QUESTIONS
What do we do at Debtco Canada?
We help people and companies to settle their debts based on ability. We take away the stress while creating and implementing restructuring plans that:
- Stop legal actions, garnishments and collections
- Reduce Canada Revenue Agency taxes
- Settle credit cards, loans and other debts.
- Assist with mortgage negotiations if required.
Can Canada Revenue Agency debt be settled?
Yes it can and we have arranged for settlements under 10 cents on the dollar. Results will vary, but the Government of Canada has to do what is best for the people of Canada and 30% on the dollar is better than the alternative.
How long will it take?
Every situation and solution is unique, it can take anywhere from a few weeks to a few months to get everything sorted and finalized. Timing is very important to the restructuring process and a well thought out plan with the right timing is essential to the turnaround.
What results to expect?
Expect to significantly reduce the amount of debt you will be required to pay back. At Debtco we arrange for the reduction of debt down to an average of 27 cents on the dollar interest free, with a payment schedule over 5 years. That being said we have arranged for settlements as low as 4 cents on the dollar.
What assets can I keep?
Every situation is unique and each province has different rules. Contact us so we can give you a free assessment of your situation. This is super important info as you don't want to be liquidating protected assets to pay bills.
Can I keep my home, car and still restructure my debts?
In most cases you keep your car and home while restructuring your finances. There are rare cases where this might not be possible so contact us for a free consultation and we can go over your unique situation. Income, expenses, assets and liabilities will help to determine what the best option is for you.
What happens to my credit rating?
It all depends on what you do, as your credit is affected by many different factors. We can help with credit rebuilding which can be done quickly with our credit rebuilding program. The key is to learn what credit rating and score is and how it is impacted by taking different actions.
How can I re-establish credit after restructuring?
We have a credit rebuilding program that is included in our service which helps to re-establish credit. Getting credit cards and car loans after restructuring is actually quite easy these days.
How can I stop collection calls or wage garnishment?
It is possible to get protection from creditors very quickly, and there are several formal filings that can stop a wage garnishment instantly. Our free consultation will explain just how quickly that can happen in your unique circumstance. We are here to help and hold your hand through the process.
Can I restructure student loan debt?
Student loans can only be restructured if they are older than 7 years, and the amount settled depends on if you graduated and currently work in your field of study.
What are my alternative options to get out of debt?
Credit Counselling (debt pooling) - You pay a credit counsellor, and the credit counsellor pays the creditors after deducting a percentage fee, generally at a reduced interest rate. (This can take many years to pay off your debts)
Do Nothing - Continue to make minimum payments on your debts. This can sometimes take over 100 years to pay off your debts if you choose to ride the debt treadmill of life.
Borrow Money - It may be difficult to find a lender, and the harder it is to borrow money the higher the interest rate will be.
Sell Assets to pay off debt - Works in some scenarios, however some assets are exempt from creditor seizure so contact us if you have any questions.
Informal Settlements - Cutting a deal with your creditors to arrange a payback plan over time, perhaps at a reduced rate. We have a lot of experience here.
Consumer Proposal - A deemed court approved or court approved settlement with the creditors at a reduced amount over an extended period of time interest free. We can be there with you through the process.
Bankruptcy - A legal process that is an application for forgiveness of debt, but will lose some of your assets during the process depending on the province. We are happy to provide a free consultation to show you what that looks like for you.
At Debtco we work with you and show you how you are impacted by all the options. We are in your corner until the problem is solved.