Dealing With Debts in Collection

30 December 2014

Dealing With Debts in Collection

Many people have had financial difficulties in the past for a whole number of reasonsWhether it was caused by a failed relationship, the loss of a job or simply indiscretions of youth, anyone can find themselves in a tough financial situation. As a result, bills go unpaid and at some point they get sent to a collection agency.

Besides all of the harassing phone calls and intimidating letters, these collection accounts have a negative impact on your credit score and your ability to access credit or to own a home.

So what can you do to fix the situation?  Well, it didn’t happen over night so it’s going to take some time to resolve.  The first thing you need to do is find out who you owe and how much.  If you don’t have your account information then we recommend contacting the 2 credit reporting agencies, Equifax and Trans Union to get a free copy of your credit report.

Once you have a list of all of your debts you need to sit down and figure out your monthly income and expenses.  This will help you determine how much you have left over month to apply towards your debts.

Now it’s time to figure out the best option that will allow you to clear up your debts at the most reasonable cost and with the most affordable payment.  The professionals at Powell Associates Ltd. will sit down with you to review the various options and help you find the solution that is best for you.

For a free consultation over the phone or in person in Saint John, Moncton, Fredericton or Charlottetown, please contact us.  Powell Associates Ltd. is a licensed insolvency trustee focused on providing debt settlement, proposal and bankruptcy solutions for individuals and businesses.