Joel Grise of K3C Credit Counselling was today’s Ask the Expert on CTV Morning Live.

Professional debt advice is free from Licensed Insolvency Trustees. They will explain all your options so you can decide the best solution for your situation. For more information about debt help services in Ontario, please call 519-310-JOHN (5646) or contact us via:

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Adamson & Associates offer bankruptcy, consumer proposal, credit counselling, and other debt help services in London, St. Thomas, Windsor, Kitchener / Waterloo and Chatham, Ontario.

There are a lot of misconceptions about what the Debt Repayment Scheme (DRS) is. For one, it is NOT a scheme that you can simply “apply” for when you cannot pay your creditors. It is “pre-bankruptcy scheme which is administered by the Official Assignee (OA) under the Bankruptcy Act (Chapter 20)”.

To put it simply, when you are sued for bankruptcy (or self-file to be a bankrupt), the OA checks your eligibility and assesses your suitability before placing you on the Scheme.

Language: English
Presented by Credit Counselling Singapore.

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Visit Credit Counselling Singapore – https://www.ccs.org.sg

Information on the Debt Repayment Scheme – https://io.mlaw.gov.sg/debt-repayment-scheme/about-debt-repayment-scheme/

Take our Online Debt Management Course – https://www.ccs.org.sg/get-help/odmc/

Address a Debt Problem – https://www.ccs.org.sg/debt-management/

Arrange for Financial Counselling – https://www.ccs.org.sg/get-help/appointment-documents/

Download Counselling Request Package – https://www.ccs.org.sg/sdm_downloads/crf/

Are you under debt review and looking for a way out? Or you’re over-indebted and looking for an alternative to debt review? Watch this video and learn more.

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Disclaimer:

I am a financial coach, if you are looking for financial advice please contact a financial adviser who’s registered.

What happens when you enter into a debt consolidation program?

Debt consolidation companies often promise to consolidate your debts and negotiate settlements with your creditors. These companies frequently advise people to stop paying their debts and to make monthly payments to the debt consolidation company instead. This is done with the hope that the company will be able to use those funds to settle certain debts.

Will a debt consolidation program stop creditors from reporting negative information to the credit bureaus?

Unfortunately not. If you fall behind or stop paying on a debt, the creditor is permitted to report the late or missed payments to the credit bureaus.

So, even if a person is current on the monthly payments to the debt consolidation company, they can still be delinquent on payments to their creditors.

Entering into a debt consolidation program does not automatically change the terms of a person’s agreement with a creditor. Unless your creditor agrees to change the repayment terms, you will remain bound by the payment terms of your agreement with the creditor.

The creditor is also permitted to take action to collect the debt, such as collection calls, lawsuits, and garnishing a person’s wages or a bank account, and the creditor can report delinquencies to the credit bureaus. Reports of missed payments to the credit bureau can hurt your credit score and impact your future borrowing capabilities.

How will your credit be impacted if the debt is settled?

If your creditor agrees to accept a balance less than the full balance that you owe to settle a debt, the account will still remain on your credit report.

Additionally, any missed or late payments prior to the settlement being reached will remain reported as well. Your credit report should reflect that there is no longer a balance owed. However, it is likely to also reflect that the debt was settled and not paid in full.

Should someone who is considering a debt consolidation program also consider bankruptcy?
Yes. It is common for people to believe that a debt consolidation program is a better option than bankruptcy due to concerns about the credit impact. However, the negative credit consequences associated with debt consolidation programs are less commonly understood.

There are actions that people are able to take to overcome credit challenges and accomplish their financial goals. In many instances, eliminating or restructuring debts through bankruptcy may put an individual in a better position to be able to rebuild credit quickly.

At Financial Freedom Legal, we offer free bankruptcy consultations that can be completed via telephone, Zoom, or in-person in Richmond, VA. We also offer flexible scheduling and are happy to meet with you on evenings and weekends.

Generally, an appointment takes approximately 1 ½ hours to complete. At this appointment, you are able to explore your options with an experienced debt relief attorney. There is no obligation to file. If you are considering debt consolidation, we strongly recommend also taking the time to learn about your options under bankruptcy.

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Hear the story of Ashley and Chantal, a married South African couple who overcame financial struggles through the power of debt counselling. In this video, we share their journey from relationship strain caused by finances to a harmonious and debt-free life.

