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.
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:
You may also have to provide certain personal details, such as your:
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.
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:
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.
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.
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.
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:
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.
Full Circle Debt Solutions FAQs
How much does credit counselling through Full Circle cost?
As you’ll see with many credit counselling agencies, the fees for Full Circle’s services are not specified on their website. They can only give you a basic estimate once you’ve gone through their assessment or used their debt calculator. Overall, the cost of your credit counselling depends on what service you need and how long it takes to complete.Will credit counselling affect my credit score?
Before you apply, remember that both credit counsellors and Licensed Insolvency Trustees have the ability to check your credit report when you come in for counselling, which will result in a soft inquiry showing up in your credit history for several months. Don’t worry, neither this nor any of the advice you receive will affect your credit score.
On the other hand, almost all of the solutions they offer will impact your credit. For example, while a debt management program can help you save on interest and satisfy your creditors, the event will be listed on your report for around 3 years. During that time, any credit accounts involved will receive the third-lowest credit rating of R7. All of this can make it more difficult to get approved for new credit, especially by a bank or other prime lender.
Product Details | |
|---|---|
Debt Management Program | A debt management program allows consumers to consolidate their debts into one affordable payment. With the DMP you may be able to reduce your payments and interest if your creditor agrees to it. |
Credit Counselling | Full Circle will review your financial situation to determine if the debt management program is right for you. If not, depending on your situation Full Circle will connect you with another specialist if you are more suited to other debt relief services like debt settlement, consumer proposal, or even bankruptcy. |
Thank you so much for helping me with my debt. I could not have done it without you guys and I’m so happy that I chose to work with Full Circle.... read more
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