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(844) 325-5436

Home » Credit Counselling


NON-PROFIT CREDIT COUNSELLING SERVICES

When Canadians face challenges with credit card debt, a trained credit
counsellor can provide invaluable support. Credit counselling services help
people understand options for getting out of debt and assist them in choosing
the best solution for their needs. Credit counsellors help consumers make
informed choices, so they can eliminate debt in the most efficient way possible.
They also oversee debt management plans, which provide a cost-saving way for a
consumer to get out of debt faster.


View Transcript

Credit counselling doesn’t have to be so confusing. Here’s a super easy
60-second explanation of how credit counselling works.

you’re facing financial distress because of debt you have a few options when it
comes to finding relief. Credit counselling helps you zero in on the right
option to use in your situation. That way you can rest easy knowing your debt
solution is actually going to work.

You start the process with a free debt evaluation to see where you stand. A
trained credit counsellor looks at your debts, budget and credit score to help
you decide which solution will work for you.

If the debt management program ends up being your best option, then your credit
counsellor can also help you enroll in the program. They can tell you how much
you’ll pay on the program and how long it should take vs. what it would
typically take on your own.

So if you’re struggling to get ahead of your debt, we can help. Call
Consolidated Credit today for a free debt evaluation with a trained credit
counsellor. Together, we can find the best solution so that you can finally beat
your problems with debt.


WHAT IS CREDIT COUNSELLING?

Consumer credit counselling services are designed to help consumers develop
effective strategies for paying off credit card debt. Non-profit credit
counselling is not a debt solution in and of itself. Instead, it’s a service
that helps you identify the best solution to use based on your debts, credit,
and budget.

Learn how for-profit and non-profit counselling services differ »

Table of Contents
What is Credit Counselling? How it Works Credit Effects Cost For-profit Vs.
Non-Profit Frequently Asked Questions Signs You Need Credit Counselling Avoiding
Scams Our Record

Credit counselling is a two-part process that helps consumers find the best way
to get out of debt.

  Free Credit Counselling Debt Management Plan Support Cost Free Low monthly
administration fee based on the total debt, budget, and individual’s financial
situation Time involved 1 or 2 phone sessions, which typically take 30-2 hours
total 36 – 60 months Credit impact Neutral (no effect on credit) Noted in a
credit report for two years from the date a consumer completes the program.


FREE CREDIT COUNSELLING

The first part of the process is a free, no-obligation credit counselling
session.  This informative consultation is recommended for anyone working to pay
off credit card debt and other unsecured debt. The session helps you take stock
of your finances, develop a practical budget, and get fully informed on your
options for relief.


DEBT MANAGEMENT PLAN SUPPORT

The second part of credit counselling helps clients enroll in and complete a
debt management plan. This debt relief solution helps an individual pay back
everything they owe with reduced interest. It is often the best option for
getting out of debt for people who cannot efficiently eliminate debt on their
own but want to avoid the credit issues caused by bankruptcy or a consumer
proposal.



Credit counselling organizations administer debt management programs. They
oversee clients’ programs and act as a go-between with their creditors.




HOW CREDIT COUNSELLING WORKS

Each part of the credit counselling process has two steps.

 1. Free credit counselling starts with a complimentary debt and budget
    analysis.
 2. Then the counsellor offers education about debt relief options and answers
    any questions you have.
 3. If a debt management plan is the best option for relief in your unique
    financial situation, the counsellor helps you enroll.
 4. During your enrollment, the counselling team provides ongoing support and
    financial counselling. 


STEP 1: RECEIVE A COMPLIMENTARY DEBT AND BUDGET ANALYSIS

Credit counselling often begins with a free phone call or online inquiry. A
trained credit counsellor will ask you for some basic information about your
financial situation. They will ask you about your credit card debts and loans,
as well as your income and expenses. They will also ask about what led you to
get into debt and your financial goals.

The objective of this step is for you and the credit counsellor to develop a
clear picture of your finances. This will help determine which debt relief
solution is the best option, based on your needs, credit, budget and goals.

The counsellor will also ask you to authorize them to check your credit report.
This is a “soft” credit pull, meaning it will not negatively impact your credit.
The counsellor simply looks at your report to make sure all your debts are
accounted for correctly. In some cases, a consumer may have accounts in
collections that they’re unaware of and this helps identify them.

To prepare for this free credit counselling session:

 1. Have your most recent credit card and loan statements on hand, so you can
    provide the current balance and interest rate.
 2. Know how much income you earn per month.
 3. Review your monthly spending, so you can accurately estimate how much you
    spend on bills and other expenses.


