If you are experiencing financial difficulties or “money trouble” you probably have a lot of questions. What are your options for paying for the debt? What option is best for you?
There are a variety of options when you are experiencing money trouble. The starting point is a private, person to person consultation with a F. J. Zielski & Associates Inc. advisor, who will answer your questions and get you on the road to recovery. Visit one of our three locations (Belleville, Kingston, and Trenton) or call us in Cobourg to get started.
Credit counselling can help you pay your creditors in full by reducing your payment. Talk to a credit counselling agency about a Debt Management Plan today.
A consumer proposal is an alternative to bankruptcy, where you offer to pay your creditors a percentage of what you owe them over a specific period of time. It is a compromise of your debt, where by you are able to retain your assets. The amount you pay depends on your personal situation and the amount of money you make.
Bankruptcy is a legal process to help someone with money problems to receive a financial fresh start. When you declare bankruptcy, the trustee steps into your financial shoes and deals directly with your creditors for you.
Instead of credit counselling, bankruptcy or a consumer proposal, there are several other options that may be right for you. Your F. J. Zielski & Associates advisor can help you explore:
With this kind of arrangement, you can contact your creditors directly and arrange with them to pay off only a percentage of your debt or pay down your debt over a period of time. Before this arrangement can work, your creditors must agree to it, and you may have to sign a contract.
With this option you deal directly with your bank to obtain a consolidation loan to refinance your debts into one new loan.
Unfortunately, if you are not proactive and follow one of the above options, your creditors will continue to demand money using collection agencies and will ultimately take legal action.
Recognizing the problem is the first step, doing nothing isn’t a solution – contact us today!
These downloadable forms will give your F. J. Zielski & Associates advisor the information they need to assess your situation so you can make the right decision. Please complete the form as best you can and bring it to your free consultation. You may also be interested in downloading our monthly expense tracker to help organize your purchases.