If you are like many Islanders, there are times when you really wonder and stress about how you are ever going to pay off all your bills and be able to live debt free. You may dream of having a savings account and a retirement fund. You may have heard advertisements from companies promising to reduce your debt by 50 – 80% if you just call and see if you qualify for their program.
Well – it is also likely that you have heard the saying – “If it sounds too good to be true, it probably is”.
There are different types of agencies who have the goal of helping you decrease your debt. There are credit counselling agencies and debt settlement companies. Some agencies are classified as ‘for profit’ and some are classified as ‘not for profit’; and those who are accredited versus those who are not. Some of the agencies are operating under questionable practices in attempts to get more and more clients on Debt Repayment Plans (DRP) or to “settle their debts with creditors”. The truth is, these options are valid and helpful for people who really need it – however, qualifying either of these options requires a thorough assessment of your current financial situation and is much more than just adding up all your debt to see if you qualify. The hidden small print from many of the agencies that are operating under questionable terms is that while they may work with your creditors to reduce your debt and/or your interest rates, they will charge you large monthly fees; require down payments and/or set-up fees; and insist that you stay on the program for an agreed upon period of time.
How to find a credible credit counselling agency:
Find a local agency that is both not for profit and fully accredited by looking in your phone book or searching on-line. Your local agencies are accredited by Credit Counselling Canada.
When you call to make an appointment:
- ask to have a face-to-face appointment with a credit counsellor.
- Verify that the organization is accredited.
- Verify that the organization is not for profit.
When you speak to a credit counsellor:
- He/she should be helping you develop a budget so you both can fully understand your financial situation; and any lifestyle changes that you can make to help you improve your financial situation
- He/she should be asking you about all your debts; assets; liabilities; and payment history – not just those related to credit card debt.
- He/she should give you more than one option for improving your financial situation. If a DRP is an option for you, he/she should encourage you to go home and think about all options prior to signing up for anything
If you choose to pursue a Debt Repayment Plan:
- Your credit counsellor should explain the consequences for you and your credit rating
- You should be given the option to make a lump sum payment to further reduce or eliminate your debt at any given time.
- Start up fees and monthly administration costs should be minimal, with the vast majority of your money going directly to your creditors.
And last, but not least: Never sign a contract without reading and understanding all the small print
Author Archive: Admin
Asking For Help
Wouldn’t it be nice to live in a world where everyone looked out for one another and people were always willing to lend a helping hand with no strings attached? Living in beautiful Prince Edward Island with wonderful families, neighbors and friends can often make us believe that we are living in such a world. However, sometimes we need help that our friends and neighbors are not qualified to provide. What happens then? Where can you go? Who can you trust? How do you know if the people you ask for help are really able to help you?
Sometimes you have to take a leap of faith and hope that when you ask for help, you will get what you need. But sometimes, you can do more than hope for the best. Keep reading our blog or sign up for our e-news letter to find information and tips that will help you ask the right questions to ensure you get the help you are seeking to improve your financial and overall emotional health and wellbeing.
FAMILY SERVICE PEI AND GREATER SUMMERSIDE CHAMBER OF COMMERCE COLLABORATE TO PROMOTE 2013 FAMILY VIOLENCE PREVENTION WEEK
Wear Purple Business Mixer – February 13th
The 2013 Family Violence Prevention Week is February 10th-16th. In an effort to gain support from and educate the Summerside area business community, Family Service PEI(FSPEI) has collaborated with the Greater Summerside Chamber of Commerce (GSCC). In addition to educating GSCC members about how they can support the 2013 campaign, the GSCC will be hosting a “Purple Business Mixer” on February 13th, the official Wear Purple Day across Prince Edward Island.
Event: GSCC Purple Business Mixer
Date: February 13th, 2013
Time: 4:30-6:00pm
Location: Red Shores Raceway
Description: Participants are encouraged to wear purple to the event for the chance to win prizes. Companies are encouraged to set up their display booths with the theme in mind. Family Service PEI will be on hand to educate participant about recognizing and responding to domestic violence in their workplace.
Domestic violence used to be a “mind your own business” issue; but times have changed. FSPEI, with the assistance of GSCC, is encouraging local businesses to “make it our business”. It is important that employers understand and recognize how harassment and violence costs organizations and affects employees. When it occurs, they pay for increased sickness, absenteeism and turnover rates and reduced productivity.
In 2011 a total of 178 assaults were reported to the Summerside Police Department. Of these, 40% occurred between persons with a family/domestic relationship while 60% involved friends, acquaintances or strangers. (www.stopfamilyviolence.pe.ca)
It is time that employers, supervisors, managers, human resources and safety officers, security personnel, union representatives and co-workers recognize domestic violence, respond to it and refer victims and abusers to supports that offer help.
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For more information on this subject, or to schedule and interview, please contact Denise Lockhart – Executive Director, Family Service PEI at 902-892-2441, 902-436-9171 or via email: director@familyservice.pe.ca
Our new social media strategy
Hello everyone!
Thank you so much for visiting us at here at our website. We know we need to improve our methods of interacting with you. Stay tuned for many improvements that will come over the next few months. These will include website improvements, as well as the creation of new FaceBook and Twitter accounts to keep you fully informed about how you can develop and implement successful life strategies to improve your financial and emotional well-being.
Denise Lockhart
Executive Director
Our New Website
Thanks to our friends at Spectra Media, our new website is up and running. Please take a look around and drop us a line to let us know what you think!