STEP 2: EXPLORE OPTIONS FOR DEBT RELIEF

There is more than one way to get out of credit card debt. The credit counsellor
will take time to explain all the options available and help you understand how
they compare. Then they will recommend the best option to use given your unique
financial circumstances.

The counsellor will help you evaluate the time and cost savings that various
debt solutions can provide. They will also detail the potential risks that come
with certain solutions, such as how much credit damage you can expect.

During this part of the session, you should discuss all of the various solutions
that can make it easier to pay off credit card debt, including:

 * Do-it-yourself debt reduction plans
 * Balance transfer credit cards
 * Personal debt consolidation loans
 * Personal line of credit (LOC)
 * Home equity line of credit (HELOC)
 * Debt management plans
 * Debt settlement
 * Consumer proposals
 * Bankruptcy

By the end of the call, you should be fully informed about your options for
relief. You will also have a professional recommendation on which option makes
the most sense based on your needs and goals.



Call (844) 325-5436 to receive a free debt evaluation from a trained credit
counsellor.

Get Help Now


STEP 3: CUSTOMIZE A DEBT MANAGEMENT PLAN

While the first two steps of the credit counselling process are for anyone in
debt, this last step is not. It is only for those consumers that have the means
to pay back everything they owe but need professional support to do it.

A debt management plan is a debt relief option that you can enroll in directly
through a non-profit credit counselling organization. It consolidates credit
card debt into one affordable repayment plan. You make one payment each month
and the credit counselling organization distributes it to your creditors on an
agreed upon schedule.

The credit counselling team also works with your creditors to reduce or
eliminate interest charges applied to your balances. This allows you to get out
of debt in sixty monthly payments or less, even though your total payments will
be reduced by 30 to 50 percent, on average.

If a debt management plan is the best option to get out of debt in your
circumstances, the credit counsellor will help you enroll. You will work
together to find a monthly payment that works for your budget. Then the team
will get to work and contact your creditors.

This part of the program requires small monthly fees. The fees are based on your
total debt and budget, and financial situation.


STEP 4: RECEIVE ONGOING FINANCIAL COUNSELLING

The last step in the credit counselling process provides ongoing education as
you work through your debt management plan. The credit counselling organization
will provide free financial education resources. You can use these resources to
build a budget, learn how to improve your credit, and set practical goals for
saving. Financial counselling helps ensure that once you get out of debt, you
can stay that way.

Consolidated Credit strives to provide free financial education resources to
suit every learning style. We have educational videos and webinars,
infographics, self-help publications, and an interactive financial education
course.


HOW DOES CREDIT COUNSELLING AFFECT A CONSUMER’S CREDIT?

Free credit counselling has a neutral effect on a consumer’s credit report and
score. During the free credit counselling session, the counsellor will ask you
to authorize them to pull your credit report. This is a “soft” pull, meaning it
does not create a hard inquiry on your credit report. Thus, it will not
adversely affect your credit score.

If you decide to enroll in a debt management plan, it will be noted on your
credit report. Accounts taken in the program will have an R7 account status,
which shows that the revolving account is paid on an adjustable schedule. This
notation remains for two years after you complete the program.

This may have a negative impact on your credit score. However, the penalty
remains for a shorter time than other solutions, such as a consumer proposal. A
consumer proposal carries the same R7 notation, but it remains for three years
following discharge instead of two years after program completion.


FEES AND COSTS COMPARED TO OTHER DEBT RELIEF SOLUTIONS

As a non-profit credit counselling organization, Consolidated Credit strives to
keep costs as low as possible for consumers. The initial credit counselling
session is provided completely free of charge.

A debt management program has a one-time setup fee, as well as a monthly
administration fee. All fees are based on a client’s total debt and budget.
These fees are also regulated depending on the province or territory where you
reside.

Fees for a debt management program are low considering the cost-savings that
clients enjoy while in the program. Creditors agree to reduce or eliminate
interest charges and stop late fees and other penalties when a client enrolls.
In many cases, the interest rate is reduced to zero, meaning someone can pay off
their balance interest-free.

