Our Services

Consumer Proposal

A Consumer Proposal provides a mechanism to modify payments to your creditors. It achieves this by reducing the total amount you need to repay and extending the repayment period, typically up to 5 years, all without incurring any interest charges .A Consumer Proposal offers a pathway to adjust your payments to creditors, typically by reducing the amount owed and extending the repayment period by up to five years, all without interest. This option allows you to settle your debts, avoiding bankruptcy while halting any actions from creditors, such as harassing calls, wage garnishment, or legal proceedings.

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Debt Consolidation

Debt consolidation is a financial strategy that combines multiple debts into a single loan or payment plan. This approach can simplify debt management, lower interest rates, and reduce monthly payments. It helps streamline finances by converting several payments into one. This method can provide financial relief and improve cash flow. It is also called as Orderly Payment of Debts (OPD) available only in Alberta, Saskatchewan, Prince Edward Island, and Nova Scotia.
Credit Matters serves as a trusted ally in guiding individuals through debt counseling and the implementation of Debt Management Plans (DMPs).The journey begins with a comprehensive assessment of the client’s financial situation, where experienced counselors and financial planners create personalized strategies. With a realistic budget as the cornerstone, we make clients learn to optimize resources and make informed financial decisions. Credit Matters empowers clients with the tools and knowledge needed for confident financial management. Our expertise in negotiating with creditors helps secure favorable terms, providing a pathway to financial relief and stability. Lets see different consolidation options

Debt Consolidation Loan
A Debt Consolidation Loan is a financial product designed to combine multiple debts into a single loan with a unified monthly payment, often at a lower interest rate. This type of loan can simplify debt management and potentially reduce the overall cost of debt repayment.
Eligibility is the borrowers typically need a decent credit score to qualify for a favorable interest rate. Lenders will assess credit history, income, and current debt levels.

Debt Management Program
For those with high-interest debt and less-than-ideal credit scores, options like balance transfers or consolidation loans might not be available. However, a Debt Management Program (DMP) could be a suitable solution.
In a DMP, you partner with a credit counseling agency to tackle your debts. Counselors negotiate with creditors to lower interest rates and waive fees, making payments more manageable. While your accounts remain separate, you make one monthly payment to the agency, which distributes it to creditors.

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Credit Counselling

Credit counseling is a service provided by trained professionals to help individuals manage their finances and debts effectively. It involves assessing an individual’s financial situation, providing education and guidance on budgeting, credit management, and debt repayment strategies, and offering personalized solutions to improve financial health.
Credit counseling is a vital service provided by trained professionals to assist individuals in effectively managing their finances and debts. At Creditmatters, our experienced credit counselors are dedicated to helping you navigate your financial challenges. They conduct a thorough assessment of your financial situation, including income, expenses, debts, and assets, to understand your unique circumstances.

Once your financial assessment is complete, our counselors work closely with you to develop a tailored budget based on your income and expenses. They provide valuable education on essential topics like budgeting, credit management, and debt repayment strategies, equipping you with the knowledge and tools to make informed financial decisions.

Our credit counselors evaluate your debts and explore various debt relief options available to you. If suitable, they may recommend enrolling in a Debt Management Plan (DMP), where they negotiate with creditors to lower interest rates and establish a structured repayment plan. Throughout this process, you make one manageable monthly payment to Creditmatters, and we handle the distribution to your creditors.

The primary goals of credit counseling are to help you effectively manage your debts, improve financial literacy, enhance your credit score, and alleviate financial stress. At CreditMatters, our dedicated team is committed to providing you with comprehensive credit counseling services tailored to your specific needs. We are here to offer ongoing guidance and support, empowering you to achieve better financial health and stability.

Strategies to maintain good Credit score:

1. Pay all bills on time to avoid late payments.
2. Set up automatic payments or reminders to ensure timely payments.
3. Reduce credit card balances to improve your credit utilization ratio.
4. Keep old accounts open to maintain a longer credit history.
5. Use credit accounts occasionally to keep them active.
6. Have a mix of credit types (e.g., credit cards, loans) for a positive impact.
7. Limit new credit applications to avoid lowering your score.
8. Apply for new credit only when necessary.

Credit Score Ranges:

1. Poor: Below 580
2. Fair: 580 – 669
3. Good: 670 – 739
4. Very Good: 740 – 799
5. Excellent: 800 and above

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Bankruptcy

Bankruptcy can offer a powerful solution for individuals struggling with overwhelming debt, providing a legal way to clear unsecured obligations like credit card debt, personal loans, and medical bills. It halts collection actions, protects assets, and gives you a chance to rebuild your financial future. At Creditmatters, we guide you through the bankruptcy process, helping you understand your options and the impact on your financial well-being. Our goal is to help you make an informed decision and regain control of your finances for long-term stability.

Bankruptcy provides a fresh start by clearing unsecured debt within 9 to 21 months, offering individuals relief from financial burdens. Once bankruptcy is filed, it halts collection activities, including wage garnishments, court actions, and creditor harassment (except for specific family or provincial court orders).

The bankruptcy process is managed by a Licensed Insolvency Trustee (LIT), who is certified by the Office of the Superintendent of Bankruptcy. While Creditmatters is not a LIT, we help you understand your debt relief options and assist in assessing the long-term impact on your financial health. If you decide bankruptcy is the right choice, we will refer you to a qualified LIT for filing.

Alberta Bankruptcy Exemptions

Under provincial law, several assets are protected from seizure during bankruptcy. These include:

• Personal Effects: Items valued up to $4,000.
• Vehicle: One vehicle valued up to $5,000.
• Home: Up to $40,000 in equity for your home or mobile home.
• Tools of the Trade: Items used for work, valued up to $10,000.
• Registered Savings Plans: RRSPs, RESPs, RRIFs, RDSPs, and DPSPs remain protected.

It’s important to note that your spouse’s finances are not impacted by your bankruptcy unless they are a co-signer or guarantor. Also, if your vehicle or home has no equity above the mortgage or financing, it may not be affected by the bankruptcy. If you are self-employed, you can continue your business operations while bankrupt.

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Mortgage Assistance

Investment and Savings Planning: Our team helps individuals create investment portfolios with principle guaranteed investments and other wealth-building strategies to secure their financial futures. We also help business with the corporate savings plan.
Retirement Planning: We assist clients in setting realistic retirement goals and creating personalized savings strategies, including RRSPs and pension plans.
Estate Planning and Asset Protection: We assist clients in creating comprehensive estate plans, including wills, trusts, and powers of attorney, to protect their assets and ensure their wishes are carried out. Our team also offers tax-saving strategies to minimize tax liabilities and maximize wealth preservation.
Tax-Saving Strategies: Our in house experts provide guidance on tax-efficient investing and other strategies to minimize tax liabilities and maximize wealth preservation.
Business Loans and Financing: For entrepreneurs and business owners, we provide assistance with business loans, financing, and strategic planning to help grow their businesses and achieve their financial goals. From startup funding to expansion capital, we help businesses access the financial resources they need to succeed.
Kids Education Planning: Planning for children’s education is a priority for many families, and we offer tailored strategies to help parents save for their children’s future education expenses. From RESPs (Registered Education Savings Plans) to other investment options, we help parents navigate the best ways to fund their children’s education

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