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Debt Relief

Common options for debt relief in Toronto

Looking for reasonable solutions to get out of debt? We can help. At Phong Su & Associates LIT, we have helped people from all walks of life implement different forms of debt relief in Toronto. When you’re facing financial challenges, it’s important to speak to a qualified and experienced credit counsellor who will help you understand all your options before you make any decisions. Approaching a licensed trustee should be the first step you take if you’re struggling to get out of debt.
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Personalized solutions
to get out of debt

When it comes to debt problems, there’s no single solution that fits everyone. The strategies that work will vary from person to person. Though there are some strategies that work universally like learning new habits, when it comes down to making tough decisions like declaring bankruptcy or filing a consumer proposal, you need a licensed trustee to guide you on the way forward. Are you making several payments to different creditors? Perhaps consolidating your payments into a single payment would be easier and more manageable. There are several options for debt consolidation. At Phong Su & Associates LIT, we can help you review all your options and determine which is best for your situation. If you need help from us, reach out and we will provide you with all the information you need to make a good decision for yourself and your family.

Common options
for debt relief in Toronto

A debt reliefcan help you
deal with all forms of unsecured debt including

Debt consolidation

Consolidation involves taking new credit and using it to pay off smaller amounts owed to different creditors. This option of debt relief can make repayment of debt a lot more automatic and affordable since the new loan is usually offered at a lower interest rate. It can be a good option if you have several outstanding debts and you’d like to make repayment more manageable. However, consolidation doesn’t eliminate your debt, it just makes it more manageable.

Credit counselling:

You can approach a non-profit credit counsellor to prepare a DMP, commonly known as a debt management plan, that allows you to pay back your debts over a period of time. Your creditors have to accept this option and you only make a single payment to the credit counselling agency every month. The advantage of this option is that you may receive some interest relief that lowers your total debt and makes the monthly repayments more manageable.

Debt settlement:

Another option is an informal debt settlement that you make with your creditors to pay off part of your debt. Consumer proposal: This option involves a legally binding settlement between you and your creditors that will require you to pay a portion of your debts over a period of time, usually a maximum of five years. All debts are then discharged at the end of the proposal period and you can start rebuilding your credit score.

Get debt
help immediately

At Phong Su & Associates Licensed Insolvency Trustee, we believe in fixing things before they become a real problem. We’ve been approached by many clients whose debt problems started long before they came face to face with their reality. We do understand that everyone has different circumstances and priorities which means that debt loads will always vary from person to person. That’s why we always offer tailored solutions. All our solutions are customized to you and your unique situation. 

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