What actually happens in a free Money Mentors appointment?

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Many Albertans delay asking for financial help due to feelings of fear, shame, and embarrassment. They’re worried about what might happen in a Money Mentors appointment, so they wait. By the time they reach out for help, their financial situation has often gotten worse, and their options are more limited.

This article is for you if you’re debating whether it’s time to talk to a counsellor. We want to take the fear and discomfort out of asking for help.

Here we’ll address some of your top concerns and take you through each step of what happens in a Money Mentors financial counselling appointment, so there are no surprises.

How do I know I need to talk to a Certified Financial Counsellor?

When you’re struggling with money and debt, it’s easy to talk yourself in and out of asking for help.

Part of you knows something needs to change, but another part wonders if your situation is “bad enough” to talk to a professional.

As a simple rule of thumb, if you’re having this internal debate, it’s probably time to talk to someone. You don’t have to be in a financial crisis before you reach out. In fact, by reaching out early, you’ll have more options to deal with your debt.

Some other signs to help you decide if it’s time to reach out include:

• You’re feeling stressed out and overwhelmed by your financial situation
• You’re tired of living paycheque-to-paycheque
• You’re relying on credit cards and other high-interest lending to cover everyday expenses
• You’re only able to make minimum payments on your credit cards
• You’re missing bill payments because you don’t have enough money
• You’re trying to manage calls from collections
• You and your partner are constantly fighting about money

If you’re still not sure where you stand, take our Debt Management Quiz. It can help you better understand your financial situation and whether it might be time to take steps to get your debt under control.

Will I be judged?

No. You won’t be judged. Our Certified Financial Counsellors are here to listen, not judge. You’ll receive compassionate and unbiased support.

We know that talking about money isn’t always easy. Whether you’re feeling overwhelmed, unsure where to start, or you just want a second opinion, we’re here to help you understand your options and create a plan that works for you.

After more than 28 years of helping Albertans navigate all kinds of financial situations, chances are we’ve helped someone in a scenario similar to yours.

To get a better sense of what it’s like to work with our counsellors, you can check out our client testimonials.

How much does it cost?

Speaking to a Certified Financial Counsellor at Money Mentors is free. You can meet with a counsellor, discuss your financial situation, and learn about your options all at no cost. We also offer free money management workshops and webinars.

If you decide to enroll in Alberta’s Orderly Payment of Debts (OPD) program, there are no start-up fees.

The OPD program does include an administration fee for approximately 10% of your monthly payment, up to a maximum of $50 per month.

For example, suppose your monthly OPD payment is $200, the administration fee would be $20.

Your counsellor will explain how the fee works, answer any questions you have, and help you decide if the OPD program is the right fit.

Will meeting with a Certified Financial Counsellor impact my credit?

No. Meeting with a Certified Financial Counsellor to get advice will not impact your credit.

Your credit is only affected if you take certain actions to manage your debt.

For example, if you decide to enroll in the OPD program, you will receive an R7 credit rating. This rating shows that you’ve entered into a special repayment agreement with your creditors.

After successfully completing the OPD program, the R7 rating is removed from your credit report after two years.

Don’t worry, your financial counsellor will explain how any debt repayment options can affect your credit before you make a decision, so there are no surprises.

Is a Money Mentors counselling session confidential?

Yes. When you meet with a Certified Financial Counsellor at Money Mentors, your discussion is completely confidential.

We understand that talking about money can feel personal, and we’re committed to creating a safe and supportive space where you can ask questions and discuss your finances openly. We will never sell or trade your personal information. We only collect your information to serve you.

You can read our Privacy Policy here to learn more.

What actually happens: A step-by-step guide

Here’s what you can expect from a Money Mentors conversation, from beginning to end.

1. Gather your information

Before you chat with one of our counsellors, it’s helpful to prepare as much of your financial information as possible related to your debt, assets, income, and expenses.

Here are some examples of documents you can prepare ahead of time.

• Debt. Credit card, line of credit or mortgage statements. Overdue bills, payday loan agreements, or collection notices.

• Assets. Recent bank, savings account, or investment account statements. Mortgage statement showing home value, vehicle registration, or pension statements.

• Income. Recent pay stubs, direct deposit records, employment letter, Notice of Assessment (NOA), or government benefit statements.

• Expenses. Rent or mortgage statements, utility bills, property tax bills, insurance, cell phone and internet bills, childcare receipts, subscription statements, credit card statements.

The more information you provide, the easier it is for our counsellors to do a thorough assessment of your financial situation. If you don’t have this information available, don’t worry. Reach out anyway and we’ll get started together.

If you want to organize your information, you can use this free Microsoft Excel spending plan.

2. Contact Money Mentors

When you’re ready, you can call our toll-free number at 1-888-294-0076 or fill in our online form to chat with one of our counsellors right away.

Our counsellors are available Monday to Saturday, including Monday to Thursday evenings.

3. Meet with your counselor

During your conversation, you’ll speak with one of our Certified Financial Counsellors who will review your information and complete a financial needs assessment and lay out your options.

The assessment is just a series of questions that helps to identify the gaps between your current financial situation and where you want to be. It’s a conversation about your money and your goals.

4. Explore your options

Our Certified Financial Counsellors offer the following services and programs:

• Financial counselling
• Budgeting and money coaching
• Debt repayment planning
• Orderly Payment of Debts (OPD) program

A counsellor will explain each of these options in detail and help you decide which one is right for your specific situation.

5. Create a plan

You’ll work with your counsellor to create a financial plan that helps move you toward your goals. Whether that’s building a budget, participating in our online courses, or joining the OPD program.

Remember, working with Money Mentors is completely voluntary. You’re free to stop at any time.

The hardest part is making the call

When you reach out to Money Mentors you can expect a confidential conversation with a Certified Financial Counsellor who will help you understand your financial situation and explore your options.

There’s no pressure, no judgement, no cost, and no obligation. We’re here to provide unbiased information, answer your questions, and help you find a path forward that feels right for you.

If you’ve been thinking about reaching out, it might be the right time to start a conversation. Contact us at 1-888-294-0076  or complete our online contact form.

FAQ:

What happens at a credit counselling appointment?

In a free credit counselling session, you’ll speak to a Certified Financial Counsellor about your money issues and goals. The counsellor will review your available options and help you create a plan to move forward. Counselling sessions are free of charge, non-judgemental, and confidential.

What’s the difference between a debt counsellor and a bankruptcy trustee?

Debt or credit counsellors can help you create a budget, understand your debt, and explore options to improve your financial situation, often without affecting your credit.

Bankruptcy trustees are federally regulated professionals who administer legal debt solutions, such as consumer proposals and bankruptcy.

What is the Orderly Payments of Debt (OPD) program?

The Orderly Payments of Debt (OPD) program allows Albertans to consolidate their unsecured government, and student loan debt at a low 5% interest rate. This makes it easier for Albertans to pay off what they owe.

This program is only offered and managed by Money Mentors on behalf of the Government of Alberta.