Financial Debt Counselling Toronto & Credit Counselling

Financial debt counselling and credit counselling in Toronto has helped a lot of people get back on track financially. When paying credit card debt or any other debt has become difficult, or maybe impossible for you to manage, it is very important to actually do something about the situation as soon as possible. Problems do not usually go away by themselves. One of the best courses of action to consider is a debt relief service like debt counselling or credit counselling services in Toronto.

A lot of people struggle with unmanageable money problems for months or years, trying desperately to stay one step ahead of their creditors. Some choose to ignore the problem and hope it will just go away. Others wait it out and let credit card debt slowly accumulate until one day they realize that they owe so much money they don’t know what to do and panic. And then there are others who stubbornly hold on because they don’t want to declare bankruptcy in fear that they will lose all of their property.

Financial Debt Counselling & Credit Counselling Toronto

A critical step in helping you get out of debt is to get advice that will provide complete information and perspective to help you make prudent and effective decisions to deal with your financial problems.

At Richard Killen & Associates, we can do that for you. Talking with a Licensed Insolvency Trustee (LIT) to explore which debt solutions in Toronto may be right for you. Then you can make the right decision for your situation, especially if you are looking for a fresh start.

Credit and Debt Counselling Services Summary For Toronto on Danforth

Getting the Right Credit and Debt Counseling Help

Consulting with a trustee does not mean that you are obligated to file for bankruptcy. If that is what you think is the right move for you then, of course, you can. But filing for bankruptcy is usually a last resort when dealing with financial troubles. When you consult with a LIT, a trustee in bankruptcy, we will review your financial situation and give you all your options to deal with your problems which include credit and debt management, consolidation loan, informal proposal, consumer proposal, and personal bankruptcy.

Credit Counselling Services Vs Licensed Insolvency Trustee

Many people also seek advice from credit counsellors and debt counselors in Toronto to help them eliminate their financial troubles. Reputable credit and debt counselling services have highly qualified counsellors who are certified and trained in consumer credit, money and debt management, and budgeting techniques. When you meet with a credit counsellor or debt counselor, they should assess your financial situation and then identify all of your best options to get out of debt.

You can certainly get advice on how to deal with your mounting debts from Licensed Insolvency Trustees or accredited Credit Counsellors as both are debt management professionals in Canada. However, it is important to note that they each offer very different debt relief services.

A Licensed Insolvency Trustee (LIT) can provide a financial assessment of your situation and help you understand all the best options on how to repay your debt. Also, LIT’s (unlike credit counselers) can provide two statutory (legal) insolvency solutions in Canada that can eliminate debt:

  1. Personal bankruptcy
  2. Consumer proposal

Counselling for Debt Problems: Free Debt Advice Canada

Credit counsellors and debt consultants can give one-on-one counselling sessions to provide financial advice and information such as how to make a budget and create debt management plans to help you repay your creditors. However, they cannot provide specific advice on bankruptcies and proposals since this is not their area of expertise.

Then, of course, they cannot actually file a bankruptcy or consumer proposal for you. Only Trustees are licensed by the Federal government to administer proposals and bankruptcies in Canada. If a certified credit counsellor determines that your financial problems are too severe and that you are truly unable to make repayments, he may do either of the following:

  1. Recommend that you enroll in a debt management plan (DMP), or
  2. Refer you to a Licensed Insolvency Trustee for bankruptcy or a consumer proposal.

Whether you talk to a trustee or a debt counselor or a credit counseling company, it is important that they provide you with all the available options. Also, be sure to check that your initial conversation is free as it is with most trustees.

Don’t wait far too long to get the help you need. The longer you wait, the more difficult it will be to fix your problem. Usually, the longer you wait to talk to somebody about your problem the narrower your options get. Unfortunately, some people wait far too long to get the help they need, and when they finally do they don’t have other choices but to declare bankruptcy.

Debt Counselling Is a Good Alternative to Bankruptcy

What you should try to keep in mind as a consumer debtor is that debt relief is not just limited to bankruptcy. In Toronto, debt counselling and credit counseling are some of the safest and best debt relief solutions that can deal with your financial situation. It allows you to avoid bankruptcy.

