This article is provided by Family Services Perth-Huron, a United Way member agency and an accredited member of both the Ontario and Canadian Associations of Credit Counselling Services. If It Sounds Too Good To Be True... By Phil Brown
CHRIS ASKED: How can I pay off my debt without damaging my good credit or touching the little RRSP I have? ANSWER: The only way to deal with your debt and maintain a good credit rating is to pay your creditors directly, in full, with interest.
We offer two main services: a consumer proposal, which is a formal debt settlement, and bankruptcy. Consumer Proposal and Credit Rating Penalties
DYLAN ASKED: My credit card is in both mine and my dad's name. Will including that debt in a consumer proposal hurt his credit rating?
You should start rebuilding your credit right away.
Your debts do not affect your spouse’s credit rating!
Dealing with your personal debt problems on your own without any professional assistance is the only way to maintain your current credit rating.
There are two credit reporting agencies in Canada: Equifax and Transunion
Consolidation loans are one of the debt settlement strategies we review with people but we're not a lender. While consolidation loans are a popular debt settlement strategy there are a number of issues.
We were asked: Can a consumer proposal clear old debt in collections - will filing affect my credit rating?
We're here to help you deal with debt and give the best option possible depending on your personal situation. Filing a consumer proposal is not a strategy for rebuilding your credit, it is a strategy to get out of debt.