Consolidating debt alberta
We understand that before seeking professional help, you might want to learn more about how you can develop a plan to pay off your debts on your own.
We offer free financial tools like a budgeting worksheet and debt calculator to help you get a sense of your financial situation first.
Bankruptcy releases you from most, if not all your debts, meaning you will not have to pay them back.
Similar to a consumer proposal, bankruptcy stops all legal action taken against you and can only be administered by a Licensed Insolvency Trustee.
You will be surprised at how they differ and this can help improve your budget.
Whatever your financial situation, we can help you reduce the stress of personal debt.
A debt management plan (DMP) is a proposal made to your creditors by a credit counselling agency.
The credit counsellor will negotiate with each of your creditors to agree to reduce the interest on your debts.
You will then pay back 100% of your debt to the credit counsellor at the lowered interest rate, and the counsellor distributes your monthly payments to your creditors.
A debt settlement plan is offered by companies who indicate that they will negotiate an agreement between you and your creditors to settle your debt for less than what you owe.
A consumer proposal is a proposal made to your creditors to pay back only a portion of the debt owed, rather than the full amount.