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Debt Counselling Toronto - Alternative Debt Relief Solutions

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By Author: Richard Killen
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When paying credit card debt or any other debt has become difficult, or maybe impossible for you to manage, it is very important for you to actually do something about the situation as soon as possible. Problems don’t usually go away by themselves. One of the best courses to consider is a debt relief service like debt counselling in Toronto.

A lot of people struggle with unmanageable debt for months or years, trying desperately to stay one step ahead of their creditors. Some choose to ignore the problem and hope it will just go away. Others wait it out and let credit card debt slowly accumulate until one day they realize that they owe so much money they don’t know what to do and panic. And then there are others who stubbornly hold on because they don’t want to declare bankruptcy in fear that they will lose all of their property.

A critical step in helping you get out of debt is to get advice that will provide complete information and perspective to help you make prudent and effective decisions to deal with your financial problems.

At Richard Killen & Associates we can do that for you. Talking with a Licensed Insolvency Trustee (LIT) to explore which debt solution may be right for you. Then you can make the right decision for your situation.

Getting the Right Help to Obtain Debt Relief
Consulting with a trustee does not mean that you are obligated to file for bankruptcy. If that’s what you think is the right move for you then of course you can. But filing for bankruptcy is usually a last resort when dealing with debts. When you consult with a LIT, a trustee, we will review your financial situation and give you all your options to deal with your debt problems which include credit and debt management, consolidation loan, informal proposal, consumer proposal and personal bankruptcy.

Debt and Credit Management
Many people also seek advice from debt counsellors and credit counsellors to help them eliminate their debt problems. Reputable credit counselling services have highly qualified counsellors who are certified and trained in consumer credit, money and debt management, and budgeting techniques. When you meet with a credit counsellor or debt counsellor they should assess your financial situation and then identify all of your best options to get out of debt.

You can certainly get advice on how to deal with your mounting debts from Licensed Insolvency Trustees or accredited Credit Counsellors as both are debt professionals in Canada. However, it is important to note that they each offer very different debt relief services.

A Licensed Insolvency Trustee can provide financial assessment of your debt situation and help you understand all the best options on how to repay your debt. In addition, they can provide two statutory (legal) insolvency solutions in Canada that can eliminate debt:

Personal bankruptcy
Consumer proposal

Credit counsellors and debt consultants can give one-on-one counselling sessions to provide financial advice and information such as how to make a budget and create debt management plans to help you repay your creditors. However, they cannot provide specific advice on bankruptcies and proposals since this is not their area of expertise. Then, of course, they cannot actually file a bankruptcy or consumer proposal for you. Only Trustees are licensed by the Federal government to administer proposals and bankruptcies in Canada. If a certified credit counsellor determines that your financial problems are too severe and that you are truly unable to repay your debts, he may do either of the following:

recommend that you enroll in a debt management plan (DMP), or
refer you to a Licensed Insolvency Trustee for bankruptcy or a consumer proposal.
Whether you talk to a trustee or a debt counselor or a credit counseling company, it is important that they provide you with all the available options.

Don’t wait far too long to get the help you need. The longer you wait, the more difficult it will be to fix your debt problem. Usually the longer you wait to talk to somebody about your problem the narrower your options get. Unfortunately, some people wait far too long to get the help they need and when they finally do they don’t have other choices but to declare bankruptcy.

Debt Counseling Is a Good Alternative to Bankruptcy
What you should try to keep in mind as a consumer debtor is that debt relief is not just limited to bankruptcy. In Toronto, debt counselling is one of the safest and best debt relief solutions which can deal with your debt problems. It allows you to avoid bankruptcy.

Most people really don’t want to go the bankruptcy route and will usually do everything they can to avoid it. If the specifics of your case allow that your debts can be settled either by eliminating or negotiating a lower payback amount, then it may be worthwhile to look into what credit or debt counselling can do for you before you consider bankruptcy as an option.

Our credit counselling services at Richard Killen & Associates make use of a combination of tools to help you get out of debt. In addition to reviewing debt relief solutions we also provide basic credit education to teach you about budgeting and money management skills to help you achieve financial goals.

At Richard Killen & Associates we believe strongly that while it is important to understand the main circumstance that started the accumulation of debt, it is more important to set in place a plan with guidelines to prevent the event from recurring. Therefore, your counselor or trustee, will identify the practical debt relief options available to you and also make sure to help you put measures in place to prevent problems from resurfacing in future.

We provide a range of services for debt relief and counselling, including:

Free Financial Evaluation
When you meet with one of our insolvency specialists or one of our LITs, we will do a complete review of your financial situation. We will need basic information about your income, monthly expenses, current assets, and total debts, including current balances on your credit cards, the APR on each account and other obligations you may have, such as payday loans and unpaid medical bills in order to have a good picture of your finances. In fact pretty well everything that concerns your finances.

Debt Solutions
Once we know where you stand financially, we will review all your options for debt relief which can include:

Consolidation loans
Debt management programs
Debt settlement
Consumer proposal
Maybe even just carry on doing what you’re doing because you’re on the right track already.
After we have put everything into perspective for you, you will probably know what the most applicable solution is for your situation. Each option has its pros and cons. We will help you understand how each solution will probably work out for you because of your own personal circumstances. Whatever choice you make, the key is that you fully understand what you’re doing and what the probable consequences will be. Whether it’s a debt repayment plan (DMP), a consumer proposal, or even a bankruptcy you have to be reasonably confident that it will work for you. Our goal is that we empower you to find a solution that puts you in control of your finances.

Financial Education Services
At Richard Killen & Associates we recognize that each of our customers has particular needs, so we make it a point to tailor our consultations to meet individual needs. There is no one-size-fits-all attitude around here.

As you work to resolve your debt problems we can provide help to allow you to identify the issues that have contributed to your financial problems. This will include tips and recommendations on:

How to create a budget
How to use credit wisely
How to rebuild your credit rating
How to identify and achieve financial goals
How to start over and recover from financial disaster
Debt counselling is a viable alternative for those who are experiencing financial difficulty and wish to avoid filing for bankruptcy. However, there is no single solution that is right for everyone. The key is to talk with a licensed professional about the advantages and disadvantages, the pros and the cons, of all your options so you can make an informed decision.

Offering Debt & Credit Counselling Services for Over 25 Years
If you are in need of debt relief because you are having problems and you are considering credit or debt counselling in Toronto, your first step should be to call Richard Killen & Associates at our toll-free number 1-888-545-5365. We will book you a FREE consultation (that’s right – FREE consultation) with one of our Licensed Insolvency Trustee or experienced insolvency specialists and we will explore all your options with you.

Visit any of our 11 offices in the Greater Toronto Area, or call us now at 1-888-545-5365 and make the most stress-relieving calls you will ever make!

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