Declaring bankruptcy is a major decision, it has long lasting consequences, the act of declaring bankruptcy impacts your credit rating, making it very difficult to get credit once you have been discharged. You will be faced with proving to potential creditors that you can be trusted, even if you are granted credit it will often be at a very unattractive interest rate. Not having access to credit in this day and age is akin to putting your life on hold.
There are alternative debt solutions in Moncton NB. There are about eight solutions, even by combining them you should be able to find something that works for you. Of the solutions available, four that might work are consolidation loans, repayment programs; debt settlement and consumer proposal. Let’s have a look at how they work.
Debt consolidation and debt repayment:
This debt solution entails consolidating all your outstanding debt and your bills into a new loan. This often works if the individual develops a meaningful budget, for others simply consolidating their current monthly payments make more sense.
When you consolidate all your debt you are not borrowing more money, you are simply using the proceeds of a single loan to pay off all your current debt. Because you are not borrowing more money you will not have a problem with bad credit. The amount you pay every month is what you can afford after taking care of your living expenses.
Settling debt:
There is no doubt that debt consolidation loans can help get your debt load under control. People do not want to declare bankruptcy; they consider it because at the time it appears the only way out. You may be surprised that your creditors will be happy getting only a portion of what you owe. Creditors know full well that if the debtor declares bankruptcy they get nothing, they are often willing to settle for less than what is owed.
Consumer proposal:
At times, a legal debt solution in Moncton NB might be what you need. A consumer proposal is something that is arranged by a trustee; by making agreed upon monthly payments you pay back a proportion of your debt.
The option that is best for you is based on your particular situation. You may have been struggling, trying different things, none of which worked. If you lay out your situation to a credit counsellor he or she will be able to look at your situation objectively, opening your eyes to new possibilities to debt elimination.
There are a number of alternative debt solutions in Moncton NB that may or may not be suitable for your particular situation. To review the possibilities you are invited to arrange a meeting with Powell Associates Ltd, they have the expertise and experience to help you find a solution that works for you.
