Budget counselling services now available

Are you struggling financially?  Perhaps a financial intervention could help with your debt. It may be worthwhile to meet with a budget counsellor.

What does this mean?

Budget counselling allows you to take control of your finances with the help of a budget counsellor. This service uses their experience and training to help you determine why you are in debt, and to find ways to deal with the problem.

Advantages and disadvantages of budget counselling

• This service is confidential and you do not have to worry that your bank or your creditors will be notified or will find out about your financial situation.
• This service will help you determine what aspects of your spending habits are problematic and have serious repercussions on your lifestyle.
• There are no disadvantages to using budget counselling services. However, since some of these services are offered free of charge, you may have to wait some time before getting an appointment. And the longer you wait, the more difficult it may be to help you if you have already fallen far behind in your payments or have been threatened with legal action or service cut-offs.

Before you decide to meet with a counsellor…

Be aware that there are people who appear to be offering their help but they end up taking advantage of your vulnerability. Double check before signing anything and be sure to ask questions, notably with respect to fees:

• Is the first consultation free?
• What about the costs for any other subsequent consultations?

And if a debt consolidation or debt management plan/program is proposed to you, double-check before signing anything.

• What will be the total costs (they may be built into your overall monthly payment)?
• What is the length of the program that you are committing to, and what are the terms and conditions (for example, if you want to opt out)?
• Be wary also of any counsellor that pressures you to sign up for such plans/programs, without first taking the time to fully evaluate your situation and discuss options.
• Be sure that you understand all the implications of the plan/program (for example, what are your roles and responsibilities, if and how the creditors will be informed, what are the impacts on your credit report, can you use credit cards, are you protected from certain legal actions, what is the payment schedule, etc).