debt, your next focus is to improve your credit rating.
The outcome and process of bankruptcy are drastic; thus, it should only be treated as your last resort. In bankruptcy, you will have to give in all your assets that are not exempt. Similar to bankruptcy, a consumer proposal can also damage your credit report severely. These are the primary reason why Canadians favors a debt settlement as a debt relief approach.
Moreover, in debt settlement, a debt specialist will help you in designing a repayment plan that is suitable for you and your creditors. This is a huge potential to get rid of your debt in a shorter period. Thus, in debt settlement, you can rebuild and restore your finances earlier.
Avoid the Rigid Conformity of Creditors
As compared to the other debt relief approach, debt settlement professional is in your favor. A skilled and licensed debt negotiator will ensure a debt settlement solution that will fit your needs. Though you can attempt to negotiate yourself, it can save you more time and energy and even increase your chances if you seek the help of a debt specialist. In fact, most of the professionals negotiating on your behalf are previously working as debt collectors. Having this, they likely know most of your creditors, making it easier for you to get a good debt settlement.
To know more on what are the options that will serve you best, simply fill out the debt relief form and get the help that you need today.
CONSUMER PROPOSAL EXAMPLE
Example Unsecured Debts
|2||Credit card 1||$6,812|
Your Monthly Repayments Would Be
a Consumer proposal $748
(total contractual repayments)
a Consumer proposal $295
(total contractual repayments)
* Subject to creditor acceptance
* Payment subject to individual circumstances
* Credit rating may be affected
* Fees apply, subject to individual's circumstances.