Frequently Asked Questions

Canada Freedom Financial Centre Ltd helps you analyse your current financial scenario and depending on your situation provide’s you with Debt Restructuring advice and recommends programs like
1. Debt Management Program
2. Consumer Proposal
3. Bankruptcy
4. Credit-Rebuilding Program

A Debt Management Plan is an arrangement between the debtor and creditor that addresses the terms of an outstanding debt. Our DMP assists the debtors with all of their unsecured debts and help maintain a workable repayment plan based their current financial affordability.

A consumer proposal is considered as the #1 alternative to bankruptcy. Consumer proposals are the only government-approved debt settlement program in Canada. For those who qualify, a consumer proposal has several key advantages over bankruptcy:
• Immediately stops all legal action against you
• Protects your car, home, and other assets
• You repay only a portion of your total debts
• One affordable monthly payment for not more than 5 years
• All Interest is frozen once you file a CP
• Legally binding for you and your creditors

In a consumer proposal, you negotiate to repay only a portion of your debt. A consumer proposal is one of the best, and safest, debt consolidation options available.

There is no way to estimate the impact a bankruptcy would have on your credit. It is the worst thing you could do to your credit scores. A first time bankruptcy will appear on your credit report for six years after the date of discharge. Your credit rating will be listed as R9 for the six year period after the bankruptcy is discharged.

A consumer proposal cannot last more than five years, but the exact length depends on the type of proposal you submit. A consumer has the option of paying out a consumer proposal more quickly than originally arranged.

A consumer proposal is the only government legislated program in Canada that allows consumers to put forth a legally binding debt settlement offer and tax debts owing to the CRA can be included in a consumer proposal.

If you are going to do a consumer proposal then you are not permitted to keep a credit card. You are, however, permitted to have a secured credit card during your proposal. To apply for a secured Credit Card “CLICK HERE”.

When you file a consumer proposal, you can keep your home as long as you continue to make monthly mortgage payments.

If debt collectors continue to hound you for the money just reach out to us at (#no.).

The primary difference between the two is the presence or absence of collateral. Unsecured debt has no collateral backing: It requires no security, as its name implies. Secured debts are those in which the borrower, along with a promise to repay, puts up some asset as surety for the loan.

A credit report is a detailed breakdown of an individual’s credit history prepared by a credit bureau. It includes information about your payment histories on loans and debts.

A credit score is a statistical number that evaluates a consumer’s creditworthiness and is based on credit history. Lenders use credit scores to evaluate the probabilithety that an individual will repay his or her debts.

No, requesting your credit report will not hurt your credit score. Checking your own credit report is not an inquiry about new credit, so it has no effect on your score. You can check your credit score for FREE by “CLICKING HERE”

A secured card is a credit card designed for a consumer with bad credit or a thin credit file. It requires a refundable deposit in exchange for a credit limit. A Secured credit card can help build credit by reporting your activity to major credit bureaus. Apply for a secured credit card by “CLICKING HERE”.

When you make a mistake, there are only three things you should do about it: admit it, learn from it, and don’t repeat it. Most of us have harmed our credit history and rating without even being aware about it. No matter where we are headed we will definitely need credit in future. Our unique Credit Building Programs will help you get back on track. To know more “CLICK HERE”.

We are committed to assisting you
if you are determined to make a fresh start