Nunavut Credit and Debt Counselling Services

Are you in Nunavut, steeped in debt and have no way to pay it back? Your only option is not bankruptcy. There are plenty of options left for residents of Nunavut to settle existing debt without going bankrupt.

First of all, be aware that your debt troubles are not going to disappear overnight. Debt can be extremely stressful. However, you will have to put up with that stress for a couple of years. Debt can only be reduced gradually before finally being eliminated.

However, if you are neck-deep in debt, it may seem impossible to repay everything gradually. If what you currently owe far exceeds what you currently earn, you will need help to ease you debt woes. Without making a drastic decision regarding your debt, seek help.

Professional credit and debt counselling services offer legal and advisory help to debtors on the brink of bankruptcy. Debt counselling services are more prominent in cities like Toronto and Vancouver. However, these services have become so ubiquitous, even residents in Nunavut now have access.

So, here are several ways you can seek credit and debt counselling services in Nunavut:

Contact the Nunavut Office of Consumer Affairs (OCA)
The OCA in Nunavut is the best place to obtain unbiased advice regarding your debt. The office currently does not have any official debt counselling services. However, you can always call and ask for help. The OCA will be more than happy to direct your request to the right person or agency. You can also go to the OCA website to learn about how to solve your debt. More importantly, OCA can tell you how to submit a consumer proposal to settle your debt.

A consumer proposal is a request the debtor puts forth to a creditor via a trustee to renegotiate the terms of the debt. If you are honestly unable to pay back what’s owed, you can use a consumer proposal to negotiate with the creditor to reduce the amount you owe. If the creditor or creditors agree to your proposal, it becomes legally binding. You can submit a consumer proposal through the Office of the Superintendent of Bankruptcy. The OCA in Nunavut might be able to help as well.

Seek a Private Debt Counselling Service or an Agent
There are private debt counselling agencies operating in Nunavut that can help you pay back your loan in return for a fee. You won’t have to pay the fee right away. It will be added to your overall payment schedule. Credit Counselling Society Nunavut, Credit Card Consolidation Iqaluit, and Yellowknife Credit Counselling and Credit Counsellors are some examples of private companies offering debt counselling services. You will be able to find more by going through the local yellow pages.

The government of Canada has warned consumers against predatory debt counselling services. Not all such services offer genuine advice. Some are only there to charge hefty fees that only increase your debt. Therefore, make sure you only seek services from a reputed agency. Don’t fall for agents who claim to reduce your debt by 60 percent or more instantly.

Call the National Student Loans Service Centre for Student Loan Debt
If you are unable to pay back your student loans, directly call the NSLSC. NSLSC might be able to renegotiate the terms of your loan or extend the grace period.

If you are facing a personal financial crisis in Nunavut, consider the above options before declaring bankruptcy.