Debt and Credit Solutions


Don't let your credit score define you.


Many people find themselves struggling with large amounts of debt resulting in a low credit score and no way to manage it. A sudden change in income, an emergency, or other unforeseen events can knock anyone off their financial feet.

Climb’s Debt and Credit Solutions can help you regain the confidence you need to re-build your financial future.


Debt and Credit Solutions

What is it?

PROS


CONS


Debt Management Plan



A Debt Management Program is designed to help you pay back all your debts in a way that is manageable for you.

  • Debts are reduced to monthly payments.

  • Creditors stop harassing you.

  • Interest rates are eliminated or significantly reduced

  • Prevents future penalties and fees

  • Peace of mind and less stress about money


  • Your creditors must agree with you and your Credit Counsellor that this program makes sense for your situation.

  • It is noted on your credit report that you are making payments on a debt management plan (which is of course better than not being able to repay your debts at all).

Consumer Proposal



A consumer proposal is a formal arrangement that’s negotiated with creditors that you owe money to. This is another way to handle debt besides filing for bankruptcy.

  • Debt is reduced between 60% - 70%.

  • Manageable payments spread over 60 months.

  • No additional interest charges.

  • Collection agencies stop calling you.

  • Prevent legal action from creditors.

  • Keep all your assets.

  • Pay no additional costs beyond your regular monthly payments.


  • May take longer to complete than a bankruptcy.

  • Only includes unsecured debt such as credit cards, unsecured lines of credit and personal loans.

  • It is noted on your credit report for three years after your last payment that you have filed a Consumer Proposal.

Consolidated Loan



Debt Consolidation Loan combines or consolidates your debt into a single loan from a lender. The lender pays off all your debt while gathering the combined sum into a single loan with a set interest rate.

  • Single monthly payments.

  • A lower interest rate, in most cases.

  • Pay off debt faster.


  • High interest rates may apply.

  • They can lead you further into debt.

  • You must have an acceptable credit rating, this ranges by lender.

Credit Builder Program



Credit Builder Program is a secured savings vehicle designed to help you build up your financial savings while also rebuilding your credit score.

  • Responsible way to re-build your credit while you save money

  • Poor credit or little to no credit history accepted

  • Can be approved without a co-signor

  • Flexible payment options

  • Positive impact on your credit report

  • Can help repair the damage done by bankruptcy


  • No funds provided up front.

Home Trust Secured Visa Card



Home Trust Secured Visa card is credit card that is used to build or re-build your credit. The credit card requires a security deposit and your credit limit is set at the amount of deposit.

  • Helps you build or re-build your credit, even if you’ve had credit difficulties in the past.

  • Virtually everyone is approved.

  • No annual fee.

  • Applicants who have been discharged from bankruptcy and Consumer Proposal are eligible to apply.

  • You will get all the benefits and convenience of carrying a Visa card.

  • Make purchases online or over the phone

  • Access cash anytime, anywhere


  • 19.99% interest rate.

Mortgage Equity


Mortgage Equity Withdrawal is the ability to borrow money against home equity.

  • Provide access to large amounts of money.

  • Lower interest rates.

  • Easier to qualify for than other types of loans.

  • Flexible repayment terms.

  • Fixed interest rate for the duration of the term.


  • Risk of losing your home if you fail to stick to the monthly payment schedule.

  • Closing costs could be costly.

Negotiated Collections


Negotiated Collections involves a one-time payment to clear your collection items at a lower rate.

  • Collections could be reduced by 30% - 50%.

  • One – time payments are manageable.

  • Noted on your credit report as settled.



  • Collections items only include unsecured debt, including credit cards, medical bills and personal loans.

  • Noted on your credit report for seven years after settled.

Personal Loan


Personal loan is a fixed amount of money borrowed at a fixed rate and repaid over a fixed amount of time.

  • You can spend the loan however you wish.

  • The approval rate for a cash loan is much higher than other credit sources.

  • Applications are processed quickly.

  • They offer a range of re-payment terms, so it is manageable for you.

  • Early re-payment with no penalty.

  • No hidden fees.

  • As you re-pay off the loan, positive reports are recorded on your bureau.


  • If the use of the loan is for debt consolidation, you need to remember you’re not paying off debt, you’re just transferring it from one type of debt to another.

  • Personal loans may carry much higher interest rates.

Here’s How We Work For You


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1. We will complete a Bureau and Budget Assessment to help you understand your financial situation.


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2. We provide you a Personalized Credit Prescription to help rebuild your
financial future.



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3. You follow the plan and we support you every step of the way.


  • Regain the financial confidence you need to move on with your life.

Rebuild your Credit with Climb.