There are few things worse in life than being saddled with loans that have spiralled out of control, and no hope to pay them back. If this situation sounds familiar, then it may be helpful to consider a debt management plan.
With a debt management plan, anyone can become debt-free. It isn’t easy – it takes a lot of hard work and discipline – but it is achievable if you are willing to work for it.
A debt management plan will help you learn to live within your means and pay back your lenders.
At Credit Counselling Services of Atlantic Canada, our accredited counsellors can provide you with a debt management plan that will help you take back control of your finances. We put you on a Debt Management Program and work with you and your creditors to reduce your monthly payments, interest and other fees. We’ll pull together a plan that consolidates your bills into one affordable monthly payment, making debt repayment much more manageable. We will also help you prepare a budget and track your finances more accurately.
Our 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 are the steps to how a debt management plan is typically implemented to help you solve your debts:
- Professional counselling: Once you contact 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’ll 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 debt management plan tailored for you, or you may choose to explore other options.
- Formulation of the plan: Once you’ve decided that the debt management plan is the right approach, 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 of the information they may ask you, including your salary, outstanding debts, other sources of income and expenses.
- Debt consolidation: The major element of the debt management plan is debt consolidation; however, you will not be asked to take out a debt consolidation loan. Our experts will consolidate all of your debts into one bill and have you to make the payment to us directly. We will then disburse the payments to your creditors monthly. Our debt management plan 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.
Ready to get started on your own debt management program? Get in touch with us today to schedule a meeting with a certified credit counsellor.