Debt Retirement Programs

This is our most frequently used service by clients. People are attracted to this option from our agency, because we are the only Newfoundland and Labrador "based" organization delivering the service.

Generally, people feel more comfortable knowing that their money, and control of their payments remains right here in Newfoundland and Labrador, instead of being sent out of the province for administration and distribution. They also like the fact that our agency is governed by a local Board of Directors who are Newfoundlanders and Labradorians caring for our own people. Other Credit Counselling Services have volunteer Board members, but typically they are from their own region or province so their first priority would be the people who live there.

The Debt Retirement Programme process sees us develop and present a formal repayment proposal for your creditors. We will help you understand exactly how much you can reasonably pay your creditors each month and we will ask them to accept this amount from you. The proposal asks creditors to reduce or eliminate the interest charges on your loans and credit cards; accept a reduced monthly payment; stop all phone calls and other collection activity directly with you; forego their right to legal action; and finally to not carry out any repossession of your assets. In order for creditors to honour their part of the program, your responsibility is to meet the agreed upon payment each month in full.

Our proposals are almost always accepted by creditors. Once your creditors accept this proposal, you begin depositing the agreed upon amount with us and we distribute it to your creditors monthly. 

This service has helped more than 26,000 families in Newfoundland and Labrador. This continues to grow by hundreds of families every year and we return millions to our client's creditors annually.