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You Have Questions
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Business Solutions and Credit Counselling Services (BSCC) has been working for over 20+ years assisting consumers throughout Canada with their debt burden and financial hardships. We have the experience and know-how to find solutions to your challenging predicament. Please refer to this section with answers to some of your possible questions.
FAQs
What Can I Do To Start The Process?
First, contact BSCC. Once you contact our office, we will assess your financial ability to payback your debts and recommend the most appropriate course of action based on your financial ability and unique situation. If you’re not ready to contact BSCC, we recommend calling each and every creditor, explaining to them why you’re unable to make payments on-time and suggesting an arrangement that works for both parties. You might be surprised to find many creditors are more than willing to cooperate with you.
What Are The Benefits of Working With BSCC?
As BSCC is not a Licensed Insolvency Trustee (LIT), we only represent our clients. This allows us to provide additional solutions in areas where an LIT may not be able to assist you, from the credit rebuilding process and credit bureau error correction to ongoing support for our clients even after they have completed their debt settlement process. This is one of many advantages of working with BSCC, as we continue providing ongoing support to our clients as required.
Is My Information Kept Confidiential?
Will Creditors Stop Harrasing Me?
Yes! By law, all collections activity including phone calls and other correspondence must cease the moment documents are filed with a LIT. While this doesn’t apply to all secured creditors such as bank-funded mortgages, liens or car loans, BSCC can show you the most favourable resolutions available based on your individual circumstances.
What Kinds of Debt Can Be Consolidated or Included in Insolvency?
All unsecured debts like Credit Cards, Line of Credits, Income tax debts and secured loans such as Truck & Trailer loans can be consolidated through the Home refinancing option or eliminated by filing for an Insolvency option. Secured loans like mortgages and vehicle loans can be retained if monthly payments are paid on time and kept in current status.
When Will My Interest Rates Start to Go Down?
Most creditors will stop the interest rate immediately upon acceptance of a Consumer Proposal with a LIT. Secured creditors will continue occurring interest charges in case you decide to retain the secured accounts.
Is a Consumer Proposal Similar to Bankruptcy?
No. Bankruptcy is a negative remark that stays on a consumer’s credit bureau for 6 years from the date of Discharge and negatively affects creditworthiness, whereas a Consumer Proposal is removed from your credit bureau three to six years after the filing date depending on if the Consumer Proposal is paid in full early. A Consumer Proposal will stay on your credit bureau for three years after the last payment date or maximum of six years from the date of filing.