Life has a way of surprising us. Financial surprises are great when they’re pleasant.
However when we realize that our financial affairs are worse than we thought — well that’s another thing. You may have reached this page because you’ve had an unpleasant surprise.
Maybe you have received a nasty call from a collection agency or a letter threatening legal action. Or have just found out your wages are going to be garnished.
So what now? When things like this happen we tend to turn to the internet and start searching for help. But help with debt can come in many forms and not all of the options you discover are going to be suitable for your situation.
Your search for ‘debt help’ may result in Google AdWords appearing offering ‘cheap loans’. Borrowing more money just digs a deeper hole and often people regret their decision to go this direction
Debt Consolidation will pop up in your search as well. There may be some marginal advantages in arranging all your debts in one pile with a single monthly payment.
However, the debt remains the same size of problem and for most people, this is NOT a real solution.
Another debt help solution that you may be offered is Credit Counselling. Counselling could help with your financial management skills. However, when you’re drowning you don’t need swimming lessons — you need a hand to get out of the water.
The Credit Counselling approach basically assumes, like the consolidation method, that you are capable of repaying the whole amount owed.
While repaying the total amount owed might be a noble aspiration, it might not be practically possible for you. So the options so far are:
- Going deeper in debt with another loan
- Piling all your debts into one heap
- Repaying the full amount with the support of counselling
I hope you are still researching your options. Because there is another alternative — it’s called a ‘Consumer Proposal’.
- It enables you to repay only a portion of your total debts, with manageable monthly installments, without interest
- It provides you legal protection from your creditors. The collection agency letters and calls stop; so would any wage garnishments. By the way, only a Licensed Insolvency Trustee can provide this legal protection.
So, if you are researching your options it would be well worth your while contacting a Licensed Insolvency Trustee (LIT). We can provide you the widest range of solutions to debt problems.
We are licensed by the Canadian government to help you find the best solution for your specific situation. We offer a free no obligation consultation. We’ll listen and will advise you carefully on the most practical solution for you.
Contact LCTaylor today and let’s have a chat about your situation.
Jillian Taylor-Mancusi, LIT