The fees are also low compared to other solutions:

 * A consumer proposal costs $1,500 just to file. Then you pay 20% of your
   future payments.
 * Bankruptcy has a $1,800 first-time filing fee and may have additional costs
   if you have surplus income.
 * Debt settlement companies can charge fees based on the total debt a client
   owes. Fees range from 1-10 percent of the original debt enrolled.   These
   fees don’t stop creditor actions until a settlement is reached.
 * A debt consolidation loan may have a loan origination fee equal to 0.5 to 8
   percent of the total amount borrowed.

With any debt solution, it’s important to weigh the costs versus the cost
savings. Your credit counsellor will explain the fees for your debt management
program before you enroll. They can also help you see how much you’ll save with
reduced interest and fees on your credit card balances.

Our goal is to be transparent about costs, as well as our services. So, if you
have any questions, please ask your credit counsellor.


FOR-PROFIT VERSUS NOT-FOR-PROFIT CREDIT COUNSELLING SERVICES

Not all credit counselling services are not-for-profit. There are also private,
for-profit companies that offer the same type of services. So, what’s the
difference between the two?


COST

For-profit credit counselling services tend to have higher fees. They may charge
upfront fees for the initial credit counselling session. There may also be
additional fees if you enroll in a debt management program, including:

 * Application fee
 * Membership fee
 * Fees for each creditor


IMPARTIALITY

Not-for-profit credit counselling organizations exist to serve a consumer’s best
interests. As such, a non-profit credit counselling service will only recommend
a debt management plan if it is in the consumer’s best interest. If there is a
better solution for a consumer, the counsellor will recommend it during the
first counselling session.

This is not always true of for-profit companies, which are driven by generating
profits.


FREQUENTLY ASKED QUESTIONS ABOUT CREDIT COUNSELLING



Do credit counselling agencies settle debt for less than the full amount owed?

No. Credit counselling organizations do not provide debt settlement services. A
debt management plan will repay the full amounts owed to a creditor at reduced
interest. This is different from debt settlement, which only repays a percentage
of the amount owed.

These two services should not be confused. Debt settlement costs more and has a
greater negative effect on a consumer’s credit.

Do credit counsellors receive special training?

According to Canada.ca, “counsellors aren’t legally required to have any
specialized training. However, many credit counsellors have some training.”

The Canadian government encourages consumers to ask about a counsellor’s
qualifications before receiving counselling. This helps ensure you receive
counselling from someone with the knowledge and training necessary to
effectively assist you.

There are national and provincial credit counselling associations that require
member organizations to be accredited. Part of those rigorous standards include
providing a set training program for counsellors to achieve certification.
Organizations within an association must adhere to these strict business and
ethical standards.

Is my spouse required to get counselling with me?

This depends on your situation. If you and your spouse hold credit cards
jointly, then both partners would be required to enroll together in a debt
management plan. However, if you have individual accounts, then you can enroll
on your own.

Will anyone know that I’m receiving credit counselling?

Some debt solutions – consumer proposals and bankruptcy – become part of a
permanent public record when consumers use them. This does not happen with
credit counselling.

No one will be informed that you contact a credit counselling organization. If
you enroll in a debt management plan, only your creditors will know that you are
enrolling because the counselling team will reach out to them to include the
accounts in your program. But this information is not shared or available to the
general public.

Is credit counselling only for credit card debt?

No. While the primary purpose of a debt management plan is to address challenges
with high-interest rate credit card debt, you may also be able to include:

 * collection accounts
 * unsecured lines of credit
 * unsecured personal loans

You cannot include secured debts, such as mortgages and car loans. You also
cannot include student loans or arrears owed to the Canadian Revenue Agency.

Am I required to include all my credit cards?

No, although it is in your best interest to include all accounts. In certain,
rare, circumstances you may be able to keep a credit card out of the program to
cover emergencies, expenses related to your employment or ongoing medical
requirements. Your counsellor will work with you to create a budget that allows
you to save a modest amount to cover emergencies. This enables you to break your
reliance on credit cards to cover unexpected expenses.

If you choose to keep a card out of the program, you may enroll it later.

What happens if I decide credit counselling is not for me?

Getting credit counselling and enrolling in a debt management plan is voluntary.
A debt management plan is an informal proposal that the credit counsellor makes
to your creditors on your behalf.

It is not legally binding for you or your creditors. If at any time you decide
to drop out of the program, all payments made will still be applied to your
balances. You will not face any penalties from Consolidated Credit. However,
your creditors may restore your original interest rates and penalty fees that
had been applied to your account prior to your enrollment.


