Debt Settlement Plan

Depending on the level of your debt, debt settlement could prove to be the best debt repayment option available to you. Debt settlement is a repayment option that allows you to settle your debt for considerably less than your original balance. How is that possible?

Debt settlement is based on experienced debt negotiators speaking to your creditors and getting them to settle for a lower repayment amount. Creditors are often happy to settle for a lower total to ensure that they receive a monthly lump sum from their debtors.

If you owe at least $10,000 in unsecured debt, a debt settlement program could significantly reduce the amount you need to pay to your creditors. You won't need to take out another loan, pass a credit check or even be a homeowner.

Debt settlement has various advantages over the other debt repayment options currently available in Canada. In comparison to debt consolidation, you will not have to take out another loan and your total repayments will be lower. With credit counselling, you will pay less interest than you would have done originally, but you will still have to repay the entirety of your original balance. Debt settlement also offers greater flexibility when compared with a consumer proposal, meaning that you can choose to exclude certain debts from the program and change your payment schedule if necessary.

The final alternative is bankruptcy, which has a number of big disadvantages, particularly its long-lasting impact on your credit rating and the fact you will have to appear in Federal Court at least once during the bankruptcy process.

To find out whether debt settlement is the best debt repayment solution for you, simply complete the enquiry form on this page and one of our expert debt advisors will contact you to discuss your options.