Frequently Asked Questions
Am I eligible for your services?
- If you feel you have a financial problem, if you feel your debts are out of control or if you tend to stress or worry about money you are certainly a candidate for our service.
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Credit and Debt Solutions employs what we believe to be the best and most competent counsellors in the financial counselling sector in Newfoundland and Labrador. As well, when you ask "Who will I deal with?", it's important to remember that we're from here, and so instead of dealing with a mainland organization you'll be working with people who call this province home too. Our program has developed in Newfoundland and Labrador and is sensitive to our lifestyle and culture
If you live in Western Newfoundland, you'll be greeted by our Regional Financial Wellness Counsellor for the Western Part of the Island.
If you live in the Central part of the Island, you'll be handled by our Central Regional Counsellor.
Clients and callers from all other regions of the province, including the Labrador portion, will be handled by one of the four counsellors at our St. John's office.
- It all starts with a call to our office. If you're struggling or worried, don't put things off any longer. When you talk to us our first priority will be determining a reasonable budget for you and your family. From there, our services will be tailored to you and your particular set of circumstances.
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Again, our response is tailor-made to your individual situation.
If you are clearly struggling with debt and you either can't or should not go bankrupt, we might suggest a Debt Retirement Program (DRP)
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Once you enter a DRP, in all likelihood your creditors will report your accounts as slow to the Credit Bureaus. This does not happen in all cases though. You will however encounter serious problems getting new credit approved while you are on a DRP. Therefore, Credit and Debt Solutions is opposed to our clients applying for new credit while in a DRP.
Once you have successfully completed your DRP, we will notify the various credit reporting agencies of your success. When we do so, the negative information contained in your credit history file as a result of your DRP is usually removed 2 years later. If you have completed a DRP with us more than 2 years ago, and you learn that it is still being reported, you should contact us immediately.
- Typically DRP 's last for a maximum of 5 years. This time frame unfortunately does not apply to student loans.
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Clients using our Debt Retirement Program are expect to make a regular monthly deposit with us for an amount which you have agreed upon with your counsellor and which your creditors have accepted. You may make this deposit using telephone or internet banking or you may provide us with a money order, bank draft or the coming directly to our office. Regretably, because our Debt Retirement Programs client deposits are handled using a trust account, we cannot accept cash payments or personal cheques which are not certified.
CDS pays to all our clients' accounts once each month. Typically this is carried out toward the end of each month to insure the maximum payment to creditors.
- CDS remains committed to our 25-year history and policy of "no fee" or "low fee" for our counselling services. Your counsellor will discuss counselling costs with you during your initial conversation.
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CDS strives to keep our waiting time to 5 - 7 business days. Therefore you will usually be seen within this timeframe after you make your appointment.
However, if you have an Employee Assistance Program where you work, chances are, CDS is on their referral list. If you contact your EAP Representative a formal referral can usually be made and you will be seen much faster than otherwise.
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Recent pay stub (or EI stub)
Bills, notices, utilities, etc. This information will usually allow your counsellor to accurately assess your situation. If additional information is needed for subsequent sessions; your counsellors will advise you of the exact details.
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Yes we do.
While by its very nature counselling is best carried out in person, we recognize that in a large province like ours, travel costs inhibit people from visiting any of our offices therefore, if your situation is best handled by phone, we're happy to accommodate. It's a simple matter of making an appointment for telephone counselling.