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Debt Help – Where Can I Turn In Calgary For Debt Relief?
There is likely no other word in the English language that can strike fear in so many, and that word is debt. The stress that can be caused by debt can be absolutely overwhelming, affecting not only what you can afford to do, but also your relationships, your marriage, your family, your job and your overall enjoyment of life.
Are All Types of Debt Bad?
No. In fact, almost everyone in some point in their life will take on consumer debt in some form or other. This could be in the form of student loan debt, income tax debt, a car loan, a mortgage, or credit card debt, to name a few. Debt only becomes a problem when you can't afford to pay off your debt in a reasonable amount of time without causing hardship to your finances. When you are only making minimum payments on your credit card debts, loans and bills, missing payments, or using one type of credit or payday loans to pay off another, that is when the cost of debt has begun to spiral out of control, and the time to seek debt relief.
Manage Your Debt, Which Approach Is The Best?
You may have already heard of credit and debt counselling, debt consolidation loans, bankruptcy & consumer proposals. But how do you know which approach is best for your specific financial situation? The quick answer is, there is no one-size-fits-all debt solution. And if anyone tries to tell you there is, then that is likely a sign to start looking for another solution.
You have probably seen ads and online debt help sites advertising that they will help pay off debt by cutting your debt by 60%, 70%, 80% or more. And they might even provide a debt calculator where you simply plug in your income and what you owe, and the debt repayment calculator returns a firm percentage representing what paying off your debt will cost you. Truth is, it's not that easy. There are a number of factors that need to be taken into consideration. In fact, you will never see Bromwich & Smith include a debt repayment calculator on our website, nor will you see any claims listing a fixed percentage of your debt that you can repay. You won't find these things simply because our values and expertise won't allow us to represent that there is a one-size-fits-all debt management and repayment solution.
Getting Out Of Debt. There are Real Solutions to Manage Your Debt!
When you contact Bromwich & Smith in Calgary and across Alberta, one of highly trained and accredited Credit Counsellors will go over all details of your finances with you, determining how much you owe and to whom, and any sources of income and assets you may have. (There is no charge for this Credit Counselling service). And then, only after we have completed our analysis of your finances with you will we begin to make an unbiased recommendation as to the best path to eliminate your debt.
Here is where working with a Canadian Federally Licensed Consumer Proposal Administrator and Licensed Insolvency Trustee at Bromwich & Smith can really work to your advantage. Unlike debt restructuring firms, you won't see a fee schedule which charges based on number of creditors, services offered and so on. In fact, there are no administrative fees paid by you. As a Officer of the Court, we are paid by a government tariff.
Plus, due to the legal nature of our Canadian Federal appointment, we are able to force a no interest settlement on your creditors, called a Consumer Proposal, often requiring you to pay only a percentage of what you owe. (The actual percentage will be based on the detailed financial analysis conducted by our Credit Counsellors, and negotiated with your creditors by us on your behalf).
Collection Calls Must Stop - All Creditor Legal Actions, Including Wage Garnishee Orders Must Stop!
When a Consumer Proposal has been filed and accepted, ALL of your unsecured creditors are bound by the terms of this debt settlement agreement. All collections calls must immediately stop, as must all creditor actions against you. Wage garnishment and other creditor legal actions must also immediately stop.
You will make a single monthly payment to your Proposal Administrator at Bromwich & Smith. And each payment will go directly towards paying off the debt settlement balance. There are absolutely no interest payments. Plus, the settled amount can not be increased. The creditors can't come back for more, regardless of any changes in your earnings or assets.
There are a lot of options available out there that claim to provide the debt help you need, all with varying amounts of success. We invite you to give the Credit Counsellors, Proposal Administrators and Bankruptcy Trustees at Bromwich & Smith a call today. We will put our over 40 years of agency experience in Calgary and across Alberta to work to find the best debt management solution for you and your creditors.