The Quick Guide to Eliminating your Debt
Are you in debt and struggling with how to fix it? Don’t worry, you’re not alone, and it’s easier than you think to take the first step. We’ve outlined the process to help you get started on destroying your debt.
Step 1: Download your Free Credit Report
If you are unsure of who you owe to and how much, as a Canadian consumer you are able to acquire your credit report via phone, mail or online through the following Canadian credit bureaus : Transunion & Equifax
Transunion: Create an account on Transunion’s “Online Customer Solutions” page in order to request your free credit reports online. You can also obtain your consumer disclosure through Transunion via phone ( 1-800-663-9980) or mail. You will be asked to verify your identity over the telephone when using that option.
Equifax: Create a “myequifax” account through their website in order to request your free credit reports online. You can also obtain your credit report through Equifax via phone (1-800-465-7166) or mail. You will be asked to verify your identity over the phone when using that option.
It is advisable to obtain your credit report from both bureaus as creditors may not report to both, and the information on the reports may differ.
Step 2: Let’s Talk!
We start by sending you a Budget Worksheet where you fill out a list of known debt, balances, take home pay and expenses.
Once we have all that important information, we then schedule a free 30 minute phone consultation with you to go through your budget and check if the recommended payment plan will work.
Once that is complete and if the plan works for you and your budget, your creditors are contacted at this point to get started with your interest and payments being lowered; our goal is to help you create a livable and achievable plan.
Step 3: Follow Your Personalized Plan
We understand everyone’s budget will look different. This is why every client gets a personalized debt management plan. We do all the calculations to customize your budget, and we negotiate with creditors to get you the best rate possible. Once your personal plan has been made, stick to it! We’re here to help every step of the way.
Step 4: Become Debt Free!
Consumer Credit Counselling
If you are having trouble budgeting and have debt to repay, please contact us for a free consultation at 1-800-565-4595 or email info@debtfreecanada.ca and we can look at helping you with a Debt Management Plan or another consolidation option.