Julie is a member of our Surrey office team and has been with Sands for nearly four years now.  Julie works not only as an Estate Manager but also as a qualified Insolvency Counselor. 

During a bankruptcy or consumer proposal, an individual will meet with an insolvency counselor for two financial counseling sessions.  Not the stereotypical counseling involving a chaise or hypnosis…these sessions are meant to cover a range of topics from shopping habits to use of credit techniques and to help the debtor better understand his or her behavior in financial management, increase awareness of the pitfalls of credit and make full use of their newfound financial freedom.

A big Canucks fan and lover of country music, Julie can be found enjoying snowboarding in the winter and camping in the summer.

Julie’s stay out of debt tip:  “Every penny truly counts.” 

If you would like to meet with Julie to discuss your debt solutions please call 310-0911 or request a free consultation online

In the world of dating nowadays not many people appreciate surprises that aren’t the wrapped-with-a-bow kind and for some, finding out that their current love interest is carting heaps of consumer debt, tax arrears or even student loans into a potential relationship may prove to be too much baggage to bear.

Consider how your debt may affect milestones such as moving in together or even marriage.  Affording you and your sweetie’s new home, picture-perfect wedding or dream vacation may not be attainable goals together while lugging that ball and chain of debt.  Unfortunately it may be that despite all your good points, your date knowing how your financial cookie has crumbled may deter them from coming to the conclusion that you can in fact be 100% in a relationship while you’re still tied to your bills and the collection agencies calling on a nightly basis.

If this is starting to sound all-too familiar you may want to consider contacting a Proposal Administrator or Bankruptcy Trustee to review your financial options.  Dumping those money woes can do wonders to for a person’s self-esteem, “date-ability” and choices.

Starting to sweat now?  Relax – it’s not you – it’s your debt!  Like popping that breath mint after a garlic-laden meal, filing a Consumer Proposal can provide that essential fresh start – onwards and upwards Casanovas!

The regulations will take effect February 15th and include the following key requirements:

• Consumers can only be charged a fee if the creditor agrees to accept the settlement offer put forth by the Debt Consultant
• Debt Consultant fees will be limited a maximum of 10 percent of the debt owed

Bravo to the Manitoba government for instituting these regulations.  As stated by Jim Rondeau, Consumer Affairs Minister: “We want to be sure that people already struggling with debt don’t find themselves paying large fees upfront with no guarantee the service will actually reduce their debt.  Some consumers have found themselves worse off than before signing up for debt settlement.”

Click here to read the article.

Have you filed for Bankruptcy or made a Consumer Proposal and you’re not sure where to go from here? Or maybe you’re considering doing so but you’re leary of how hard it will be to regain credit once you’ve resolved your debts.

This short animated video will break down how to rebuild your personal credit – it’s easier than you think. Just follow “The SANDS Plan”:

-Set the Stage;
-Ensure Accuracy;
-Get New Credit;
-Be a Dependable Customer;
-Spend Less Than You Earn.

For the past 5 years Terry has been part of the Sands & Associates team in our Abbotsford office.  In her role as an Estate Manager she meets with individuals to help evaluate their financial situation to discuss and weigh available debt resolution options.

If the client decides to file a consumer proposal or a bankruptcy Terry would then continue with the administration of the file including verifying monthly income and expense reports, conducting financial counseling sessions and providing tax return information.  She would further help with the ever-important process of discharge for the individual, bringing the debtor’s obligations to a close.

Outside the office Terry’s downtime includes keeping up with her 2 ½ year old grand-daughter, downhill skiing and motorcycling (yes, we said motorcycling!).  Her holiday favorites over the years have been South California, Las Vegas, Maui and Cruising.

Terry’s stay out of debt tip:  Terry’s effective tips are to remember your “Wants vs. Needs” and that “Today is the First day of your Life” – so make it happen!

If you would like to meet with Terry to discuss your debt solutions please call 310-0911 or request a free consultation online

Luckily, our team member quickly clicked ‘record’ so that we could analyze exactly what claims were being made.  Take a listen below:

What does a Debt Scam sound like?

Let’s take a closer look at some of the content of this short message:

What they said:

“… which may allow us to lower your monthly payment by half, and reduce your total debt by up to 50%”

Our take:

As a means of getting you to keep listening to this obvious telemarketing ploy, they make their boldest claim up front.  Imagine – reducing your monthly payments by half and reducing your total debts by half as well?  Let’s listen on to see how this works!

What they said:

“… credit card bills, personal loans and many other types of unsecured debt”

Our take:

Of course they’re not mentioning that income tax, student loans, wage garnishees, or anything other than credit cards and personal debts can be included.  In fact, they’re not mentioning that many credit card companies have actually stopped dealing with these unregulated operators due to false claims and high fees.

What they said:

“… make one low monthly payment you can afford, become completely debt free in months.  This opportunity will not last”

Our take:

Just so we’re clear, the creditors have agreed to accept debt reduction plans only for a ‘limited period of time’?  Why would this be so?  Why will this opportunity not last?  This is completely false and a high pressure sales technique aimed at creating urgency in the consumers mind.

What are they actually selling?

These operators typically work completely by phone and you’ll never meet with them in person.  You’ll conduct all of the business remotely, often with someone not even located in the same country as you!  They will begin to charge you monthly fees and attempt to build up a ‘settlement balance’ of your savings over a period of months.  During these months, of course your creditors will continue to pursue you aggressively – seeking wage garnishees, getting court judgments, seizing assets – all of which will negatively impact your credit rating and cause you stress.

When the debt consultant feels as though they have enough in the account to make an offer to your creditors, they will do so, after first deducting their fees of course.  If the offer is not accepted, well, too bad.  They’ll send you elsewhere, pocket your money and move on to the next unfortunate victim.

