Frequently Asked Questions
Have I come to the right place, can you help me with my debt?
Yes, we have many options available to help people deal with their debt. Our programs are based on your ability to pay back your debts, whether that may be all or a portion of it. Each individual situation is different, and each program has different criteria, call us to see where you fit. We work directly for you, not your creditors, the banks or collection agencies. Having someone in your corner to help guide the way is a big relief for clients.
How will this affect my credit?
Many of the people who come to see us are already behind in payments and debts have gone to collections, and have already affected their credit rating. Some people have good enough credit and enough value in their assets that their credit rating may improve when we are finished, however others that need to go on any sort of debt repayment program, their credit rating will be negatively affected. The only way to get your credit back on track to a positive rating is to pay off your creditors.
Can I still keep my credit card?
No, but you may be able to qualify for a secured credit card once you are established on a debt repayment program, unless you proceed to bankruptcy. Credit Card companies do not want people to have the ability to continue to accumulate more debt while they are in a debt repayment program. Credit is what gets people in this situation and this teaches people to live without credit so they do not end up backing the same situation again.
Can I keep my house?
In most cases, if you can keep up the payments, yes. Whether on the Debt Repayment program, or with Consumer Proposals & Bankruptcies, we can make arrangements for you to keep your principle residence. If your house is in foreclosure, there are some limited options we can look at. Most people have invested a lot of time and money into their house. It is the single greatest purchase people make in their life and we work hard to help them preserve this asset.
What’s the difference between secured & unsecured debt?
Secured debt – security is taken in the form of something tangible at the time credit is granted. Mortgages, Car loans, PMSI household goods.
Unsecured debt – money lent with no sizeable security attached and no cosigner.
Examples of unsecured debt are: Credit cards / Store cards / Lines of credit / Overdrafts / Payday Loans / Instant loans
Can I keep my car?
Yes, as long as you can keep up the payments Once in financial trouble, most people would face steep interest charges to finance another car. If it makes sense to keep the current car they have we will try and work with them to make this happen.
Do you deal with Instant Cash & PayDay Loan companies?
Yes, many of these nationwide creditors are on our program and reduce interest for our customers. Clients with this type of debt usually are stuck in the Instant Cash Advance circle and can’t get out. Our program will break the cycle and allow people to deal with all of their debt.
Can you deal with debt that’s gone to collection?
Yes, and often we can deal directly with the original creditor. Collection agencies can be relentless in their pursuit of debt collection. Our programs will eliminate these calls and allow you peace of mind knowing that your debt is being dealt with.
Are you licensed?
Yes, as a Debt Repayment Agency and we are bonded as well. Since we are entrusted with other peoples’ money we must operate within strict guidelines under jurisdiction of Alberta provincial laws. This provides an additional level of comfort for our clients knowing that we are licensed to do what we do.
Does my employer find out?
Unless we need to deal with a wage garnishee, we do not inform employers of our customers situation. Clients are assured of confidentiality and we would only contact your employer if you requested us to do so.
How do I qualify for one of your programs?
Our programs are based on your ability to pay, not your credit rating or past payment history. We can design a program to fit your budget, ensuring you still have enough money to support your family.
Is my situation really bad? Have you seen worse?
No it’s not as bad as you think, and yes we have seen worse. When you don’t understand the options that are available to you, the burden of debt can feel overwhelming. There are many people in financial crisis and once they find out the options we can offer, they usually gain confidence in their ability to deal with the problem, followed by a sense of relief.
Take the first step to eliminating your financial debt right now because every
day you wait is another day deeper in debt.