Helping Canadians Get Out of Debt

Frequently Asked Questions

How long has Creditaid been in business?
We have been helping clients get out of debt since 1992.

Is this service confidential?
Yes, all client meetings and information is confidential.

Is there a charge for this service?
Our initial meeting is free of charge. This meeting includes a complete evaluation of your financial situation. Once we have a full understanding, we then make recommendations on what best suits your circumstances. Fees will vary depending on the proposed solution. Our fees will be more than offset by interest rate concessions we negotiate with your creditors. Our service will save you money and avoid bankruptcy.

Do you lend money?
No, we do not lend money. We provide guidance on loans and mortgages if that becomes one of the possible solutions. In many cases, we help consolidate your payments without you needing to borrow money.

What types of debts can be included with the program?
The type of debts we work with is unsecured debts which include; credit cards, lines of credit, bank loans, collection agencies, Payday loans, and many others.

How long will it take me to pay off all my debts?
It depends on many factors including what your ability is to pay. The program runs for approximately 60 months.

Will my creditors be informed of what I am doing?
Your creditors will receive notification of the program only once you have agreed to move forward.

What should I do if my creditors or a collection agency call me?
If you receive any calls, you can inform them that you have met with Creditaid for credit counselling and they can contact us for further information if required. We will handle all calls on your behalf.

Will my employer know that I am in a credit counselling program?
We do not notify your employer.

Will this program impact my mortgage?
The objective of the program is to help bring the unsecured debt under control to ensure that you can continue to make your mortgage payments.

Can you help if legal action has been initiated?
Yes, in most cases we can work with the creditors to find a solution that will meet their expectations.

Will the phone calls from creditors and collection agencies stop?
The phone calls will eventually stop once the program is in place and payments are being made on a regular basis.

How will this affect my credit rating?
Our primary objective is to assist you with a plan to make regular payments to your creditors. Creditors report the repayment program differently, some as payment as agreed while others report it as not being current. The goal is to be debt-free at the end of the program while managing your life. Credit counselling, in fact, may improve your credit rating. Debt included a credit counselling program is removed from your credit files 2 years after the debt is paid off. For consumer proposals, the debt is removed after 3 years, and bankruptcies is 6 years at the earliest.

Will I be able to continue to use my credit cards?
No, you will be asked to provide us with your credit cards so that they can be destroyed.

What information do I need to bring with me to an appointment?
You will have to bring copies of all your bills, pay statements, and bank statements.

If the program becomes unmanageable what do I do?
You are asked to stay in touch with Creditaid and keep us informed should your circumstances change. We will provide guidance and assistance as required throughout the entire program. We are with you all the way, and our doors are always open to provide assistance.

Do you work with trustees?
We do have established relationships with trustees and will refer if that is the best solution for you.