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DEBT MANAGEMENT INFORMATION
Please find information on Debt Management.
Below you will find straight forward FAQs and background information to Debt Management.
Debt Management Program - Making repaying debt more affordable
A debt management program is a formal agreement between the debtor and creditors involved in that particular debt. When the consumer lets the amount of debt build up into a amount they cannot physically repay, this is when a Debt management program can help. Whether it's simply the fact that they can no longer afford to repay the money being asked for by the creditor, or the fact that they have built up that much debt they cannot prioritise the debts.
With Debt management programs, this can help to reduce outstanding debts, into a affordable level of repayments over a fixed period of time, which will allow control over finances. Many people who become part of a Debt management program, realise how much easier it makes the debt repayments as it is all collected into one affordable monthly payment. Most Debt management plan providers will ask you to do a survey with regards to things such as monthly income, expenses.
Debt management programs are set up to allow people who are struggling to pay back the debt owed to the creditors. These are normally set up for people who cannot qualify for a debt consolidation loan, so this is the more suited option.
A debt Management Program is not a legal procedure, this is a agreement between the consumer and the creditor.
Who Qualifies for Debt Management Program?
Many people are in a situation when they cannot see a end to their debt. With the help of a Debt management program all of the debt can be consolidated into a affordable monthly payment. Here is a quick guide on who qualifies for a Debt Management Program:
Debt Management programmes are available to any person in Canada who is struggling to repay debt that has been built up. When the Debt Management program is set up, you will feel as though you have finally taken control over your debts once and for all.
Recent figures show that is your Debt each month adds up to 20% of your monthly income then you are more than likely in a financial struggle. This is when a Debt Management Program will start to help these issues.
How does the Debt Management Program work?
Debt Management programmes have purely been set up to help repay the debt owed to creditors. This is managed by allowing a professional Debt Management program provider to work out the total amount of debt owed to each creditor, then to consolidate this into a monthly repayment scheme, over the amount of time needed to finally clear the debt. When most people think they can do this their selves they are normally proven wrong, as the Debt Management company's can liaise with the creditors to make sure that you are paying a monthly instalment that is manageable financially for you.
Benefits of taking out a Debt Management Program
Debt Management programmes as we all know can help to repay the debt that has been built up. When Taking out a Debt Management Program there are also certain things that can be changed, in the list below are a few benefits that can happen when taking out a Debt Management Program:
- Consolidation of monthly payments due to the creditor can lower the interest rate on some of the monies owed.
- No more past due fees or over-limit fees to be added onto the debt owed to the creditor.
- No more harassing phone calls from creditors, this is all negotiated with the Debt Management Program provider.
- Your Accounts are reported to the major credit bureaus by the creditor at present.
Many people are always thinking that the debt Management Program sounds too good to be true, here you will find a few Frequently asked questions surrounding Debt Management Programmes. These are the general questions being asked by consumers wanting to sort out their debt once and for all.
Will creditors continue to contact me once i have become part of a Debt Management Program?
Once you have become part of the Debt Management Program, the creditors will be notified via letter from the Debt management Program provider to notify them that any contact will be made via themselves and not you as the consumer direct.
How long will the Debt Management program last?
The program will last as long as it needs to. to ensure all the debt is paid back in full. Normally, the Provider will work out a repayment plan that is suitable to your personal circumstances which will allow you to pay a affordable monthly repayment.
Will my employed need to know about my Debt management program?
No, When you become part of the Debt Management Program all your information is kept strictly private and confidential, and will only be discussed with the creditor involved in that particular case.
What types of debt can be included in the Debt Management Program?
Each Debt Management program provider deal with different areas of debt, the main ones included are: credit cards, medical bills, lines of credit, bank loans, student loans etc. When the correct Debt Management program is found for the consumer, they will then consolidate all the debt owed into one manageable monthly payment.
Please Note: www.whichwaytopay.ca is not authorised to give advice under provincial and federal regulations.
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