Full Circle Debt Solutions Inc: Overview
Full Circle is a company that has been in business for over 10 years and has been BBB accredited since 2007. They offer customizable debt relief solutions to Canadians who are struggling with their finances. Their experienced team of professionals will advise you about the different routes you can take that will lead to a debt-free life. Moreover, their partnerships with different lenders allow them to provide you with an affordable and personalized solution that will work with whatever financial difficulty you are facing.
Getting Evaluated By Full Circle
Before Full Circle can offer you a solution, they will have to assess your financial situation and determine whether you qualify. Don’t worry, the initial evaluation is free and you’re under no obligation to pay for any of their services. This assessment can be completed online or over the phone and may involve various questions, including but not limited to:
- How did you hear about Full Circle?
- Why do you need help?
- How many people are living in your household?
- What amount of unsecured debt do you have?
- What is your monthly household income?
- What debt management techniques have you already tried?
- How much can you afford in terms of monthly debt payments?
You may also have to provide certain personal details, such as your:
- Full name
- Address
- Day-time & alternate phone number
- City & province
- Postal code
Keep in mind that credit counselling is normally completed on a case-by-case basis. In other words, the solutions that Full Circle can offer you, as well as the final fees they charge will vary according to how much financial aid you actually need. So, when your free assessment is done, don’t forget to ask one of their counsellors for a quote, as taking on further debt may not be the best idea.
Full Circle’s Most Prominent Debt Solutions
When your debt is becoming unmanageable, it can be tough to figure out which technique will be the most effective. However, you’ll definitely save more money and frustration if you act as quickly as possible. Luckily, one of Full Circle’s counsellors can set you up with a variety of options, including but certainly not restricted to:
Debt Settlement
One of the easier and faster ways to pay down high-interest debt is to offer your creditor a debt settlement, which a credit counsellor can also help you negotiate. If accepted, you would make a one-time lump sum payment.
Unfortunately, not all creditors will agree to this type of deal, especially if you owe a lot of money or if they think they can get more compensation from another alternative. In addition, they aren’t legally obligated to comply with the offer, as they would be with the next two solutions.
Consumer Proposal
If your debt situation is more serious, it may be time to look into legal options, such as a consumer proposal. Here, a Licensed Insolvency Trustee will contact your creditors and offer them a settlement, ideally for less than you owe. Your creditors will then have 45 calendar days to accept or decline. If they accept, any wage garnishment, mounting interest, or other debt collection penalties you’ve been charged with will cease.
Generally speaking, you can qualify for a consumer proposal if you have $5,000 – $250,000 of unsecured debt. Your assets won’t be seized by the court and you’ll repay your creditors through monthly installments over a maximum period of 5 years.
Short or Long Term Bankruptcy
As a last resort, a Licensed Insolvency Trustee can help you declare personal bankruptcy, wherein all your unsecured debts are completely eliminated, allowing you to start over. While any debt collection penalties will also cease immediately here, you’ll be left with a series of payments you’ll need to make, such as a base contribution of $1,800 to pay off over a minimum period of 9 months.
Watch out, because bankruptcy can lead to your assets being seized, as well as surplus income payments if your monthly income crosses a designated threshold. In addition, the event will show up on your credit report for 7 years following your date of discharge.
Features That Make Full Circle Stand Out
Remember, the credit counselling service(s) that Full Circle chooses for you will vary depending on what your finances, credit, and debt levels look like. Situations that are more serious could have a more limited selection of options. Otherwise, there are a few things that make Full Circle stand out as a counselling agency, such as:
- They report to TransUnion, one of Canada’s leading credit bureaus, which means any payments you make on time will elevate your credit score.
- On their website, they feature a “debt calculator” that can help you figure out what your estimated monthly payments will be like during their various programs.
- As mentioned, their organization is accredited by the Better Business Bureau, affiliated with a number of financial industry experts), and licensed by Consumer Protection BC.
What Are The Pros and Cons of Full Circle?
In reality, no debt management solution is without its benefits and drawbacks. The same can be said about any credit counselling agency, no matter what their organization looks like on the surface. This is why it’s so important to weigh the pros and cons before making your financial decision.
Pros
- Fixing your debt now can help you save a lot of money later on
- Credit counsellors and LITs can negotiate with your creditors and debt collectors
- The first consultation is free and can be done online or over the phone
- Making responsible debt payments can gradually improve your credit score
Cons
- Service and fees can be too expensive to afford comfortably
- Not enough information about products or costs on their website
Full Circle Debt Solutions FAQs
How much does credit counselling through Full Circle cost?
Will credit counselling affect my credit score?
