Debt Consolidation Fees Explained

The initial conversation, consultation, and exploration of options are always 100% Free. Our primary goal is to educate you, present you with your options, and then lastly work for you to help manage your debt so you can become debt free! Debt Management fees are paid on a monthly basis throughout the duration of the Debt Management Plan and typically makes up 15% of the total payment. This is not a yearly interest amount and only charged on the monthly payment which works out to be around 3% on average per year which is extremely less than the interest rate you are paying now on your debt.

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Example Of Our Fees & Cost Savings

  • Amount of Debt
  • Prior Interest per Month at 20%
  • Prior Monthly Payment
  • Prior Time to Pay Off Debt
  • NEW Monthly Payment
  • Monthly Fee ($75 + GST/HST)
  • NEW Time to Pay Off Debt
  • *Savings on the Debt Management Plan
*Savings are approximate and dependent on each clients situation

Real Life Example & Calculations

If you have $25,000 worth of debt with a 20% compounding interest rate (which most credit cards calculate on), each month your average minimum payment will be $750 as most credit cards calculate minimums at 3% of the balance. Out of this, $416 going towards the interest and only $337 being paid back towards the total of the debt. With this structure the debt would take over 81 years to pay off and cost thousands and thousands of dollars in interest.

With a Debt Management Plan, we negotiate on your behalf to reduce your interest rate to 0% (or as close to 0% as we can!). This lowers your monthly payment to something more affordable so you can pay off the debt faster. For the same $25,000 if we reduce the interest to 0% we can reduce the total payment to $500 per month. This $500 includes our fee of $75 + $3.75 in GST. Therefore $421.25 each month is paid towards the $25,000 debt and since there is no interest, the debt does not increase and will in fact reduce each month. With the debt structured this way it will take only 5 years to pay off the total $25,000 and you will save almost $20,274.00.

If you are ready to get started on the path to financial freedom, please contact us and one of our Credit Counsellors will be available to help you! You may also fill in the Budget Worksheet through our website here. Budget Worksheet .

How Our Fees Work

Our fees are automatically included as a portion (typically roughly 15%) of your monthly payment. Please note this is not a yearly 15% interest charge and a monthly fee amount. If your monthly payment is $100, $15 will be our fee +GST (HST where applicable) while roughly $85 will go towards paying your debt. The savings in interest that we negotiate on your behalf to as low as 0% will more than offset the minimal fees we charge. With the interest you are being charged monthly now with your balances never dropping, our fees are a percentage of the payment and therefore the same every month so you know exactly what you are paying and when you will be debt free!

Helping Canadian Consumers Become Debt Free For Over 30 Years!