And cons of consolidating debt
It offers top-notch customer service and its costs and fees are well in line with industry standards.Accredited Debt Relief is an affiliate and offers the same programs.
They'll offer advice on how to handle calls and threats from debt recovery agencies, and work with you to create a plan to pay off your debt over time – usually within five years or less.We pay each of your creditors for you, ensuring that payments are made on time.We also enter into a kind of debt negotiation with your creditors to seek reductions in your interest rates and finance charges, and to end over-limit fees and late fees, helping to reduce the amount of money you owe.There is no penalty if you can pay your program off faster.Once you have completed your Debt Management Program, you can begin to rebuild your credit.For many consumers, we recommend a debt management plan as a more effective way of paying off debt than debt negotiation services.
A debt management plan involves consolidating all the payments you make each month to credit card companies and other creditors, and making a single payment to ACCC instead.
We have a credit rebuilding program that can help you to re-establish credit as quickly as possible and buy a home or vehicle if that is something you'd like to do.
One of the nice things about a DMP is that it's the only formal debt repayment program in Canada that is completely private and has no permanent record.
If your bank or credit union isn't able to help you consolidate your debts and other debt consolidation options like borrowing money don’t work for you, then a Debt Management Program (DMP) might be right for your situation.
People also call a DMP a Debt Repayment Plan or Debt Management Plan. To some, a Debt Management Program sounds like a loan or a government program.
And you may actually end up with more fees and penalties or be subject to a lawsuit if you refuse to pay your creditors anything, as some debt negotiation services suggest.