Tag Archives: debt relief options

When Does A Debt Management Plan Work?

 23 Oct 2013
debt management plan benefits

We’ll start with a brief definition of what a Debt Management Plan (or DMP) is: “A DMP is a voluntary program whereby some of your unsecured debts are pooled together so that you can make a single monthly payment to a credit counselling agency who will forward your payments to your…

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Balancing Debt Repayment With Living Expenses

 02 Sep 2013
balance cost of debt repayment

Question: Recently my husband and I applied for a second mortgage to pay off some credit card debt and outstanding bills and we were declined.  Within the past year he lost his job and was on EI. With only my income (about $1,800 a month after tax) coming in our…

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How To Avoid A Second Bankruptcy

 14 Aug 2013
avoid second bankruptcy

Here is a chilling statistic: somewhere in excess of 10% of the adult Canadian population will file for bankruptcy at some point in their life. Of those, 15% will have to file a second bankruptcy. The reasons people file for bankruptcy range from poor financial management, a relationship breakdown, a…

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6 Advantages Of Filing Bankruptcy in Canada

 07 Aug 2013
Advantages of Bankruptcy

One of the first things I am asked by just about everyone I see professionally is: “Is filing bankruptcy the right thing for me to do?” Since every person’s situation is unique, this is not a question that can be easily answered, but what I can do is provide you…

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Avoid Bankruptcy By Filing A Consumer Proposal

 31 Jul 2013

If you find yourself completely buried in debt and you don’t think you have any choice but to file for bankruptcy, you may be able to avoid bankruptcy by filing a consumer proposal. I have to be honest with you – our firm has been a big proponent of consumer…

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Debt Problems And Saving Your RRSP

 15 Jul 2013

For years, the government and the big banks have been encouraging Canadians to set aside as much money as possible in their RRSPs each year. This has created a strange situation – people may be having debt problems and at the same time they have savings for retirement that they…

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Consumer Proposal or Debt Management Plan

 08 Jul 2013

If you have a lot of debt and you want to avoid bankruptcy, you may consider a consumer proposal or a debt management plan. What’s the difference between these two debt solutions? A debt management plan is administered by a not for profit credit counsellor, and they are often able…

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Consumer Proposal or Debt Settlement: What’s The Difference?

 20 May 2013
consumer proposal or debt settlement

You’re looking for ways to reduce your debt but don’t understand the difference between a consumer proposal and a debt settlement. Are they different? Both offer to settle your debts for less than you owe so which is better? How can you tell what is the right choice? To best…

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Should I Consolidate My Student Loan and Credit Card Debt?

 06 May 2013
student-loans-bankruptcy

Question: I have a pretty hefty student loan of $55,000, which I’ve recently started paying. I also owe about $12,000 in credit card debt. I’m wondering if I should apply for a consolidated debt loan of $67,000. My monthly payments would be roughly $700, half of which are monthly interest…

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My Consolidation Loan Is Not Working

 18 Apr 2013
debt problem

Note: the question in this article contains old surplus income limits. Click here to review the updated limits. Question: About 3-4 years ago I had applied for a consolidation loan. However since then I have gotten myself in over my head so to speak. I have over $10,000 in credit…

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