There are few things worse in life than being saddled with loans that have spiraled out of control and you have no way to pay them back. If you are in such a situation, then it may be helpful to consider a debt management plan or DMP. Such a plan will help you learn to live within your means. This may mean cutting back in some areas of your lifestyle, but it is worth it. A debt management plan can help you become debt-free within a given timeframe.
CCSAC’s debt management plan is customized to meet your unique needs so that you have a better chance of following it through. It focuses on prudent money management, sound budgeting and responsible use of credit to reduce your monthly payments, interests and other fees. The plan is a solid roadmap for your eventual financial independence no matter how insolvent the situation may look to you under the present circumstances.
Here is a look at how CCSAC’s debt management plan can help you solve your debts:
- Professional counselling: Once you approach us for help, our financial experts will provide you with a full financial assessment to determine if such a plan is suitable for you. After the session, you will fully understand your situation and the implications of the plan on your life during its course. You may then choose to go ahead with our DMP tailored for you or you may choose to explore other options.
- Formulation of plan: Once you have decided to let CCSAC help manage your debts, our experts will sit down with you and create a plan that addresses your unique needs. At this stage, you must truthfully provide the experts with all the information they may ask you, including your salary, outstanding debts, other sources of income and expenses.
- Debt consolidation: The major element of the plan is debt consolidation; however, you will not be asked to take out a debt consolidation loan. Our experts will consolidate all your bills into one bill and require you to make the payment to us. We will then disburse the payments to your creditors monthly. Our DMP focuses on reducing your interest rates and fees so that you will be able to pay off your debt faster. We work with your creditors closely, representing you and negotiating on your behalf to lower your burden.
- Creating a budget: It is absolutely necessary to live on a budget while you are paying off your debts. Our financial experts will help you prepare a budget that will make it easier for you to manage your finances. We’ll be there to support you through the entire process.
While we charge you a small fee for administering your debt management plan, we receive most of our funding from voluntary creditor donations. These contributions are calculated as a percentage of the payments made through your DMP deposits. However, your account will always be credited with 100 % of the amount you pay through the program. . Don’t worry; we work with all of your creditors, regardless of whether or not they contribute to us, to ensure you get the best service possible.
Ready to get started on your own debt management program? Get in touch with us today to schedule a meeting with a certified counsellor.