Credit Counselling Session

Credit counselling always starts with a financial evaluation. This is the part of the credit counselling process that can help anyone who is facing problems with debt, even if you decide not to enrol in a debt management program or engage in the rest of the credit counselling process. When you’re dealing with financial issues, you may feel uncomfortable discussing your situation with a stranger. However, this consultation can be an important first step in finding the right debt solution.

Please read the information below to learn what you should expect from your first credit counselling session. Once you’re ready to get started, please call Consolidated Credit at 1-888-294-3130 to speak with a trained credit counsellor. If you prefer to get started online, please complete a request for a Free Debt Analysis and a counsellor will contact you soon.

Choose Your Contact Method

When you work with Consolidated Credit, the credit counselling process can start in one of two ways:

  1. You can call a credit counselling agency to speak with a credit counsellor
  2. You can complete an online request form that will get you started in the process

What you get out of the process is the same no matter which option you choose, so it’s really a matter of personal preference about which method you’re most comfortable using. However, the following table provides a comparison of the benefits of choosing one contact method versus another:

Contact by Phone Contact Online
The credit counsellor walks you through the evaluation process so there is no question if you’re moving forward in the right way. You can provide the information required to complete your debt evaluation at your own pace and in your own time.
You may have a better idea as the counsellor completes your analysis of what the counsellor is looking at as they make important decisions about the best options for your financial future. You have plenty of time to gather up the account information needed without someone waiting on the other end of the phone; you don’t have to feel rushed and may be able to use real numbers to complete your analysis instead of estimates.
You meet your credit counsellor early in the process so you can start to develop a rapport with the advisor who will be helping you out of debt. You don’t have to feel obligated to complete your debt analysis all at once. If you have a busy schedule, you can complete the analysis in your free time, even if it’s just a few minutes at a time.
You can complete your analysis right away and have a clear answer about the right debt solution for your needs before you get off the phone.

Essentially, the credit counsellor will request all of the same information you would enter into the Free Debt Analysis form online – they just walk you through the process. In general, if you use the phone option, the full debt analysis will take about 30 minutes on average, so the counsellor can get a complete picture of your financial outlook. If you choose the online method, you complete this part on your own time and then a counsellor contacts you to follow up and finish your evaluation.

What is the Credit Counsellor Looking for in this First Session?

To complete your evaluation, the credit counsellor will need the following types of information:

  1. Your net (take home) income
  2. The current balance, APR and current payment for each credit card debt
  3. The monthly payment on other debts and obligations, such as your mortgage and utility bills
  4. Budget estimates of your spending on regular monthly expenses, such as food and gas
  5. The credit counsellor may also review your credit report to see where you are with your credit rating

Basically, your credit counsellor uses this information to determine the best way for you to get out of debt. Debt solutions can vary widely from one solution to
the next, so a thorough analysis is always needed to determine the right way to move forward.

What Will I Know Once My Session is Complete?

At the end of your credit counselling session – whether you started directly with a credit counsellor over the phone or submitted your information online for a counsellor to review – you will have a clear idea of which debt solution is the right choice for your unique financial needs. If that solution is a debt management program through the credit counselling agency, the credit counsellor will also be able to tell you exactly how much you will pay each month on your reduced debt payment and how long it should take to complete the program.

All of this information together will help you decide on the best way to get out of debt. You can make an informed, confident decision about how to solve your debt problems. This way, even if you don’t use the credit counselling service for anything else, you can have peace of mind that you made the best choice for you.