In our offices, we have seen increasing numbers of clients who have started dealing with these debt consultants and have come to us after spending thousands of dollars and enduring several months of aggressive collection tactics, only to find that nothing has been done for them.  As for the fees they have paid, unfortunately there’s no regulatory body that you can complain to to recover.

In Canada, a Consumer Proposal can offer all of the benefits claimed above but with the added bonus that – it actually works.  If you’ve started working with an operator such as the above, I invite you to share your story on this blog, or phone us at 310-0911 to meet with us for a free consultation to review your options.

Tip #1: Buy holiday incidentals for next year now – If you’ve just managed to dismantle and dust your home back to it’s pre-festive state, you may not care to see another snowman so soon, but you can pay much less for next year’s holiday cheer by hitting up clearance sales in the next few weeks for items such as wrapping paper, cards and even décor. Plan ahead; start making your list for next year while it’s all fresh in your mind. Things that we normally leave to the last minute can generally be picked up a lot cheaper if you’ve got the gumption to seek them out before everyone else.

Tip #2: Know where you went wrong – AND right – Maybe you didn’t really need to shower your entire podiatrist’s office with those gourmet treats, but on the other hand the online comparison pre-shop saved you a bundle in cash (and frustration) on your kids’ gifts! Knowing which spending or shopping habit areas need improvement and, likewise, what has proved effective is a great start to keeping things in check in the coming months.

Tip #3: Start saving – If you’ve resolved to make this the year you buy that new TV, go on holiday, have an emergency fund or even prep for next year’s holiday expenditures, you may want to consider having funds automatically debited from your chequing account into a savings account. Many financial institutions (such as ING) have plans in place to make saving as easy and painless as possible. Shop around to see which institution offers you the account most suited to your saving goals.

Tip #4: Make a budget and a debt-attack plan – You knew this one was coming! As unpleasant as it may sound, this is the ever-important step to remedying your holiday hangover. To get yourself back on track you need to know what you’re working with. Have a good look at how much you owe and to whom, then sit down and sort out your cashflow, make adjustments to your expenses, and fly at it. That being said, if you’re on a ‘never-never plan’ wherein your bills are at the point that you’re calculating just how many decades it will take you to pay them off per that “minimum payment” box on your statement, you may want to explore some debt resolution options.

If this holiday season has proved to be the straw that broke the financial camel’s back, please feel free to call one of our ten offices to discuss your financial resolution.

The number of companies marketing themselves as debt consultants and credit counselors alike has been increasing over the past few years (in this economy is it any wonder?), these firms bringing with them a slew of promises to get YOU out of debt. For some, what they offer may prove a sound plan to attack those mounting bills, but for most they’re simply not doing anything for you that you couldn’t do yourself.

Furthermore, most Debt Consultants are unregulated, unsupervised and offer NO guarantees. In other words, as you congratulate yourself on managing that burdensome debt load and you make the agreed-upon monthly payments to Mr. and Mrs. Debt Consultant, you will probably find that their fees are the first bill to be paid, and interest is still accumulating on your initial debts – not to mention the collection action that will continue or even escalate.

Other claims that these types may make along the lines of “government approved” are also not worthwhile; debt settlement programs are government-approved as much as the fabulous shoes you’re wearing. The enforcement of minimal industry regulations does not equal government approval of how or what a business is selling!

Remember, friends – use caution and your common sense when evaluating a company’s claims, particularly where your finances are concerned. One simple and handy thing to always remember is that it should never cost money to talk about your debt! Often debt consultants will charge a fee to essentially refer you to a Trustee in Bankruptcy or Consumer Proposal Administrator, who will then provide you with a free consultation. Why free, you ask? Because Trustees/Administrators are the only people licensed to administer bankruptcies or consumer proposals! They are regulated and overseen by Industry Canada, and the federal act that binds them guarantees protection for individuals and creditors alike.  Trustees are bound by a rigid code of ethics that requires them to honestly and impartially assess your situation and provide you counsel that is in YOUR best interest.  We know, it almost sounds too good to be true!

Click here to access the FCAC Consumer Alert issued January 10, 2012.

A recent survey published in The Globe and Mail shone a little light on how we Canadians felt about 2011. Nestled in between questions on our daily vegetable intake and our proclivity to texting were even some slightly more relevant to our discussion at hand.

The questionnaire began on a rather dismal note when it revealed that, of the 12,000 respondents, 55% said they felt more stressed in 2011 than in 2010. And one of the perennial juggernauts when it comes to sources of stress was right up there, with 24% citing money as the primary cause. This revelation isn’t really surprising though – in fact it isn’t even really a revelation then – unless you look at it knowing that with just a little bit of basic knowledge and financial planning, a huge chunk of our stress could be washed away in 2012. If only we would be willing to learn a smidge about how to better manage our money, imagine the stress-free days in our futures!

The survey went on to highlight our situation vis-à-vis household debt, household debt being all debt owned by the adults in a home, including any mortgage. What this section revealed is a little frightening. As it turns out, 41% of us have household debt in excess of $150,000. Now, that percentage may not seem too high to many, and in reality it isn’t, but the problem lies not in the amount of people who have such debt, but rather in the amount who aren’t paying it off. According to the survey, only 31% of respondents reported any type of reduction of household debt from their 2010 totals…any type of reduction at all! This is a very worrying statistic for one simple reason: if you aren’t paying off your debt, it is growing, and sometimes at an alarming rate. Any amount of debt reduction is in your best interest, period.

In many respects, 2011 was a good year for Canadians. But when it came to our finances, things could certainly have been better. If money equals stress, and this is how we are managing our finances, then it stands to figure that we are a nation of stressed-out spenders. If you think you may be one the many, why not speak with a Sands & Associates representative and let’s work toward changing it!