Can Debt Settlement be the debt help you need?
It is a good idea to take stock of your finances every once in a while to figure out where you are at and to make sure you are on track to where you want to go. Oftentimes people will not take a hard look at their finances for several months or even years and then one day realize that they have a lot more debt than they thought they had and that they are far worse off than they ever meant to be. So what happens when you realize you need debt help? There are many options available out there to help a person get a handle on their finances, but which one is right for you? Debt settlement is one of those options and today we are going to take a look at what it is and what types of situations it will work for.
What is Debt Settlement?
Debt settlement is an option where a debtor works with their creditors and negotiates with them to have their total amount of debt reduced and then pays back only a portion of the original debt. This can also be done through a legal process called a consumer proposal and it is filed through a Licensed Insolvency Trustee. Once a proposal is filed and accepted by the creditors, interest will stop compiling. The lower amount of debt that is agreed on is then paid back in a monthly re-payment plan within 60 months or less.
Who is Debt Settlement For?
Debt settlement/restructuring is for people who have debt that they cannot control, debt that is too much for them to make the payments and begin to fall behind on. It is for people who do not wish to claim bankruptcy, but yet need help getting a handle on their debt.
Where can a person go for Debt Settlement?
A consumer proposal can only be filed by a Licensed Insolvency Trustee but you are entitled to have your own representation. At 4 Pillars Consulting we work with our clients from the original consultation right through to the filing of the proposal and then to ensure our clients credit is reestablished and they are educamated to help prevent future financial failure We represent our clients in a professional and respectful way and make sure that the proposals terms are affordable for our clients and acceptable to the trustee . After a proposal has been accepted by the creditors we continue with our plan which includes the process of rebuilding credit as well as offering valuable information to help our clients learn how to budget and help them return to mainstream banking.
If you have questions about debt settlement or you need debt help, give our Winnipeg 4 Pillars office a call at (204) 201-2100. We offer a free consultation where we go over your situation and present you with your options. Remember we work for our clients not for the creditors, so we always have your best interest in mind.
