I’m having trouble managing my debts. Where can I get help?

Contact a non-profit credit counsellor

A non-profit service may be able to help if you have a lot of or have trouble paying your bills. They will meet with you to discuss your options.

They can give you ideas about how to manage your debt and how to avoid the same problems in the future. This can help improve your record.

For example, they can:

  • help you make a
  • help you understand how you got into debt
  • help you understand how to get out of debt
  • talk to your creditors about reducing your debt
  • make a debt repayment plan

Non-profit credit counsellors can also help you figure out how much money you need to live on each month, and how much you can use to repay your debt.

Your creditors

Non-profit credit counsellors contact your creditors to let them know you are making a debt repayment plan. Once your creditors know you are trying to pay them back, they may stop calling you and asking for payment.

Sometimes, your counsellor is able to negotiate with your creditors. They may be able to get your creditors to agree to:

  • accept less money as full payment for their bills
  • lower the rate you’re paying
  • give you more time to repay your debt

Once you and your counsellor have come up with a debt repayment plan, you will pay a set amount of money every month to the plan. The counsellor uses that money to pay your creditors every month until all your bills are paid.

Your counsellor must contact your creditors within 15 days after you sign the agreement.

You have to pay a fee if a non-profit credit counsellor helps you. But they do not make a profit from you or your debt repayment plan. If you cannot afford to pay for their services, they might charge you a reduced fee, or no fee.

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