Credit counselling and debt settlement services
How do credit counsellors work?
When you meet with a credit counsellor about repaying your debts, they review your bills and your budget. If you decide to hire them, they help you choose which of your past due bills are most urgent. They help you figure out how much you can put toward repaying what you owe each month and still have enough to live on.
The credit counsellor contacts your creditors to let them know you are working with them to come up with a debt repayment plan. Sometimes credit counsellors can get creditors to agree to accept less money as full payment of their bills or to lower the interest rate you are paying.
Once you and your credit counsellor have come up with a debt repayment plan that fits your budget, you pay a set amount of money every month to the repayment plan. The counsellor uses that money to pay your creditors what the creditors have agreed to accept until the bill is paid. Once your plan is in place, your credit counsellor will talk to your creditors so they won't keep calling you.