Credit Coaching Is…
Education: We believe a credit counselling agency that functions well with integrity has, at its core, a passion to provide education for people to learn the basic life skills of financial management. A spending plan or budgeting techniques and methods to manage personal debts are vital for everyone because they impact so many areas of our lives.
Practical Help: When people find themselves in circumstances of a credit crisis, meaning they are unable to meet the current debt payment obligations, they often need some help. A Counsellor acts as an advocate for the individual and helps develop a more affordable repayment plan acceptable to the lenders and the individual. It can be as simple as a fresh pair of eyes to suggest some changes or, more complex solutions. It is practical and professional help.
Genuine Hope: People facing a credit crisis may find other areas of their lives become much more difficult due to the financial pressure of repaying debt. Judgment and clear thinking can sometimes become clouded. With compassion and concern, a Counsellor can help people see hope for a brighter future is possible.
Trustworthy Truth: Like many other facets of financial management, there are a variety of options and opinions. Messages in advertising can be confusing. A Counsellor can and will present various options to repay debt and let the individual decide what is best for them. The information presented will be unbiased.
A Not-For-Profit Charitable Organization: While not a legal requirement, we believe counsellors should be trained and accredited and, their respective agencies should be registered as not-for-profit charitable organizations. This means the organization’s leadership and staff are accountable to a volunteer Board of Directors who receive no compensation for directing the agency. No one receives any personal investment gain such as a shareholder in a for-profit company would.
Credit Coaching Is Not…
Bankruptcy: An accredited professional Credit Coach/Counsellor does not provide bankruptcy services. The bankruptcy process is managed by a Bankruptcy Trustee under the federal government jurisdiction of the Office of the Superintendent of Bankruptcy. A Credit Counsellor can explain how the process works and will be involved in coaching on how to budget. But, a Counsellor does not provide bankruptcy services.
A Collection Agency: The industry and its agencies are not collectors of last resort. An agency does not work on behalf of lenders to collect debts. Lenders may voluntarily provide a modest financial donation to a counselling agency but, are not required to do so. A Counsellor’s preference is to proactively educate people on how to manage their financial affairs and avoid difficulties in the future.
A Lending or Broker Organization: Some organizations offer counselling services and only do so with the primary solution of negotiating the consolidation of debts into home equity or other refinancing tools. There is no significant education component. These organizations are often for-profit enterprises without accreditation by and accountability to, an industry regulatory body. An accredited Credit Counsellor will not provide any lending services.