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How can Debt Settlement improve my credit…? | GEM Debt Law

Debt utilization is one of the main factors that affect your credit score. Your credit score can be negatively impacted if you overuse credit and/or carry a large debt load. That is, max out credit cards, use well over 30% of any line(s) of credit and neglect to pay it down…

When you become a GEM DEBT LAW Client, our main goal is to get rid of your debts as quickly as realistically possible. Once that is accomplished, only then, can you start improving your financial health, which includes rebuilding credit and increasing your credit score. Our team of legal professionals will review the process with you during the consultation, making sure to explain each step in detail, but here’s an overview:

  1. Reviewing Financials:

Review your financial statements and begin to devise an approach, with the goal of effectively presenting the severity of your financial situation to creditors (banks, loan companies, collection agencies, law firms, etc.).

  1. Collecting Documents:

Start collecting documents to support your case (i.e. pay and EI stubs, T4 slips, records of employment and assets, etc.).

  1. Determining Offer:

Determine what you can offer your creditors to satisfy your accounts.

  1. Approach Creditors:

Start negotiations by presenting your case in a respectful but firm manner, seeking to enhance your bargaining position.

  1. Successful Negotiations:

After successful negotiations, we will demand formal release letters recognizing the settlements. We will ensure that these positive changes (i.e. ‘debt settled…’) are displayed on your credit report.

  1. Your Future:

We provide an additional program called Credit Boost, to help you stay on track for the future. Our goal is that we never have repeat Clients. 

It is our firm’s opinion that the path to improving your credit score depends, first and foremost, on getting rid of your outstanding debts. Once the unmanageable debts are gone, that is your chance to improve credit, make payments on time, and build healthy finances. 

We tailor our Debt Settlement program to each Client’s unique financial situation. Each Client brings a different set of creditors and collection agents that we must oppose – they all react very differently. The team at GEM DEBT LAW has years of experience in negotiating with these various collection agencies and lawyers across Canada. 

Our firm lawfully protects the Client’s best interests under a fiduciary shield and saves Clients from paying thousands of dollars to the collectors. 

GEM Debt Law


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