Consolidated Credit Canada (www.consolidatedcreditcanada.ca) is Canada’s largest non-profit debt relief organization, with offices across the country. They provide credit counseling and debt consolidation services to Canadians from coast to coast. In this review, we’ll go over the organization’s background, services, customer reviews and more, in order to help you decide if you should work with them to resolve your debt issues.
Brief Overview
To start, let’s address the legitimacy of this organization: Consolidated Credit Canada has accreditation from reputable organizations (such as the Canadian Association of Credit Counselling Services, the CCA and the BBB). They have been operating in Canada for many years, offering debt relief services such as debt consolidation, debt management plans (DMPs), credit counseling, and financial education. Some more details:
- Official Name: Consolidated Credit Counseling Canada
- Website: https://www.consolidatedcreditcanada.ca/
- Founded in: 2005
- Phone Number: 1 (844) 402-3073
- BBB Rating: A+
- Google Reviews: (1,418 reviews)
- TrustPilot Reviews: 4.9/5 Stars (6,709 reviews)
- Headquarters: 505 Consumers Road, Suite 400 Toronto, Ontario M2J4V8
- Office Locations:
- Alberta (Calgary, Edmonton, Grand Prairie, Medicine Hat, Red Deer)
- British Columbia (Abbotsford, Burnaby, Richmond, Surrey, Vancouver, Victoria)
- Manitoba (Winnipeg)
- New Brunswick (Fredericton, Moncton, Saint John)
- Newfoundland & Labrador
- Nova Scotia (Dartmouth, Halifax)
- Northwest Territories
- Nunavut
- Ontario (Brampton, Hamilton, Kitchener, London, Mississauga, Oshawa, Ottawa, Peterborough, Toronto, Whitby)
- Prince Edward Island (Charlottetown)
- Quebec (Gatineau, Laval, Montreal, Saint Hubert)
- Saskatchewan (Moose Jaw, Saskatoon)
- Yukon
Can They Help Clear Your Debt?
In short: Yes. They can! They are Canada’s largest non-profit when it comes to debt consolidation and relief. Also, they are NOT a lender, so you can rest assured that they won’t be selling you any high-interest consolidation loans like many other Canadian “debt relief companies”.
Consolidated Credit’s main avenue to reduce your debt is by reducing or eliminating interest, and/or by creating a Debt Management Plan (DMP), amongst other strategies.
They can often help you reduce or eliminate debt without damaging your credit profile like by choosing a Consumer Proposal or Bankruptcy. All in all, their reviews, certifications and services suggests they are a legit reputable company that can help with debt troubles.
List of Services Provided
Now, Consolidated Credit Canada offers a variety of services aimed at helping Canadians manage and reduce their debt, improve their financial literacy, and regain control over their finances. Here’s an overview of the key services they provide:
1. Free Credit Counseling
Their certified debt/credit counselors can provide personalized advice on budgeting, debt management, and financial planning based on your own specific situation. They offer a free initial consultation to assess your financial situation and recommend appropriate debt solutions for you.
2. Debt Consolidation
They can help negotiate with your creditors and consolidate multiple debts into a single monthly payment, often with reduced interest rates and fees.
3. Negotiation with Creditors
Consolidated Credit are experts when it comes to negotiating with creditors to stop interest, lower debt and waive certain fees.
4. Debt Management Plan (DMP)
They can create a personalized DMP for you and help manage the distribution of payments to creditors on your behalf, simplifying the repayment process.
5. Credit and Debt Education
They provide educational content, including workshops and webinars, on topics like budgeting, credit management, and financial planning.
Their website also offers various tools and calculators to help individuals understand and manage their finances.
6. Bankruptcy and Consumer Proposal Referrals
If necessary, and ONLY as a last resort option, they can refer Canadians to a reputable Licensed Insolvency Trustee (LIT) in their city or province for further assistance with bankruptcy or consumer proposals.
7. Housing Counseling
They offer counseling to help homeowners avoid foreclosure and manage their mortgage payments properly.
They also provide resources and counseling for first-time homebuyers to help them navigate the mortgage process and make informed decisions.
8. Student Loan Counseling
They offer advice and solutions for managing student loan debt, including repayment strategies and consolidation options specifically designed for students.
9. Budgeting Assistance
Consolidated Credit’s counselors help create customized budget plans to improve financial management and savings.
Consolidated Credit Canada’s services provide valuable and much-needed support for Canadians facing financial difficulties, helping them reduce their debt and achieve long-term economic stability.
Consolidated Credit FAQ
- Q: Is Consolidated Credit Canada a non-profit organization?
- A: Yes. Consolidated Credit Canada is Canada’s largest non-profit credit counselling agency.
- Q: Is there a cost for an initial consultation?
- A: No. The initial consultation is free of charge.
- Q: How do I get started with Consolidated Credit Canada?
- A: You can start by calling their toll-free number at 1(844) 402-3073 or completing an online application.
- Q: What are the fees associated with a debt management plan (DMP)?
- A: There is often a setup fee for a debt management plan. Monthly administration fees will also apply, though these costs vary based on the size of your debt and your financial situation.
- Q: Are there any upfront fees?
- A: No, Consolidated Credit Canada does not charge upfront fees.
- Q: How do the fees compare to other debt relief options?
- A: Generally, the fees for a debt management plan are much lower compared to other options like debt settlement or bankruptcy.
- Q: How does a debt management plan (DMP) work?
- A: A debt management plan involves consolidating your debts into one monthly payment, often with lower interest rates.
- Q: Will a debt management plan affect my credit score?
- A: While it may initially impact your credit score, it’s much less damaging than a bankruptcy or consumer proposal. Also, successfully completing a debt management plan can improve your credit over time.
- Q: How long does a debt management plan typically take?
- A: The length of a debt management plan depends on factors like the amount of debt and your monthly payment. It can range from 3 to 5 years in many cases.
Lauren has over 13 years of experience in wealth management and financial planning. She is a CFA charterholder and holds a Bachelor's degree in Finance. Lauren has worked with several asset management firms, offering wealth advisory and portfolio management services to high-net-worth clients.
