Got questions?

Below is a list of the most frequently asked questions. If you are unable to find any specific information you may be interested in, contact Full Circle Total Debt Solutions and a representative will be more than happy to assist you.

No. We take a much more personalized approach. One of our personal debtor support staff will take a look at your financial position with you either in person, on-line, or over the telephone. Then, we’ll create a budget for you and negotiate with your creditors. The best strategy for you may be a consumer proposal, bankruptcy, debt settlement, or a credit counselling.

With a credit counselling program, we help you manage your debts by collecting a single, affordable payment each month from you, then we pay your creditors for you. It’s completely confidential and simple to set up. Learn more about credit counselling here.

This is an offer to creditors to reduce your debt or the timing of repayment. Learn more about consumer proposals here.

A debt settlement is a process of negotiating to pay off less than the full amount of debt but in a large one-time, lump-sum payment.  Learn more here.

Whether to go bankrupt or not is an important decision that should be taken very seriously. Learn more here.

Your creditors will be happy to deal with our staff, and will stop all collection calls as long as you stick with the program that Full Circle Total Debt Solutions provides you.

In many cases a DMP will suspend action on a judgment or garnishee order, and we may be able to negotiate to eliminate legal actions.

A debt management program, whether it is a consumer proposal, credit counselling, bankruptcy or debt settlement shows your creditors that you are making steps to repay your loan. However, If you terminate a program, it may make it difficult or even impossible to restore your credit rating to what it was before you started. If you are not sure that a Debt Management Program is right for you, or if you doubt you are committed to completing the program, then don’t make an agreement that could cause problems later. You should be aware that when you sign up for a Debt Management Program, it will impact your credit rating. Even if you change your mind, your creditors may not be willing to change your rating back to what it was before you started.

You’ll be designated an R7 with the Credit Bureau, meaning that you’re in a voluntary program to make payments.

Three years after completing your Debt Management Program, the Credit Bureau will drop your R7 designation. Then you can start rebuilding your credit worthiness.

  • Your creditors have 45 calendar days to vote on either rejection or acceptance of your consumer proposal upon the date it was filed.
  • Acceptance of your proposal is “assumed” in a case where creditor does not actually vote to reject it.

As soon as you file a consumer proposal, your credit rating will be revised to either an R7 or an R9 and it will probably remain at this rating until the proposal is completed.

Creditors will refuse to settle in very few circumstances. In any form of negotiation, one will see both offers and responding counter-offers. A settlement is agreed upon in most instances. Creditors often recognize the effort shown by the applicant and see the approach as more desirable than insolvency alternatives.

No, Full Circle Debt Solutions will NEVER share private information with out your explicit consent.

No, once you have filed a Consumer Proposal, you are protected from unsecured creditors.

Filing for bankruptcy in Canada does not directly affect your spouse. Your debts are your debts; only you are responsible for them.If you go bankrupt, your debts are discharged. Your husband or wife or common-law spouse is NOT responsible for your debts.

For most people who go bankrupt, the most important exemptions are limited amounts of:

  • Food
  • Health aids
  • Clothing
  • Furniture
  • Your car
  • Your house
  • The tools of your trade
  • Farm land, animals, equipment, and supplies
  • Pensions or retirement savings

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