The Family Counselling Centre of Brant is the only not-for-profit credit counseling agency in Brantford that offers one-on-one, face-to-face meetings with people experiencing financial problems. Michelle and her team can help people learn to budget, and they can negotiate payment arrangements with your creditors, called a debt management plan.
As described in our article on credit counselling in Brantford, a debt management plan typically involves your creditors agreeing to a reduced or zero interest rate, provided you repay them in full over no more than a five year period.
According to Ms. Miranda, the typical debt management plan they do in Brantford would be for a person with between $10,000 and $20,000 in debts, and would involve payments of $200 to $400 per month over a period of up to five years.
Family Counselling Centre of Brant has a great deal of success negotiating debt management plans with various types of debts, including credit cards, bank loans, and even finance company and payday loans.
In my experience debt management plans are a great option if you are able to pay your debts in full, but you need some time, say two to five years, to make the payments. Debt management plans work best if you have a good income, and a manageable amount of debt.
If you have more debt than you can repay over a two to five year period, then a consumer proposal or a bankruptcy may be a better option.
Whether it's a debt management plan, consumer proposal, or bankruptcy, help is available, and the sooner you get help, the sooner you can get your financial life back on track.
For more information on credit counselling or debt management plans, contact Family Counselling Centre of Brant in Brantford at (519) 753-4173. For information on consumer proposals or bankruptcy, please call the Hoyes Michalos office in Brantford at (519) 770-4440.
Filed as: credit counselling, debt management plan, personal bankruptcy, bankruptcy Brantford, consumer proposal
posted by J. Douglas Hoyes, CA, Trustee @ 2:48 PM
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