First, with consumer credit counseling your payment period will last a maximum of five years. Though this may seem like a large amount of time, chances are good it would take you even longer if you attempted to pay the debts back on your own. Second, you may not need to pay interest on your debts. Finally, you will only have one monthly payment, which makes budgeting a lot simpler.
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Do I need to include all of my creditors?
No, it is not necessary to include all creditors, as your payment plan is a voluntary agreement between you and your creditors.
Can my creditors still pursue legal action?
Unfortunately yes. Consumer credit counseling does not automatically stop creditors from pursuing legal action, nor does it stop wage
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garnishments. For this to happen you will need to file a consumer proposal rather than use credit counseling.
If you have an interest in consumer credit counseling, please contact us today. We will analyze your financial situation with you, and help you decide if consumer credit counseling is the best match for your needs.
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