If debts are getting on top of you, tell us where you stand. A verified finance professional who covers your postal code will get in touch to explain the main ways of dealing with debt, what each one means for you, and what to ask before you pay for any help.
A verified professional will get in touch.
It is worth speaking to one of these before you pay for any help.
Free advice from an accredited agency, and sometimes a debt management program.
Free guides and tools on managing debt and dealing with creditors.
Many offer a free first consultation, and explain consumer proposals and bankruptcy.
Information on your rights with creditors and collection agencies.
Free legal help if you are facing court action over a debt.
Many will agree to lower payments or a pause if you contact them early.
Asking for lower payments, a freeze on interest, or more time.
A non-profit agency arranges one payment and works with your creditors.
Combining debts into one payment, which can cost more overall.
A formal offer to repay part of your debts, filed by a licensed insolvency trustee.
A company negotiates to settle for less, with risks and fees.
A formal process that ends most debts, with serious consequences.
And what is your licence or accreditation?
Every fee, upfront and monthly, in writing, and whether the law allows it.
Ask what I would get from you that I wouldn't get from a free counsellor.
And to my assets, such as my home.
What happens next, and what it would cost.
Refund terms, in writing.
We'd rather connect you with the right provider once than flood your inbox with a dozen you'll never call back.
Free, confidential credit counselling exists. You hear what it is and how to reach it before anyone offers you a paid solution.
Each way of dealing with debt has fees, rules and effects on your credit report. You hear what each involves.
You can ask questions and compare, and nobody pushes you to sign anything on the spot.
Non-profit credit counselling agencies give free, confidential advice, and may offer a debt management program with your creditors. The Financial Consumer Agency of Canada also has free tools and guides. It's worth speaking to one of them before paying anyone.
They include talking to your creditors, a debt management program through a credit counselling agency, debt consolidation, a consumer proposal, and in the most serious cases bankruptcy. Which suits you depends on how much you owe, your income, your assets and your circumstances.
A non-profit credit counselling agency negotiates with your creditors on your behalf, and you make one monthly payment that the agency shares out. Creditors often agree to reduce or stop interest, but you usually repay the full balance. Ask about fees and what it does to your credit report.
It means combining several debts into one, often with a single payment. It can make payments simpler, but a longer term or higher rate can cost more overall, so compare the total cost before you agree.
It's a formal agreement, filed by a licensed insolvency trustee, where you offer your creditors less than you owe, usually over up to five years. It stops most collection action and is a legal process under federal law. It has fees, and it is recorded on your credit report. Make sure you understand it before you sign.
It's a formal process, also filed through a licensed insolvency trustee, that can release you from most debts. For a first bankruptcy it often lasts nine to 21 months, but it has serious consequences for your assets, your credit report and some jobs. It's usually a last resort.
Some companies offer to negotiate with your creditors to settle for less. Fees can be high, there is no guarantee creditors will agree, and your credit may suffer while you stop paying. Several provinces regulate these businesses and restrict fees charged upfront. Be careful, and compare with the free options.
There are provincial rules about how collection agencies can contact you. If you feel harassed, your provincial consumer protection office can explain your rights, and a counsellor or trustee can help.
Only a licensed insolvency trustee can file a consumer proposal or bankruptcy, and you can check on the Office of the Superintendent of Bankruptcy's website. Credit counselling agencies should be non-profit and accredited, for example through Credit Counselling Canada. Be wary of ads that promise to wipe out your debts.
Be very careful. Never pay large fees before you understand exactly what you'll get. Ask for all costs in writing, and compare them with the free options.
Most debt solutions are recorded on your credit report and can make it harder to borrow for a time. A free counsellor can explain what to expect for each option.
Complain to the firm first. If you're not happy with the answer, you can contact your provincial consumer protection office, and the Office of the Superintendent of Bankruptcy about a trustee. These services are free to use.
Roughly what you owe and to whom, your income and expenses, and your postal code. If you don't have everything, send the request anyway.
No. Namoye is a free matching service. It is not a debt adviser, lender or insolvency trustee, and it doesn't give financial or legal advice. Any advice or offer comes from the firm that contacts you.
No to both. A verified professional contacts you, and Namoye is free for you.
All CA finance · Improve Your Credit Score · Personal Loan
Namoye is a free matching service. It is not a debt adviser, lender or insolvency trustee, and it doesn't give financial or legal advice. Any advice or offer comes from the firm that contacts you. Free, confidential help is available from non-profit credit counsellors and from the Financial Consumer Agency of Canada. Only a licensed insolvency trustee can file a consumer proposal or a bankruptcy, and you can check one on the Office of the Superintendent of Bankruptcy's website.
Send your details and a verified finance professional will get in touch. Free, with no obligation.
Talk to a finance expert