Credit counselling is an alternative to bankruptcy. Companies will set you up on a program to pay back your creditors at a negotiated amount. Usually the credit counselling company will charge a fee for their services. They will interview you and assess your debts, as well as your income. They will then goto work and call your creditors, negotiate a fair settlement, and have you pay monthly, to pay back your debts. These companies will ask that you fulfill your program in a certain amount of time, then provide you with a release letter stating that all your obligations were met. These programs are designed for clients that don’t want to claim bankruptcy, that are a lot behind on payments with their creditors, and wish to get their credit back on track. It is important to know that when you enter this program, that all creditors you include in this program will close the accounts and put “credit counselling” on your credit bureau. Some clients chose to pay off their credit counselling obligations early. This will benefit the credit score as it will show that the obligations are met, and the score rebounding can start earlier than if going the full counselling term. In my opinion, it would be wise to get a secured credit card while going through that program. This will allow the credit card to report to the bureau during counselling, and when the counselling is paid in full, the positive trade line will help the credit score increase. Getting a bad credit car loan during credit counselling is possible as well. Your credit counselling agent will need to supply a letter showing you are meeting all your obligations, then the lender may determine an approval from what is stated on the letter. Getting a car loan Canada while in counselling can also benefit your credit score. Again, once the counselling obligations are completely paid off, this would allow the car loan to report as a positive, during counselling, and in turn, allow your credit score to increase.
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Just my 2 Cents
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