Q & A's

Answer To FAQ’s

Debt restructuring options can be made up of different strategies depending on the consumer’s current situation. However, any time you settle your debts at less than 100% of the debt amount, it will negatively affect your credit rating. N.B. has one of the most recognized and comprehensive credit rebuilding programs in the country that will help minimize the impact of debt restructuring on your credit rating.

N.B. offers a free 1-hour consultation that will assess your current debt and credit situation providing you with options how to become debt-free within 36 months to 60 months while saving thousands of dollars in interest and penalties.

N.B. is a professional services company that represents the consumer not the creditors – our fees are determined by the option of the services chosen for your situation. Contact us today for more details.

The fees charged by credit counsellors are usually built into the monthly payments you make that get distributed to your creditors. Also, all not-for-profit agencies are paid by the creditors in what is referred to as “fair-share” of which can be up to but not limited to 20% of the debt collected through the debt management program. Again, they do work for the creditor not the consumer. Most credit counsellors charge a 15% processing fee based on the amount of debt you have, and you usually repay 100% of the amount owed. Alternatively, our fee is based on the pre and post restructuring work we complete, in addition to the work your N.B. consultant does representing you, to ensure your restructuring plan is successful and fits your budget.

When deciding on how to restructure debt, for some consumer’s it can be a stressful and intimidating process, and its key to understand the true benefits in doing so.

Restructuring can significantly reduce the debt owed, while massively reducing your monthly payments by eliminating the financial pressure the consumer is facing. Debt restructuring allows you to repay debt, which you know is already unmanageable. If you choose to deal with your debt and stop living from paycheque to paycheque, the trade off is that you will take a hit on your credit rating. However, the proper strategy can minimize the short-term hit of which is often worth it. As you save thousands of dollars in interest and penalties you can become debt-free within 5 years or less.

If you are someone who falls into any of these categories and are concerned on what to do next before the debt problem gets out of control, you should contact us immediately for your free assessment and determine the most affordable and viable ways to become debt-free.

    •     Making only the minimum monthly payments on your credit card bills
    •     Unable to make your monthly bill payments as they come due
    •     Juggling or skipping payments to make payments on other credit facilities
    •     Using cash advances on one credit card to pay off or another credit card.
    •     Using payday loans to bridge you prior to payroll
    •     Feeling stressed or anxiety about your financial situation
    •     Unable to obtain further credit or debt consolidation loans
    •     Having to borrow from family members and friends
    •     Getting collection calls
    •     Wage garnishments or Revenue Canada debt

Certain Canada Revenue Agency debt (it must be either personal taxes or Director Liabilities) can be included in different restructuring options. Certain types of debts may not be included in restructuring but these are considered and reviewed on a case by case basis. It depends on the age of the student loan. If it has been longer than 7 years since the last time you attended school, it is considered unsecured and therefore can be included. If the time is less than 7 years, then it is protected by laws that protect the student loans from being included. There are also limitations on student debt, again we need to assess the situation first – contact us immediately for further details.

We can work with almost any kind of debt. We will look at your credit card debt, Revenue Canada debt, business debt, lines of credit, and much more… contact us today and see what we can do for you.


What is a Budget?

A plan for spending and saving money. Most people think budgets are:

  • Rigid and inflexible
  • Painful – who wants to eat Top Ramen every night
  • No fun!

Why Budgets Make Sense

Budgets help you:

  • Set priorities
  • Achieve what’s important to you

A good budget is:

  • Realistic
  • Ongoing
  • Clear and easy to use

Budget Categories

  • Income
  • Gross
  • Net


  • Fixed
  • Variable
  • Discretionary

Expenses – A cost to meet a need or pay a debt.

Types of Expenses

  • Fixed
  • Variable
  • Discretionary

Fixed Expenses – A cost that occurs regularly and doesn’t vary in amount

  • Rent
  • Mortgage
  • Car payment
  • Insurance premium
  • School loans
  • Others?

Variable Expenses – A cost that occurs regularly but may vary in amount:

  • Electricity
  • Water and Garbage
  • Telephone
  • Gasoline
  • Groceries
  • Others?

Discretionary Expenses – A cost determined by personal wants that may be controlled

  • Movies, videos, CDs
  • Sports
  • Eating out
  • Grooming and clothes
  • Concerts and plays
  • Vacations
  • Others?

Budget Summary

Establish a budget:

  • Income
  • Savings
  • Expenses
  • Fixed
  • Variable
  • Discretionary
  • End up with a budget surplus and you’re a success!

Savings: unspent income

Types of Savings

1. Emergencies:  Plan to set aside three months’ living expenses
2. Long-term:  Large ticket items (house, car, college)
3. Retirement:  It’s never to early to start
4. Short-term:  Vacation, clothes, new skis

Gross Income vs. Net Income

Gross income:  An individual’s income before taxes.
Net income:  Income after taxes and deductions are paid.

Example of Gross vs Net Income

  • First job pays $30,000/year.
  • Your salary is your gross income. Take off at least 25% for taxes and other deductions. That’s what’s left for you to spend.
Gross salary= $30,000
Minus 25% taxes and deductions– 7,500
Net income$22,500

Need Help

We have helped thousands of Canadians, reduce and eliminate their debts. Contact us now for an hour of complementary consultation.

TLC Credit and Debt Counseling

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Contact Details

TLC Credit and Debt Counseling


105 Consumers Drive

Whitby, Ontario

L1N 1C4

TLC Credit and Debt Counseling is committed to respecting the privacy of individuals and recognizes a need for the appropriate management and protection of any personal information that you agree to provide to us. We will not share your information with any third party outside of our organization, other than as necessary to fulfill your request.

We are not a Bankruptcy Trustee, or Not-for-Profit Credit Counseling Agency, nor do we make any claims to be. We do not take, accept or collect monthly payments in order to settle your debts with your Creditors. We are advocates for the Consumer providing professional advice, information, solutions and programs for the benefit of the Consumer. 

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