Debt Settlement

Learn more about how debt settlements work in Canada.

  1. Debt Help
  2. Award Winning, Non-Profit Debt Settlement Help

What is Debt Settlement?

There are times when your financial circumstances may prevent you from repaying your debts in full. In such circumstances your creditors may be open to negotiate with you or a third party a repayment amount that is less than the full value of the debt that you currently owe. In some cases the final settlement amount negotiated can be substantially less than you owe. Settlements can range between 80% to 20% of the debt owed, but each settlement is entirely dependent on an individual’s financial situation (settlements in the lower end of this range are extremely rare and would require exceptional circumstances).

Because a debt settlement requires a lump sum of money to offer to a creditor, it isn’t a viable option for most people who are experiencing financial hardship. However, there are other debt relief options that offer substantial help including a debt management program or a consumer proposal. If you are struggling with your debts, feel free to contact one of our debt settlement experts to review your financial situation and see what options are available to you. Speaking us is free, non-judgmental, and confidential.

Couple looking at their finances and considering filing a consumer proposal to deal with their debts.

How Our Debt Settlement Program Works

Through our debt settlement program, one of our Debt Settlement Experts will negotiate with your creditors to offer a one-time lump sum payment to settle your debts. The settlement offer will depend on your financial situation.

No one can guarantee specific results with a debt settlement, but our success rate is extremely high because we will not begin to negotiate with your creditors unless the reasons for proceeding with a settlement make sense. Based on our many years of experience negotiating settlements, we know what type of situations make sense and what type of a settlement offer creditors would be willing to consider based on a particular set of circumstances. It’s not magic, it’s just a lot of experience that our clients benefit from.

You Only Pay If We Succeed

We only charge a fee for our debt settlement services if we are successful at negotiating a settlement for you and receive written acceptance from your creditors. We have always believed that this is the only fair and ethical way to approach debt settlements. We also believe that fairness and transparency belong at the very beginning of the debt settlement process. Unlike so many debt settlement companies we’ve seen come and go over the years, we will not try to persuade you to do a debt settlement if it doesn’t make sense for your situation.

Reading Debt Options in Credit Counselling
Talk To One Of Our Debt Settlement Experts

Learn More: Talk To One of Our Debt Settlement Experts

All of our Debt Settlement Specialists are licensed and accredited Credit Counsellors with many years of experience in the financial industry. They know what creditors are likely to accept, and they have years of experience helping people find alternative ways of dealing with their debts when a settlement isn’t a realistic option.

Call us today to find out more. We are a non-profit service, and we are here to help.

Debt Settlement Company Promotions & Telemarketers

Starting in October of 2010, Canada was flooded with American debt settlement companies looking to make money off of Canadians who are struggling with their debts. The advertising and claims made by commission based salespeople at many of these companies were often very misleading. Our organization, along with the Better Business Bureau, received thousands of calls from people inquiring about these companies. Fortunately many people are wary of companies whose claims seem too good to be true. In response to all of these inquiries and our grave concerns about what was happening in the debt settlement industry, we wrote a number of articles to answer questions and address the issues raised. Fortunately, most of these American companies have now left Canada and the phone calls we receive about questionable debt settlement practices have subsided. However, if a company is trying to persuade you to pursue a debt settlement, some of these topics may be of interest to you:


Certified by Great Places to Work Canada
Accredited by Canada’s national association of non-profit credit counselling organizations.
North America’s largest association of non-profit credit counselling organizations.
Accredited by the Better Business Bureau.

See if a debt settlement makes sense for your situation.

Speak with a non-profit credit counsellor.

Debt settlements are just one of 7 debt relief options available in Canada (5 are available in all provinces). Before deciding to pursue a specific option, it would be wise to speak with a credit counsellor, review your situation, and determine which option is going to help you achieve your financial goals. Speaking with our counsellors is always free and confidential.

Get Some Help – It’s Free

Get a free appointment to explore your options and get back on track.

Related Topics

communicating and dealing with creditors

Why Talk to Creditors?

When you’re in debt, your creditors can help you. But communicating with them effectively is key.

Debt Settlement Dangers

Debt Settlement Dangers

Working with a for-profit debt settlement company can cost you. Here’s what to watch out for.

Debt Settlement Scams

Debt Settlement Scams

If something sounds too good to be true it usually is. Here’s how to spot a debt settlement scam.


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