DECIDING IF CREDIT COUNSELLING IS RIGHT FOR YOU

Credit counselling is designed for people who need help developing the best
strategy to get out of debt. Often, Canadians are not aware of debt relief
solutions until they need them, which can make for a steep learning curve. You
may not be aware of debt management, consolidation, or consumer proposals until
you are in a financial crisis.

Credit counsellors help you get up-to-speed quickly so you can make informed
decisions. They can provide valuable information about each solution you may be
considering and help you compare them impartially.

A debt management plan may be for you if you:

 * Cannot make headway in paying off your debt on your own
 * Are only able to make your minimum payments
 * Spend more than 10 percent of your monthly income covering those payments
 * Have poor credit or too much debt to qualify for a loan or line of credit to
   consolidate on your own
 * Want to avoid the severe credit damage and costs of debt settlement, consumer
   proposals, and bankruptcy


HOW TO AVOID SCAMS

The Government of Canada warns “consumers to be cautious when looking for a
company to help them pay off their debt.”

While there are ethical organizations that legitimately help people get out of
debt, there are also companies that prey on people’s desire for a quick fix for
their debt problems. Make sure to take your time and thoroughly vet any credit
counselling agency before you start working with them.

 * Avoid guarantees that a company can solve your debt problems
 * Don’t pay any upfront fees prior to receiving counselling
 * Don’t work with companies that claim to be part of a government program

You also need to ask the right questions to ensure that the service that you
will receive is a debt management plan. Unscrupulous debt settlement companies
may try to pass their services off as credit counselling, but the two are very
different. These questions can help you get a clear answer:

 1. Is your organization non-profit? (Debt settlement companies never are.)
 2. What accreditations does your company have?
 3. What type of training do your counsellors receive?
 4. How will my creditors be paid through your program?
 5. What effect will this have on my credit? (Debt settlement results in a
    six-year credit report penalty.)

If you encounter a scam or have a complaint about a debt relief service, the
government recommends that you contact the consumer affairs office in your
province or territory.


CONSOLIDATED CREDIT CANADA’S RECORD OF CREDIT COUNSELLING SUCCESS

Consolidated Credit Canada has provided non-profit credit counselling services
since 2007. We are a registered charitable organization.

Our organization is accredited by and a member of:

 * Canadian Association of Credit Counselling Services (CACCS)
 * Ontario Association of Credit Counselling Services (OACCS)
 * Canadian Centre of Accreditation (CCA)
 * Toronto Board of Trade
 * Markham Board of Trade (MBT)
 * Credit Association of Greater Toronto

Our counsellors receive extensive ongoing training and adhere to a strict code
of ethics. We’re proud to maintain an A+ rating with the Better Business Bureau
and are highly-rated by independent consumer review platforms.

In 14 years, we’ve provided free credit counselling and educational resources to
over half a million Canadians.

Consolidated Credit has offices throughout Canada and provides our services to
Canadians in every province and territory. You can click on the links below to
find real examples of clients we’ve helped from different provinces,
territories, and cities throughout Canada.



Work with a trained credit counsellor to find the best debt relief options for
your needs.

Free Debt Analysis



THANK YOU FOR YOUR APPLICATION!

Consolidated Credit has helped more than 500,000 Canadians in 15 years find
relief from debt. Now we’re here to help you.

A Trained Credit Counsellor will be calling you at the number you provided.
They’ll complete your free debt and budget analysis, then discuss the best
options for getting out of debt with you. If you qualify to enroll in a debt
management program, your counsellor can also help you enroll immediately.

For immediate assistance, please call:

(844) 325-5436

Hours of Operation:

Monday – Thursday 8:30AM to 8PM (EST)

Friday 8:30AM to 6PM (EST)

Saturday 9AM to 2PM (EST)

Headquarters:

505 Consumers Road, Suite 400

Toronto, Ontario M2J 4V8

Ontario Registration #: 4705786




WHAT IS YOUR TOTAL CREDIT CARD DEBT AMOUNT?

Debt Amount
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RELATED


FINANCIAL GLOSSARY


HOW TO GET OUT OF CREDIT CARD DEBT IN CANADA


NON-PROFIT VS FOR-PROFIT COUNSELLING


WHAT TO EXPECT FROM YOUR FIRST COUNSELLING SESSION

News Archive


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Call Us: (844) 325-5436
Free Debt Consultation

505 Consumers Road, Suite 400 Toronto, Ontario M2J4V8

Fax: 1-800-656-4187

Ontario Registration #4705786

Email: Inquiry@consolidatedcredit.ca

Call us: (844)-402-3073




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