What Happens After Your Debt Management Program is Paid Off?
When you’ve completed your Debt Management Program and have paid off your debts, we take care of finalizing things with your creditors, and reporting to the credit bureaus – Equifax Canada and TransUnion Canada, that you’ve paid off your debts through a DMP.
Two years after you successfully complete the program, or 6 years from the start (whichever is sooner) the debts repaid through the DMP are removed from your credit report – we ensure this happens, too.
We Want Our Clients to Be Able to Re-Establish Their Credit Rating
If you need help re-establishing your credit rating, we can assist with this. Our Credit Counsellors can help you get an unsecured credit card to rebuild your credit rating; and if needed, we can give your bank or credit union a letter explaining the program and your success.
One of the Secrets of Success is Your Partnership with Your Credit Counsellor
Throughout the process, you’re paired with a Credit Counsellor who will not only help you stay on track with your DMP, but will teach you long-lasting money management skills.
While the primary goal of a Debt Management Program is to streamline debts and tackle them as a single payment, your Credit Counsellor will also work with you to develop a realistic budget (which is crucial to successfully completing a DMP), set short and long-term savings goals, and help you understand what your triggers are with spending.
What’s the Next Step If I Need Help with My Debts?
Contact us to speak with a Credit Counsellor and to review your financial situation. If a DMP is right for you, the Counsellor will explain all of the details so that you can make an informed decision. No pressure, just advice and guidance to help you get the debt relief you need and want. And don’t worry, if a DMP isn’t right for you, the Counsellor will have other suggestions about options to consider. Either way, we won’t leave you wondering what to do or where to turn next. Give us a call or chat with us online; you’ll feel better knowing what to do about your debt.
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