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It Won’t Always Be Smooth Sailing

Entering debt review is a BIG step in taking control of your money and getting a handle on your debt.

But just because you have made this big step in the right direction, it does not guarantee that it will now be smooth sailing and no challenges will come your way.

Most people are in debt review for 3 to 5 years. That’s plenty of time for challenges to crop up, even if you are working hard to keep things on track.

The good news is that when something unexpected does come along, you now have an amazing additional resource that you didn’t have in the past: Your Debt Counsellor.

Your Debt Counsellor is there to help you (and your creditors) deal with any bumps in the road.

When Problems Come Up

Even if you are in debt review and no longer have credit providers hounding you all day for payments, you can still face tough times.

Unexpected bills, changes in your income, or weird demands from your creditors can happen and will cause you stress. When these problems come up, it might be tempting to return to familiar habits, like just ignoring the problem or trying to hide the problem from your family.

E.G. Imagine you’re hit with a big medical bill that you didn’t see coming. It can throw off your entire well planned budget, and leave you feeling overwhelmed. So, what do you do? Stop answering the phone in case it is the doctor’s office calling, or maybe just refuse to open any bills from the hospital?

You Can’t Just Stick Your Head in the Sand

Before you began debt review, ignoring money problems might have seemed like the easiest thing to do.

But if you fall back into that bad habit while in debt review, it will make things worse. Missing debt repayments or ignoring weird correspondence from creditors can derail your entire debt review, if you don’t deal with problems quickly.

E.G. Let’s say you ignore a letter from one of your creditors asking for a different payment. If you don’t respond because you think that while you are in debt review they can’t touch you, they might still take legal action against you, which could make your debt situation super complicated.

Talk To Your Debt Counsellor

Before you began debt review, you probably tried to sort out all your debt problems on your own, that was no doubt stressful.

But now that you have begun the process, the good news is that you finally have a debt expert on speed dial.

Talking things through is often the key to making debt review work. Your Debt Counsellor isn’t just there to pass messages along – they’re on your side and want to help you make your debt review work.

All Debt Counsellors, and even the credit providers, know that sometimes the unexpected happens, and they’re here to help you navigate through them. Being honest and talking about your challenges can get you the help and guidance you need.


E.G. If you or a family member have lost their job or you have had a big drop in income, don’t keep it to yourself. Your Debt Counsellor can work with you and your credit providers to temporarily adjust your debt repayment plan until you’re back on your feet.

What You Need To Do When Problems Come up

When problems come up during debt review, it’s important to take action.

You may need to make some big changes to keep things on track and you need to be willing to try meet the credit providers’ half-way, if possible.

First, talk to your Debt Counsellor as soon as you notice a problem. They have the know-how and resources to help you through tough times to keep your plan on track. They may have great budgeting suggestions to help cut costs temporarily.

They can also send a special form (called a Form 17.3) with information about your situation to all your creditors. You may need to give them copies of invoices or quotes for repairs or ‘whatever’ to add to the form so they understand clearly. Once that is sent, then hopefully a temporary plan can be made.

Next, consider ways to adjust your current situation (even if just for a short while) to try keep your debt repayment plan in place.

Don’t panic and make bad decisions, get advice.

E.G. If your car breaks down, don’t just stop your debt review payments to get the car fixed immediately. You may need transport, but remember you can use public transport, lift clubs, Uber or catch a ride with family temporarily. Talk to your Debt Counsellor to get a plan in place with your credit providers, before you just slash your debt review payments.

Life Happens

Facing challenges during debt review is totally normal. Life happens, but it’s how you deal with the problems that counts.

By being open and working together with your Debt Counsellor and credit providers, you can overcome obstacles and keep moving towards a debt free future.

Remember, your Debt Counsellor is on your side, and wants to see you succeed, even when things get tough. Credit providers also know that life can be tricky. They just like to have time to think about any possible change to the repayment plan.

So, pick up that phone the moment you see trouble coming.