Settling your debt means coming up with a specific plan of action to get you out of debt. This plan may be formal, or informal, and may or may not need the agreement or consent of your creditors.

A debt settlement plan may include one or more of the following steps:

• Contact your creditors to negotiate a payment plan or settlement amount;
• Refinance existing loans or do a debt consolidation;
• Credit counselling;
• Consumer proposal;
• Liquidate an asset to free up cash;
• Set up a debt management program;

Needless to say, YOUR debt settlement plan needs to be tailored to YOUR specific situation. Factors that will determine the most effective plan for you include the following:

• The causes of your financial problems;
• Your monthly income, living expenses and family situation;
• Your debt load and the types of debts you have;
• Assets you might own and want to protect such as a house, vehicle or investments;
• Legal actions taken by your creditors such as collection letters and judgments

Analyzing your situation to come up with the right debt settlement plan can be a daunting exercise. Let us help you. We provide free confidential consultations.

Incurring some debt to get ahead in life can be justified. However, incurring bad debt or not managing debt efficiently can hinder your future.

There are basic steps you can take to manage, reduce or even eliminate your debt completely.

1. Know the difference between good debt and bad debt.
   A good debt creates future value such as a home, an education or a business. A bad debt is used to consume goods and services with no lasting value. Typically, this involves credit cards or personal loans. Try to avoid those.
2. Keep Track of all your debts
   Know who you owe money to and how much. Pay high interest debts first. If possible pay off your credit card bill in full every month. Don’t miss minimum payments to avoid additional charges or collection actions.
3. Have a monthly budget
   Budget is required to plan
4. Pay attention to warning signs of financial problems
   Typical signs would include having no savings, using credit cards to pay living expenses, paying one debt with another, receiving collection calls and letters, not seeing any reduction of your debts over time.
5. Consider taking formal steps to reduce or eliminate your debt.

The stress caused by debt problems can be overwhelming and impact every aspect of your life and business, most importantly, relationships with family members and friends as well as your emotional, mental and physical health.

At McGreen Settlement Limited, we take pride in ensuring we take away your stress and help settle your debts. This is done with Dignity and Respect. We will review your situation and recommend a plan of action that fits YOUR SITUATION.

Here is what you can expect from us when you reach out to us

1. A free confidential consultation. This is done over the phone or in person at our office
2. A review of your financial situation and explanation of all possible options including debt settlement, debt consolidation, credit counselling, consumer proposal and bankruptcy.

4. Our help and support throughout the entire implementation of your debt settlement plan.
5. We will provide you with tools to balance your budget, eliminate your debt, set financial goals, improve your credit and set you up on the right track.