Feb 27, 2013
By Dale Goldhawk
12:15pm ET | Laurie Campbell, GFB Debt expert
GUEST – Laurie Campbell, GFB Debt expert
TOPIC – Debt Council Process at Credit Canada Debt Solutions, Inc. (formerly Credit Canada)
INFO – Making the initial call –
When a person calls, he/she will speak to one of our Intake workers. The service is explained to them in detail, referrals to other agencies are made where appropriate, otherwise they can schedule an appointment in person or by phone. For their convenience, we have 12 locations throughout the GTA. All our appointments are free of charge. After booking the appointment, our intake worker will tell the person what they have to bring with them. ( last 2 paystubs from work, or where they get their source of income from, they will need to make a short list of their monthly expenses and bring all their statements of debt).
Their appointment with a Counsellor.-
All of our Counsellors are certified, so when a client speaks to them, they are dealing with an expert in the industry. The free counseling session takes about one hour. A Counsellor will look at their income and expenses, debts and assets and review options that are best for them. We never tell them or give them advise, we simply present all the options, and let the person decide which option fits them best.
The options could include reworking their budget so they have more funds available to pay their debt on their own. In fact some people may request budgeting and money management sessions solely to review how they have been managing their money. An option could include refinancing their mortgage to free up funds for debt repayment. It could mean selling an asset such as a car or their home as they can no longer afford to maintain/pay for them. It could involve a Debt Management Program through Credit Canada.
When an individual decides to join our DMP ( Debt management program ) they will go on a repayment program, where they will make an affordable small payment amount per month to us, we will then turn around and re distribute it to their creditors until the whole payment is paid off. We will also ask creditors to reduce/stop interest and reduce payments to make the program affordable. Clients are counseled to review their budget on a regular basis and to set up goals to ensure they stay on track financially.
Upon completion of their program we will inform the credit bureau of their successful completion. Their credit rating will go to an R-7 for two years after which time it is deleted.
Another option that may be presented is a consumer proposal or bankruptcy depending on the severity of their case.
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