Government help consolidating debts

Consolidating debt is when you take out a single, new loan to pay off several existing debts.This can be a good way of taking control of your finances but you need to be careful.

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Government help consolidating debts zone dating

Most provinces abandoned the Orderly Payment of Debts program because non-profit credit counselling organizations were doing a good job serving the public with their Debt Management Programs.

Many provinces have now updated their consumer protection laws to include debt settlements.

People often like this sort of structure because of its convenience.

They can make just one payment instead of many, and they don’t have to keep track of multiple due dates.

What these companies mean by claiming to be "government approved" is likely one of two things: Just because a company is licensed by the government or offers a service that is regulated by government legislation does not mean that the company or their service is “approved” by the government.

A local restaurant needs a government license to operate, but it would be misleading for them to advertise that their food or service is “government approved.” Banks are governed in Canada by the , but that doesn’t mean it would be appropriate for them to start advertising that their services are “government approved.” The following programs are often used to consolidated credit card debt that people can This program used to be offered by many provincial governments across Canada.

We’ve noticed that a number of debt relief and debt consolidation companies are advertising that they offer a “government approved” credit card debt consolidation program.

We think it’s important that you know what is misleading about this claim and what programs are available that have a connection to the government at some level.

However, all have now abandoned it except for Alberta.

In Alberta, Money Mentors, a non-profit credit counselling service, administers the program.

A government debt consolidation loan is a loan given by a government program or agency in order to help a person pay off debts he or she owes to multiple institutions simultaneously.

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