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For a free informational series (called “Seven Steps”) on what to do if the debt collectors sue you, go to https://yourlegallegup.com/pages/sued_for_debt_action_steps. It’s free and informative, and there’s no obligation. Along with the companion article at http://yourlegallegup.com/pages/Mediation, this video helps the pro se defendant prepare for mediation. warns of pitfalls that could cause you to lose your shirt in mediation and shows you how to come out ahead. Explains how the mediation process works, how the mediator will probably run the session and what he or she will say, and even what the debt collector’s lawyer is probably going to say. This video tells you exactly what to expect so you can prepare for some of the pressures you’re going to feel without being surprised by them. Don’t Lose Your Shirt in Mediation! http://youtu.be/fBcs7OrNfOU. Your Legal Leg Up is a website and business designed to help ordinary people defend themselves from debt collectors before or during a lawsuit. Many debt collectors rely on unethical and unfair collections methods that violate the Fair Debt Collection Practices Act (FDCPA), which is the first and best source of debtor rights, among other laws.

What makes everybody have a good chance against a debt collector is simply the way the debt collection business works. Junk debt buyers buy huge “tranches” or “portfolios” of debt — sometimes many millions of dollars of “nominal” debt at a time. “Nominal” debt means that is the amount that is theoretically owed, although the companies selling it, like the companies buying it, “discount” the value of debt depending on how long it has been in default (or based on other risk factors). Debt collectors buy huge amounts of the riskiest debt for pennies on the dollar.

Then they harass and dun the people who supposedly owe the money for a while, and then they file suit, often against dozens or hundreds of people at a time. Because the debt collectors are doing everything in “bulk,” they cannot really spend much time on individual cases. If you fight them, therefore, you have an excellent chance to make them go away — it’s simply too profitable for them to pursue the many who do not fight rather than the few who do.

If you hire a lawyer to fight for you, they are more likely to drop your case faster, but if you fight them intelligently even without a lawyer you will have an excellent chance to win the suit on your own. And this, again, is because every time you file a pleading, a motion, or discovery, or pursue any of your rights or potentials in the lawsuit, and every time you force the debt collector to appear in court, you are costing them money — money they hate to spend on you when there are so many others who won’t fight.

Pam and her husband have a combined $630,000 in student loan debt. She asks Dave where she should start on paying that off.

Visit the Dave Ramsey store today for resources to help you take control of your money! https://goo.gl/gEv6Tj

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Welcome to The Dave Ramsey Show like you’ve never seen it before. The show live streams on YouTube M-F 2-5pm ET! Watch Dave live in studio every day and see behind-the-scenes action from Dave’s producers. Watch video profiles of debt-free callers and see them call in live from Ramsey Solutions. During breaks, you’ll see exclusive content from people like Rachel Cruze, Chris Hogan, and Christy Wright —as well as all kinds of other video pieces that we’ll unveil every day.

The Dave Ramsey Show channel will change the way you experience one of the most popular radio shows in the country!

Q. I have a bad credit score. Can I get a debt consolidation loan?

A. Your credit score is a reflection of how you handle credit and debt. A bad credit score shows that you haven’t handled your credit accounts responsibly so a new creditor is unlikely to offer you a debt consolidation loan with a low interest rate.

Even though you may not qualify for a debt consolidation loan there is a way you can reduce your debt and save some money in the process.

It’s called debt negotiation also known as debt settlement. You can negotiate with the creditor or debt collector to settle your debt for less than what you owe. Of course, your lender will need to accept the settlement and agree to cancel the remainder of your debt. Most of them will agree to settle since they would get nothing if you decided to file for bankruptcy.

Plus, debt negotiation is not as severe a hit to your credit score as a bankruptcy filing.

If you don’t want to hassle negotiating with your creditors, you can hire a BBB accredited debt negotiation company to do it for you. Visit https://www.nationaldebtrelief.com to learn how to consolidate your credit card debt without bankruptcy.

What is debt counselling? More info here…http://www.debtcounsellinghelp.co.za

Debt counselling is the process that is intended to help restructure the debt obligations of consumers who cannot pay their debts. A consumer will have to involve a debt counsellor who will negotiate the restructuring of a consumer’s debt obligations with his or her credit providers. The purpose of debt counselling is to assist consumers in meeting their debt commitments.

If you need the help of a debt counsellor, simply visit our website and complete contact form online. We will call you back and take you through the process step by step. We will answers all your questions and explain your rights you have while in debt counselling.