Debt Relief. What’s the best solution if
you’re having challenges managing your debt load there’s always a way out many times the options
simpler and less harmful than most people expect
you’ve probably heard or see many of the ads on TV radio talking about that consolidation credit
counseling consumer proposals and bankruptcy and wondered what the differences are
between all these offerings we’re going to simplify this for you so
at the end of this video you’ll have a clear idea I’ve what each
option involves so that you can choose the debt solution
that is right for you let’s start with nonprofit credit
counseling credit counselors work with you to
prepare a budget which allows you to repay follow your
outstanding debt overtime by Justin working with your budget in
this option you negotiate to repay the full amount old and they work with your creditors to
reduce the interest rate if the debt is small and you have a small number of creditors
and have an income after meeting your living expenses this may be a viable option for you
let’s look at informal debt settlement an informal debt settlement occurs when
the debtor and the specific creditor agree to
accept a reduced amount of money and full settlement are the original
debt a deck counselors used to accomplish this this may make sense if you only have one
creditor and you have the funds available to pay
this settled the mountains for if you have several creditors and not
the funds to pay a book settlement this option may not be effect third
option is a consumer proposal this is a legal process for you make a
proposal formal offer your creditors to pay back a portion of
what you all in full settlement of all the
outstanding debts this amount can sometimes be as low as 30 cents on the
dollar for this you need the services of a
proposal administrator license by the federal government like a
farmer in for unlike a debt settlement or nonprofit credit counseling the
proposal administrator has the legal power to protect you from
your creditors at work with all their creditors as a
group if the majority of the creditors accept your proposal then they are all legally bound by it
this simplifies the process and you will not have to pay any fees or
costs in addition to the agree proposal payments because you may be last to settle your
debts you have a better opportunity to rebuild for your future do not have
the burden have endless large monthly payments hoping that you will eventually pay off
your debts finally if none of the above is suitable then
bankruptcies the last option bankruptcy is a legal process that gives
an honest but misfortune it better who cannot meet his or her financial
commitments a fresh start this process is usually chosen when the
debtor does not have the money to make a reasonable offer to his or her creditors and all other options have been
exhausted people in this situation usually have few if any assets like a car our species for equity in a
home and large most def as there is no
realistic hope of paying these of bankruptcy allows you to eliminate all
over tax and start afresh in all of the above instances your
credit score will be affected to a greater or lesser degree as you
have not been able to keep up with repayments for more detailed understanding of
consumer proposals a bankruptcy please see our Education videos on
YouTube or on our website or take advantage of a free consultation
with whatever debt solution managers we will review your situation and
recommend a solution that will provide you with the debt relief that you
require as professionals our commitment is to
help you find the solution that’s best for you for a free consultation call us today