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Cancelling Credit Councelling

Hi, approx. 3 weeks ago I entered a credit councelling program with Shield Credit. Not all of the creditors have signed on and since I’ve seen my payments go up 200.00 dollars per month. I cannot afford the payments. If I was to cancel out would my creditors still accept a consumer proposal? Or should I keep trying to pay it. I have to avoid bankruptcy. I didn’t realize that everytime they have to restructure my debt that they charge more fees. They said that there is still no guarantees that they won’t change again.
If you could give me some advice I would appreciate it. Sincerely, Lesley Pynn

Posted from: Nova Scotia

One Response to “Cancelling Credit Councelling”

A licensed trustee said...

The basic idea behind a credit counseling program is that you are able to repay 100% of the debt over time, but you need relief from the interest. If the total amount of your debt is changing then your payments are going to change too. Of course someone should have explained all of this to you BEFORE they took your money…

You have the right to file a consumer proposal or bankruptcy (even after you start a credit counseling program). If you are feeling trapped and don’t have confidence in the people you have been dealing with then it may be time to speak to some one else about your situation.