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WHO IS
ELIGIBLE?
We help any
Canadian who is having difficulty maintaining monthly payments
on Credit Cards and unsecured loans.
DO CREDITORS
AGREE TO THIS PROGRAM?
Yes!
Creditors realize people sometimes have difficulty meeting
monthly payments. Creditors will work with us to see you
become DEBT FREE.
DO YOU CHARGE
A FEE?
Yes we do charge
a monthly fee for this service. The fee is included in
your monthly payment. Our fee is based on the number of
creditors involved in the plan and your ability to pay.
The creditors will usually reduce or eliminate their monthly
interest charges, which will reduce the time it takes you to
become DEBT FREE and it can help offset the monthly fee for
this service.
WILL MY CREDIT
BE AFFECTED BY DMP?
Yes. Your
creditors will rate your accounts with an R7 rating with
Equifax and Trans Union indicating you have entered a
voluntary payment arrangement. The R7 rating will
disappear three years after completing your DMP.
WHAT KIND OF
DEBTS DOES BCCSL HELP WITH?
We help with
unsecured debts such as; Credit Cards, Lines of Credit and
Personal Loans. We work only with debt that is not backed
by an asset or security.
ARE THERE ANY
ALTERNATIVES TO DMP?
One alternative
to a DMP maybe a one time debt settlement of debts negotiated
on your behalf with your creditors.
Another
alternative which may assist you, is to obtain an equity
consolidation loan against any property owned by you. We
may recommend you talk to a mortgage broker who specializes in
high ratio challenged credit lending.
CAN WE HELP
EVERYONE?
No. But we
can help most people who have debt problems and who show a
desire to pay their debts. If we are unable to help
you due to lack of income or job or excessive debt, we will
suggest alternatives as well as provide you with the name of a
respected trustee in bankruptcy. |