1. What is your primary financial concern?
Addressing my debts Creating or reviewing my budget Improving my financial knowledge (how credit works, credit report, etc.) Saving for a specific goal, such as retirement, a vacation, or major purchase Business-related issues (e.g. debt, operating losses, etc.)
2. Do you currently carry balances on any of the following? (Check all that apply)
Unsecured debts (e.g. credit cards, unsecured lines of credit or loans, payday loans) Secured debts (e.g. mortgages or secured lines of credit, car loan) Payday loans Government debts (e.g. taxes, student loans, EI) Service providers (e.g. phone/internet, utilities, gyms etc.)
3. Which of the following best describes you?
I pay off my balances in full each month I carry a balance but my debts are in “good standing” I carry a balance and I am behind in my regular payments I am receiving collection calls, letters, or threats to repossess assets I have been sued by one or more creditors
4. What is your household’s primary source of income?
No income Government Income Assistance and/or disability programs (e.g. PWD, ODSP) EI or Government pensions (e.g. CPP/OAS) Employment Self-Employment Work-based pensions
First, please respond to the questions above
Show How We Can Help
How We Can Help You Helping people resolve their debts is what we do best. We can help you assess your situation and review all your options to deal with your debts.
Budgeting is essential for healthy finances, and we can help you with this important step. Our licensed Counsellors can help you make sense of your income and expenses, and review ways to make changes. We also have some fantastic budgeting tools and guides if you want to dive in right now before meeting with one of our Counsellors.
The Credit Counselling Society provides financial education through free appointments with our licensed credit counsellors. We also offer free workshops, webinars, and have created an educational website (mymoneycoach.ca) with detailed information on many important financial topics.
There are a few pieces to consider when saving for a specific goal. The Credit Counselling Society can help with budgeting and savings tips, and you may also consider speaking with a financial planner.
If your business is struggling with debt, we may be able to help, depending on if the debt is personally guaranteed. If you’re primarily looking for operations or planning assistance, a business advisor such as a consultant or accountant may be better able to help.
In regard to your unsecured debts, this kind of debt can vary widely in terms of interest, payments, and terms. The good news is, though, that you have multiple relief options available. However, it can be difficult to weigh the pros and cons of each one. We can help you review the details and proceed with the solution that’s best for you.
For your secured debts, your options are more limited than with unsecured debts, due to the underlying asset (“security”). Nonetheless, we can help you explore those options and how they apply to your specific situation.
Regarding your payday loans, they can be challenging to repay without help due to the high interest rates and fees that are often charged. You may find yourself caught in a frustrating ‘payday loan cycle’ where you’re borrowing money each month to pay the bill from the previous month ending up further behind than when you started. We can help you find options to break this cycle.
With respect to the money you owe the government, options can become very limited. Even insolvency options such as bankruptcy may not remove some government debts. We generally advise reaching out to the government entity whom you owe to try to arrange payments. We may be able to help you budget for this.
For the money you owe to service providers, the major factor is whether you want or need to continue with the service provided. If so, your only option is to contact the provider and try to arrange payments. If maintaining service is not necessary, you have more options and we can help you review them.
You indicate that you pay off your credit balances in full each month. Congratulations! Paying off your balances completely each month for credit cards, lines of credit, and other credit products is a sign of healthy finances. Many Canadians struggle to achieve this regularly. If you have concerns about meeting your future obligations, we’re happy to provide some help.
If you are carrying a balance with your debts, this does not necessarily mean you're struggling, but it may be an indication of financial difficulty. We can help you determine if a few adjustments are necessary, or if more significant action is suggested for your situation. We’ll also help you to develop a plan you’re happy with.
If you're struggling with your payments and some end up being late or get missed, this is often a sign of financial distress. Through an appointment, we can help you to determine whether it is possible to catch up, or whether other options need to be explored to reduce your debt.
If you are receiving collections communication or repossession threats, the situation has become serious and increasingly time-sensitive. We highly recommend contacting us for help with this situation as soon as possible because your creditors are likely to take further action.
If creditors have initiated legal action, our ability to help becomes limited. You are welcome to call us for guidance but you’re likely going to need legal assistance, which we cannot provide directly. We can connect you with the right professionals for your situation if this ends up being the case.
If you are currently without income, the top priority is covering your essential living expenses while trying to obtain income. We encourage you to focus on these essentials, and we’re happy to assist you with understanding your financial options.
The income you receive from the government is intended for basic needs such as food and shelter, and therefore is protected from creditors. We can help you review your budget and consider your options with this type of income and/or a mix of other income types.
The income provided by EI or government pensions can meet basic needs, but it might be a reduction from your previous income. We can help you to create or review your existing budget and identify some potential adjustments while providing guidance on any debts you may have.
Your type of income tends to yield more options to deal with debt compared to some other types. We can help you to understand your options, plan to improve your overall financial health, and answer any questions you may have.
In respect to your self-employment, this type of employment offers freedom and flexibility, but also poses unique challenges for managing your finances. We can help sole proprietors and non-corporate business owners through budgeting and debt solutions. We often advise corporate owners/directors to contact a more specialized expert in corporate finance.
Your type of income tends to yield more options to deal with debt compared to some other types. We can help you to understand your options, plan to improve your overall financial health, and answer any questions you may have.
If you'd like to speak with a certified credit counsellor right now, call us at 1-888-527-8999
