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Debt Settlement in Canada

If you ever found yourself in the situation to be in debt, you know how difficult it is to get back to the track and sometimes, for many, it feels like an impossible task. The good news is that you can use online service like Loans Geeks to get connected with some of the most reputable debt settlement companies in Canada available in your area. Their trained professionals will analyze your financial situation thoroughly and present you with different options that you can take and which one is the best for you so you can get debt-free in a shortest time possible and move on. Once you opt for the suitable debt settlement program designed for you, there is still a long road ahead, but at least you will be able to see the light at the end of the tunnel.

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Debt Settlement Program in Canada Allows you to get Lower Interest Rates

By taking advantage of a debt settlement program designed especially for you, you will start moving in the right direction. Many people struggle to manage even the minimum monthly payments on their financial obligations like credit card payments, mortgage, loans, etc. They don’t only need to deal with the sum they initially borrowed, but also with interest rates added to that and sometimes even late fees and overcharge fees. By opting for debt settlement, you will be able to reduce both your interest rates and your debt principal. With appropriate debt settlement program you will be able to get your principal down by 40% – 60% and get debt-free in 1 to 3 years.

Avoiding debt collectors can be stressful, especially when you cannot afford to pay your due obligations. By using Loans Geeks to get connected with reputable debt settlement companies, you will have all the necessary help you’ll need to get your debt dealt with. And once you become debt-free you can start working on improving your credit score.

Debt Settlement can help you Avoid Bankruptcy

If you are considering bankruptcy, it is a solution that has very serious consequences and you should only do it as a last resort. It will stay you on your personal record for many years and destroy any chances of your getting approved for loans in years to come. In addition to this, you will need to give up all your assets that are non-exempt. You should also bear in mind that consumer proposal is also regarded as a type of bankruptcy and not all providers will disclose that information to you. Debt Settlement in Canada is therefore one of the best solutions that are available to those with debt problems. You will work closely with a financial specialist to settle on the repayment sum that will work both for your creditors and you. You will be given an option to quickly eliminate and reduce the amount you owe, so you could immediately after start working on rebuilding your credit score.

Debt Settlement – What to avoid?

Opting for a debt settlement company has an advantage of a professional assigned to you working in your favor, instead in that of your creditors. This means that a debt settlement companies negotiate on your behalf with creditors, to come up with a debt settlement solution that will best correspond with your interests. You could try to negotiate with your creditors directly, but typically debt settlement professionals have much more experience and greater success rate, saving you a lot of stress and frustration. Many of those professionals are former debt collectors themselves and know best how to maximize your savings in those negotiations. Letting them do this work with both maintain the understanding and respect of your creditors, while ensuring the best possible settlement outcome, which will be in your best interest?

Debt Settlement in Canada – How it Works?

With a debt settlement program, you should be able to reduce the amount you owe to your creditors, and it is mostly used on unsecured debts, such as credit cards debt. Debt settlement is unfortunately not an option for all debt types like car loans when there is a car that can be repossessed, or a mortgage debts when there is a property that can be foreclosed. It is also not available for student loans. Debt settlement is only possible if there is no collateral and the only alternative is that you will not be paying at all.

You can go about debt settlement in 3 ways.

  1. Opting for one of debt settlement companies via Loans Geeks. After you get matched with a reputable company of your choice, you will actually continue to pay to that company, filling an account dedicated to it, instead of paying your outstanding debts directly. Once the company considers that there is enough money collected so they can make a lump-sum offer to your creditors, they will attempt to negotiate it. They will not charge you any advance fees, but will either ask for a percentage of the debt that is eliminated or for a percentage of your total debt.
  2. You can also use a debt settlement lawyer, who will either charge you by hour, offer a flat fee, or ask for percentage of debt eliminated or total debt.
  3. You can go about it yourself. If you are way behind with your payments, going directly to your creditors cannot hurt and some banks even offer hardship programs for such cases. However, you should be certain that you can properly access the options that will be offered to you so you can choose the best one.

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Opting for a debt settlement company has an advantage of a professional assigned to you working in your best interest. Typically, hiring debt settlement professionals will result in better experience with the whole process and can save you a lot of stress and frustration.

Once you have settled with a debt settlement company of your choice, they will contact your creditors and begin the process of settlement negotiation. However, in most cases the debt can only be settled after the funds are made available by you in the trust account assigned for it.

In most cases creditors will not refuse debt settlement. They will mostly recognize the effort made by you and will see the debt settlement as a more desirable outcome than other alternatives. If you file for bankruptcy, your creditors may be left with only some physical assets, if any.

As opposed to bankruptcy or credit counseling, debt settlement program will not be evident in your credit report.

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