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What To Look For in a Debt Relief Company

By Debt.ca on October 2, 2020 No Comments
Man researching debt relief companies

Choosing the best debt relief company can be a difficult task. Debt is a sensitive topic and many Canadians are not comfortable sharing information about their very personal situation. However, it is important to ensure that you don’t spend all of your time worrying about settling debts.

Doing so can derail you from achieving other equally important accomplishments in your life. You also don’t want to spend every little bit of money you get to settle debts. This can leave you with no money to live on.

You may take on more debt or ask friends to borrow money that you can’t repay. Surely, finding balance in your effort to be debt-free is essential and difficult.

They say that the best way to stay out of debt is by ensuring that you don’t get into debt in the first place. But we all know that getting into debt is not a personal initiative. However, it’s a choice we make when faced with financial difficulties.

Most of us can avoid it if we are ambitious about making progressive steps to improve our lives. It is nearly impossible to avoid debt.

While creating your plan to get out of debt, you will meet several obstacles. They may make you feel like getting out of debt is impossible. The good news though is that if you cannot do it yourself, you can seek help from a qualified debt relief company.

Important Factors to Consider When Looking for the Best Canadian Debt Relief Company

The Organization’s Commitment

The debt relief company must be committed to helping you get out of debt completely. Debt professionals must spare no effort. They must demonstrate the willingness to go the extra mile in ensuring that any debt challenges are totally eliminated from your life.

Because your goal is to pay off your debts there are many options the debt relief company may offer. Some debt relief options may include:

  • Debt consolidation
  • Credit counselling
  • Debt settlement
  • Consumer proposals
  • Bankruptcy

Ask what the company has to say about each option, and how one may be more advantageous over others.

Is the debt relief company competent?

Competence means that the debt relief company or the individual you are going to deal with understand your debt repayment options inside out. This is especially important because there are many so-called debt settlement professionals out there who will in fact lead you into more troubles because they do not understand all of the options available to you to get you out of debt.

Here are some questions you may ask:

  • How can these programs affect my credit score?
  • Is there anything you can do to help with my interest rates?
  • What’s the difference between unsecured debt and secured debt?
  • How much is the monthly payment I’d have to pay on these programs?
  • Are you a for-profit credit counselling company?
  • What can you teach me about my financial situation?
  • How much can you help me save on my total debt?

Authorized

Authorization means that the debt relief company handing your debt repayment plan is licensed and authorized by the relevant authorities to conduct the business of debt relief in Canada, under the respective laws of the country.

Also, ask the representative if the organization is a nonprofit. To boot, ask if they’re a fiduciary. A fiduciary organization holds the responsibility of guiding you and keeping your best financial interest at the forefront.

With a careful analysis of the above factors, you will be able to find a credible debt relief solution that will get you the debt help you need. Fill out the debt relief form for a free debt consultation today!

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