Credit Counselling Cambridge
Managing your finances, especially when you have a lot of debt, can be overwhelming. With determination and the right resources, you may be able to mend your finances on your own. However, if you’re struggling to pay your bills or to tackle mounting debt, you may need help. Most of the clients that we see at Expert Mortgage, have been given advice by a trustee in bankruptcy. These trustees try and push their clients towards credit harming strategies like bankruptcy, consumer proposal, and credit counselling in Cambridge. In this article by Expert Mortgage, we will talk about why you should avoid these strategies at all costs. Read on for more information.
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In what cases does it make sense to talk to a credit counselor?
- If you are struggling to meet your monthly credit card and/or mortgage payment, considering bankruptcy, or just want help setting and meeting your financial goals, it’s a great idea to seek free advice and resources.
- If you are considering or have been turned down for a consolidation loan for your unsecured debt (for instance, credit cards and personal loans), you might be a good candidate for a debt management plan administered by the credit counseling agency.
- If you are considering purchasing a home, a credit counselor can provide pre-purchase counseling.
- If you are struggling with debt, a credit counselor can help you navigate the crowded debt-relief space and avoid scams.
How does credit counselling in Cambridge affect my credit score?
A Canadian consumer cannot enter a debt management program such as consumer credit counselling and escape notice from present and future creditors. When you sign up for a credit counselling service, a note is made on your credit report that indicates you are currently enrolled in a special program to manage your debt repayment. That note will make it harder to qualify for new credit while you are still repaying the debt covered under the credit counselling agreement. Once your debt is repaid, the note does not immediately drop off your credit report. Instead, it remains there for 2-3 years, alerting potential creditors that you have had difficulty paying your debts in the past.
What can Expert Mortgage do for you?
Simple. Debt consolidation and refinancing. These are just a few of the strategies that we can assist you with as a means of debt relief. The best part is, these strategies do not damage your credit score, and do not go on your credit record! If you are trying to get a first, second, or even third mortgage, debt consolidation and refinancing can help you pay off lingering debts and find you a better rate.
For more information about why you should avoid credit counselling in Cambridge, please feel free to continue browsing through our website. Click here to find our contact information and to fill out our contact form.