Originally posted 2010-03-23 09:09:17. Republished by Blog Post Promoter

If you’re a Canadian having debt difficulties, and you’re looking for definitive resources to turn to for information and guidance, you’re in the right place. Last week, I did some research and came across 4 of the best sources for you to turn to. 2 of these are government agencies, 1 is a forum, and the 4th is a source I’ve personally used and recommended.

I’ll list these 4 resources in reverse chronological order, down to the resource I personally recommend.

Let’s start with the government agencies:

#4: The Financial Consumer Agency of Canada

The FCAC "provides consumers with accurate and objective information about financial products and services, and informs Canadians of their rights and responsibilities when dealing with financial institutions."

The consumers section of the FCAC site provides information on:

* Your Rights and Responsibilities

* Banking and Insurance

* Credit, Loans, and Debt

The FCAC also offers the site, MoneyTools.ca, which serves as an online comparison and savings guide for financial products and services.

#3: Canada’s Office of Consumer Affairs / Industry Canada (www.ic.gc.ca)

The Office of Consumer Affairs has a broader mandate than the FCAC. At the time of this writing, the OCA has a focus on cellphones, debt, digital television, and identity theft.

A key offering of the OCA is the Canadian Consumer Handbook, available online in .pdf format. It covers a wide range of consumer-related topics, debt being one of them. With regard to debt, it covers:

* The warning signs of debt

* Starting a budget

* Budget/credit counselling

#2: Canadian Money Advisor

CanadianMoneyAdvisor.ca is not a government institution, but rather, a forum where fellow Canadians discuss current news and share their experiences with financial institutions, products, services, and programs. It has been around since 2005.

Emergency funds, bankruptcy, and debt settlement are just 3 of the 18+ topics discussed in the Canadian Money Advisor forum.

#1 Canada Debt Settlements (www.CanadaDebtSettlements.com)

Debt settlement is a relatively new growing alternative for Canadians facing credit and financial hardship. Quite simply, debt settlement is where a debt settlement company works on your behalf to reduce your debt by negotiating a reduction of the amount you owe on your debts.

* The right debt settlement company can can inform you of all the options you have available to you, and can advise you as to which debt solution would be best for you. You make the final decision that will best help you to eliminate your debt

* With debt settlement, your debt can be reduced by up to 80%. This is done through the debt settlement company’s negotiation process

* Usually, no lawyers or complicated legalities are involved. A debt settlement specialist who understands the Canadian personal consumer industry simply approaches the banks you owe, and arranges for you to get your debt eliminated…and you only pay as little as 20% of what you owe (plus a fraction of what the debt settlement is able to save you)

* With debt settlement, your credit rating is not damaged any more than it already has been. That is, your credit record won’t indicate that you used debt settlement. This is important, because there are 3 other debt options (bankruptcy, credit counselling, and consumer proposal) that leave a negative indication on your credit record. This negative indication will be raise a red flag to anyone you grant access to your credit information

* With the right debt settlement company, you won’t be put into any long-term programs that charge you a monthly fee

* With the right debt settlement company, you only pay if the company is able to significantly reduce your debt. And…you pay a fraction of what they save you

Canada Debt Settlements, based in Richmond Hill, Ontario, is one such company. I like them because Aaron Johnston, who’s one of the company’s founders, was able to explain to me what all of my options were. He didn’t try to hard sell me or make me think that debt settlement was my only option. In fact, as I write this, I haven’t yet fully enrolled in their debt settlement program. Even then, in my discussions with Aaron, I’ve learned a lot about the Canadian personal debt industry. I believe that debt settlement is a great solution that not enough Canadians know about.

Canadians: Who Else Wants To Reduce Their Debt By At Least 40-80%…Or Else You Don’t Pay? Phone 1-877-475-3939 for a free, confidential consultation. CanadaDebtSettlements.com specialzes in Canadian debt settlement.

Article Source: ArticleSpan

Filed under: Debt Collection Articles

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