The Best (and Worst) Places for Financial Help in Manitoba

  • By Jillian Taylor-Mancusi, B.A., C.I.R.P

When you have money problems, it can be hard to know where to turn for financial help. In Manitoba, there are many places that claim to help you with your finances, but some of them can only get you into further financial trouble.

If you need financial help, read on to find out some of the best and worst places you can go for money help:

Licensed Insolvency Trustee

When you need financial help, the last place you probably think of going is a licensed insolvency trustee. However, a trustee is actually one of the best places you can go for financial help. If your debt or spending habits are out of control, a trustee can help you avoid bankruptcy by providing financial counseling or offering other alternatives to bankruptcy, like a consumer proposal. This is an agreement between you and your creditors that allows you to settle your debts for less than you owe.

Financial or Credit Counselling

Sometimes, financial problems are the result of poor money management or misuse of credit. In cases like these, learning how to budget your money or better manage your credit may be all the financial help you need. Nonprofit groups or licensed insolvency trustee are some of the best sources for credit counselling.

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Debt Consolidation

Debt consolidation involves taking out a larger, lower interest loan and using it to pay off your debts. Then, you make one payment to your new lender instead of multiple payments to your creditors. This can be helpful and save you money on interest. However, debt consolidation usually requires good credit. If you have money problems, chances are your credit won’t qualify you for a loan from a reputable lender.

Payday and Title Loans

Payday and title loans should be avoided at all costs. Payday loans are very high in interest and fees. They make their money on the assumption that you will be unable to pay the loan back by the due date, then charge high interest and fees to renew it. With title loans, the title to your car serves as collateral. If you fail to make your payments on time, you could lose your car.

There are plenty of options for financial help in Manitoba. However, some can cause you more harm than help. Before you agree to accept financial help from anyone, make sure you research companies and lenders thoroughly and read the fine print before coming to any agreements.

Jillian Taylor-Mancusi, B.A., C.I.R.P

Jillian has worked in the insolvency field since 1992. She is a graduate of the University of Manitoba. She received her Insolvency Counselor’s Qualification Certificate from Ryerson Polytechnic University in 1998, and in 2007 she attained her license as a Licensed Insolvency Trustee. Jillian is a Read More Jillian has worked in the insolvency field since 1992. She is a graduate of the University of Manitoba. She received her Insolvency Counselor’s Qualification Certificate from Ryerson Polytechnic University in 1998, and in 2007 she attained her license as a Licensed Insolvency Trustee. Jillian is a member of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP). She is Past President of the Manitoba Association of Insolvency and Restructuring Professionals (MAIRP).Jillian has held positions on the Armstrong Point Association, Executive of her local EDA Riding Association, Manitoba Highland Dance Association, and the Continuing Education Committee of CAIRP. Previously, Jillian was the Treasurer for the Parent Association at her daughter’s school. Currently, Jillian serves as the Vice Chair for Dressage Winnipeg. Close

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