FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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How can we help you?

If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

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Pros and Cons of Debt Settlement

I’m new into this program and kinda skeptical about it. I’m not sure about the Pros and Cons and what company to trust. I just need to get rid of high interest rates and pay off our debts faster. Is it advisable to get into this program?

Posted from: British Columbia

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One Response to “Pros and Cons of Debt Settlement”

A licensed trustee said...

I have a VERY low opinion of these businesses – their success rate is very low and the fees they charge you up-front (beofre a deal is reached) can be very high.

An alternative is to contact a not-for-profit credit counseling agency for a debt management program. Interest will alos be stopped and you may repay your debt over 4 years.

You should also speak to a trustee about a consumer proposal – if you cannot afford to repay the debt in full this may be the right choice for you.