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Debt Management
is an informal process of negotiation with unsecured creditors to obtain
a reduction in the repayment amount and / or a reduction in interest charges.
The negotiation involves providing proof to the creditor that the individual
is unable to meet all their contractual liabilities.
During a debt management program we will designate a professional debt counsellor who will calculate the amount you can afford to pay after giving consideration to your priority debts. We'll then help to negotiate repayment terms and distribute your monthly payment to your creditors on your behalf.
For instance, a credit card company may be willing to lower your interest rate substantially to make sure you are able to repay the balance you owe. In some cases, the bank may even be willing to accept a lesser amount than what you owe.
After all, it is in the bank’s best interest as well as your own to keep you out of bankruptcy court. Creditors recognize that people who enter a debt consolidation program are trying to repay their obligations in good faith.
During a debt management program we will designate a professional debt counsellor who will calculate the amount you can afford to pay after giving consideration to your priority debts. We'll then help to negotiate repayment terms and distribute your monthly payment to your creditors on your behalf.
For instance, a credit card company may be willing to lower your interest rate substantially to make sure you are able to repay the balance you owe. In some cases, the bank may even be willing to accept a lesser amount than what you owe.
After all, it is in the bank’s best interest as well as your own to keep you out of bankruptcy court. Creditors recognize that people who enter a debt consolidation program are trying to repay their obligations in good faith.
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