Are you in debt?
Are you struggling to make your minimum payments?
Is compounding interest making it impossible to pay the debt off?
Would you like to be debt free?
We can help.
Your Questions Answered
General Questions
Step 1: We have a free, no obligation consultation with you to explain who we are and what we do. We gather basic information so we can assess your situation to see what options are available.
Step 2: We get back to you with the options that are available to you with a complete explanation so you can make the right decision for yourself.
Step 3: We will ask you to send documents to substantiate the information you gave us on the initial consultation and then once received will confirm the options for you.
Step 4: Once you have made your decision, we will refer your file to the LIT or who supports your decision.
Step 5: If referred to the LIT, we will make an appointment for you to complete all the documents required.
Step 6: We will call you to review everything with you prior to your appointment.
Step 7: We will call you after your signing with the LIT to confirm everything went well and to proceed with your enrollment in the Financial Literacy Service, that we offer at FSDS, an Aftercare Agreement will be sent to you to sign and then a link will be sent to you to enroll (it is a secured site and private). Once you have done this codes will be sent to you to be able to access your credit bureaus.
Step 8: You will, at your convenience, to through the Financial Literacy Program knowing that your FSDS advocate will be there for any and all questions and support.
AS A RESULT YOU ARE ON YOUR WAY TO A FINANCIAL FREEDOM FUTURE
First Step Debt Solutions(FSDS) has a network of Licensed Insolvency Trustees (LIT) that we have vetted to ensure that you will receive good service and be treatedkindly and respectfully.
Everyone plays different roles; the LIT administers the proposal and handles all the regulatory aspects, and your FSDS advocate solely looks after your interests and is responsible for providing a personalized financial rehabilitation and credit rebuilding plan.
Everyone is working together to achieve the ultimate goal- getting you the fresh start you deserve.
In short, we work for you, and the trustee works for the creditors, together, we find a path forward that works for you.
Unsecured debts (debts not attached to an asset) can be included. Examples include credit card debt, unsecured lines of credit, utility bills, bank overdrafts, unsecured loans, medical bills, student loans, unpaid taxes to CRA, and personal loans from banks, credit unions, and other lenders.
Yes, student loans can be included. If you have been out of school for seven years or more, it will be treated as normal unsecured debt. If you have been out of school for less than seven years, a portion of your payments will go to your student loan, and you will need to pay off the remaining balance after a consumer proposal.
Once you file a consumer proposal, creditors who are part of it must stop contacting you and cease all collection actions. We will assist you in ensuring this happens promptly.
No, your spouse does not need to participate in the program, and they will not be affected. You can complete the program on your own if you don’t want your spouse to participate.
No, they will not be affected nor do they have to participate. You can file entirely by yourself.
You can easily find out how much you owe and to whom by signing up for Equifax or TransUnion free of charge and pulling your credit report. This will give you a clear picture of your debts.
No, your creditors cannot come after you for any more money once you have entered the program. You are legally protected during and after a consumer proposal, as long as you fulfill its requirements.
How does First Step Debt Solutions help?
We can work as fast as you can. Once we have the necessary documents to understand your situation, you can be entered into the program in as little as three days.
Our dedicated team, with over 30 years of combined experience, helps you achieve the best repayment terms with your creditors. We guide you through the process, offer credit monitoring, and provide ongoing support through our aftercare program. We believe that financial literacy and the right tools can lead to financial freedom.
Creditors accept debt restructuring because it is less costly for them and guarantees a certain repayment amount. While it might seem unbelievable that a creditor would accept a payback as low as 25%, it is a guaranteed amount without the hassle of collections.
Credit Score and Credit Reports
A debt restructuring will impact your credit score, but with our tools and education, you can rebuild it. Our aftercare program provides resources to help you improve your credit score.
No, it won’t. A consumer proposal will stay on your credit report for up to five years. If you complete it on time, it will be removed from your credit report after one year. If you finish early, it could be removed within three years.
Yes, you can keep any credit card with a zero balance.
A low credit rating can be due to missed payments, high credit utilization, lack of credit history, or frequent hard inquiries. Our aftercare service will help you understand and improve your credit score.
Vehicles and Mortgages
Yes, you will be able to. We provide services to help you secure mortgages and vehicles, making the process easier.
Yes, you will be able to get a mortgage after the program. Many clients come to us with high credit utilization or missed payments. Completing a consumer proposal and our aftercare program, you well to secure a mortgage, as you’ll have rebuilt your credit and gained financial tools.
No, a consumer proposal will not affect your current mortgage or vehicle financing. You will need to continue making payments on them.
No, we have a network of mortgage brokers and dealerships to ensure you get the best rate, saving you time and avoiding multiple hard credit inquiries.