Creditor Communication Check List
Before communicating with your creditors in writing, be sure that you have obtained information about the statute of limitation in your province, and how it affects debt collection, from your province's consumer protection office / agency.
- Make a list of all of your current sources of income.
- List all of your weekly and monthly expenses – include all of your spending. Don’t forget to include a monthly estimate of your necessary seasonal expenses. To get a handle on your expenses and put them all together, you might like to use one of our expense trackers. They're good for jogging your memory and helping you remember all your expenses.
- Consider your assets – what may be at risk if you are not able to pay.
- Find out if any of your debts are co-signed, joint or guaranteed. If you are not able to pay, the other person(s) may have to.
- Gather your supporting information. Prepare a brief summary of your expenses.
- Write a letter, if appropriate, to your creditors to briefly outline your situation.
- Fax or mail your letter and supporting information to your creditors. Keep proof that they received it.
- Follow through with all commitments you outlined to your creditors in a timely manner. Make a note on your calendar if you need to send a payment or when you need to provide an update as to your situation.
Remember, if you need more help, non-profit Credit & Debt Counsellors are available to answer your questions and provide assistance or more information.