Looking for help with consolidating your debt?
If you need credit counselling help and don’t see an answer to your question here on our FAQ page, please don’t hesitate to contact us for more information.
Frequently Asked Questions
What is credit?
- Credit is the purchase of goods and services in the present, with a promise to pay in the future, with money we’re still planning to earn.
What are the most common forms of credit?
- The list includes: credit cards, student loans, personal loans, utilities (ie: gas, hydro, phones), overdrafts, cell phones on contract, lines of credit, mortgages and payroll loans.
Why do creditors work with us?
- They benefit from the success of our work to repay overdue debt.
- They recognize that customers, who find themselves in financial difficulty, may be more comfortable receiving advice from an unbiased credit counselling service.
What are the main reasons for credit problems?
- These are the main reasons we see why someone experiences financial difficulty:
- Excessive use of credit/ Using credit for living expenses
- Unemployment/ Underemployment
- No budget/ Lack of financial education
- Injury/ Illness
- Divorce/ Separation
- High student loans debt/ Education expenses
- High housing costs
What are the requirements to enter a debt repayment program?
- The first step is an appointment with on of our counselors to review your specific financial situation. The counselors will determine if you have a reasonable budget with realistic expenditures. If there are surplus funds available to repay the debt, a debt repayment program may be an option for you.
How long is a debt repayment program?
- A debt repayment program is typically 3 – 4 years. However, it can be longer or shorter depending on your circumstances. The counselors will determine your time frame during your appointment.
What is a credit report?
- A credit report is a summary of how you pay your financial obligations. It begins when you first apply to borrow money. It allows potential lenders to evaluate risk so that, based on your past performance, they can decide if you are likely to repay the borrowed funds or not.
Who are the main credit bureau companies in Canada?
- There are 2 main credit bureau companies in Canada, Equifax and TransUnion, and each will send you a copy of your own report once a year for free if you request it by mail or phone.
Consumer Relations: 1.877.323.2598
Touch tone request: 1.800.465.7166
Consumer Relations: 1.866.525.0262
Touch tone request: 1.800.663.9980
What are the warning signs that suggest you need credit counselling help?
- You may want to consider giving us a call if you:
- Have no spending plan or budget in place
- Use credit to pay for most purchases
- Use credit to pay for credit
- Spend more than your income
- Don’t pay your bills on time
- Have little or no savings
- Receive letters or phone calls from collectors
- Withhold spending information from your partner