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Will my creditors accept the Credit Counselling Program?
Since we are an accredited agency, we have agreements with all major banks and retail companies . Most are willing to accept a credit counselling program.
Will all my creditors stop charging interest?
Credit counselling will request interest relief on all debts, however, we cannot guarantee all creditors reduce interest charges while others eliminate interest altogether. At your annual review, your counsellor will provide details of your program, including updated balances and interest charges.
What if I cannot make my credit counselling payment?
Your DMP is set up to be paid monthly and your creditors expect payment every month. Creditors may chose to refuse credit counselling and/or begin to charge interest if payments are not maintained. If an emergency arises and you cannot make your DMP payment, it is important that you call your counsellor. Your counsellor will notify your creditors and ask for their consideration for one month.
A poor payment history with credit counselling may result in creditors refusing a DMP and your creditors may initiate/resume other collection activities.
A good payment history may allow a creditor to consider waiving interest at the end of your program.
When do I make payments?
Your payments need to be made on or before the 25th day of each month. You may chose to pay weekly, bi-weekly or monthly but, you need to plan ahead to make certain your payment is made on time. Your payment can be made by Interact, money order, telephone or internet banking.
What if I want to know how my DMP is progressing?
Your counsellor will meet with you on an annual basis to review your progress and provide you with the details of your DMP. You may also call at any time and your counsellor can provide you with a printout of your DMP which lists all payments and the current balance of your debts.
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