Most people don’t want to go the bankruptcy route and will usually do everything they can to avoid it. If the specifics of your case allow that your monies owed can be settled either by eliminating or negotiating a lower payback amount, then it may be worthwhile to look into what credit or debt counselling can do for you before you consider bankruptcy as an option.

Our debt relief and credit counselling services at Richard Killen & Associates make use of a combination of tools to help you get out of debt. In addition to reviewing debt relief solutions, we also provide basic credit education to teach you about budgeting and money management skills to help you achieve financial goals.

At Richard Killen & Associates we believe strongly that while it is important to understand the main circumstance that started the accumulation of debt, it is more important to set in place a plan with guidelines to prevent the event from recurring. Therefore, your counselor or trustee, will identify the practical debt relief options available to you and also make sure to help you put measures in place to prevent problems from resurfacing in the future.

We provide a range of services for debt relief including:

Debt Counselling Toronto Free Financial Evaluation

When you meet with one of our insolvency specialists or one of our LITs, we will do a complete review of your financial situation. We will need basic information about your income, monthly expenses, current assets, the total value of money owed, including current balances on your credit cards, the APR on each account and other obligations you may have, such as payday loans and unpaid medical bills to have a good picture of your finances. In fact, pretty well about everything that concerns your finances.

You may have already asked yourself; how much is credit counseling? Most trustees, like Richard Killen, offer a free initial consultation. With credit counselling agencies in Toronto, the cost of services will vary. Some offer free initial consultations and some do not.

Debt Solutions Toronto

Once we know where you stand financially, we will review all your options for debt relief which can include the following:

  • Consolidation loans
  • Debt management programs
  • Debt settlement
  • Consumer proposal
  • Personal Bankruptcy
  • Maybe even just carry on doing what you’re doing because you’re on the right track already.

After we have put everything into perspective for you, you will probably know what the most applicable solution is for your situation. Each option has its pros and cons. We will discuss the advantages and disadvantages of a consumer proposal, personal bankruptcy, and consolidation loans. We will help you understand how each solution applies to your specific circumstances. Whatever choice you make, the key is that you fully understand what you’re doing and what the probable consequences will be. Whether it’s a debt repayment plan (DMP), a consumer proposal, or even bankruptcy, you have to be reasonably confident that it will work for you. Our goal is that we empower you to find a solution that puts you in control of your finances.

Financial Education Services

At Richard Killen & Associates we recognize that each of our customers has particular needs, so we make it a point to tailor our consultations to meet individual needs. There is no one-size-fits-all attitude around here.

As you work to resolve your debt problems we can provide help to allow you to identify the issues that have contributed to your financial problems. This will include tips and recommendations on:

  • How to create a budget
  • How to use credit wisely
  • How to rebuild your credit rating
  • How to identify and achieve financial goals
  • How to start over, get a fresh start and recover from financial disaster

Counselling is a viable alternative for those who are experiencing financial difficulty and wish to avoid filing for bankruptcy. However, there is no single solution that is right for everyone. The key is to have hands-on credit counselling with a licensed professional and talk about the advantages and disadvantages, the pros and the cons, of all your options so you can make an informed decision.

Offering Debt & Credit Counselling Services for Over 25 Years

If you are in need of debt relief because you are having problems and you are considering credit or debt counselling in Toronto, your first step should be to call Richard Killen & Associates at our toll-free number 1-888-545-5365. We will book you a FREE consultation (that’s right – FREE consultation) with one of our Licensed Insolvency Trustees or experienced insolvency specialists and we will explore all your options with you, resolve credit counselling questions and provide a credit counselling summary.

To know more about financial debt counselling and credit counselling, visit any of our 11 offices in the Greater Toronto Area, or call us now at 1-888-545-5365 and make the most stress-relieving calls you will ever make!

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“Serving Toronto & the GTA for over 25 years.”



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    About Richard Killen & Associates

    Since 1992, Richard Killen & Associates, a Licensed Insolvency Trustee, have helped thousands of people resolve their financial problems. With 25 years experience in this industry, our president, Richard Killen, and the rest of our team understand the difficulties that honest people can sometimes find themselves in. This expertise makes it possible to provide you with a service that effectively deals with the issues.

    Serving the GTA for 25 years