Since 1990, Sands & Associates – BC’s largest firm of Licensed Insolvency Trustees focused on debt help services for consumers – has helped tens of thousands of people break free from debt and ultimately change their lives with a financial fresh start. Many Canadians access debt help services each year, and, according to current research, too many face a prolonged struggle because of delays asking for help or simply not knowing where to turn for debt advice.
Although Licensed Insolvency Trustees provide an important legal financial service, there is often a very emotional aspect to the process. As a proud industry leader with a team of dedicated professionals, Sands & Associates feels strongly about the importance of taking away the shame and stigma from debt problems and encouraging people to seek help with a debt (or other) challenge without delay.
Here are 9 key things Sands & Associates Licensed Insolvency Trustees want you to know about dealing with debt:
Financial Problems Do Not Define You.
If you are facing a debt problem, you should know that it’s not a reflection of you or your character – and it’s probably not your fault either.
“Financial difficulties are not a reflection of who you are as a person, they are only a symptom of something bigger that you may have no control over.” – Dana Timko, Sands & Associates Estate Manager & Qualified Insolvency Counsellor
Thinking that financial problems always stem from bad budgeting or constant overspending is generally far from the reality that our clients face. Some of the most common factors that lead people to eventually resolve their debts with legal solutions such as Consumer Proposals or bankruptcy are often completely beyond their control such as:
- Illness, injury, or health-related problems
- Overextension of credit due to costs of living outpacing income
- Marital or relationship breakdown
- Job-related / job loss
Very few of us are prepared to face scenarios that cause even a temporary disruption in income like sudden job loss, major costs such as re-establishing a household following a marital breakdown, or simultaneous financial impacts from a health problem. The result is often that debt escalates quickly and once the disruption is over, it can be extremely difficult to catch up with the quickly compounding interest charges.
You Deserve to Live with Dignity – and Without Debt and its Overwhelming Stress.
Being unable to manage a debt problem alone can cause many people to feel embarrassment, shame and self-blame. It can be very difficult to show ourselves kindness at times, but everyone is deserving of a financial fresh start, and you do deserve to be treated, and to live with, dignity and respect.
Life Goes On, You Can (and Will) Move Beyond this Current Challenge.
When you’re feeling overwhelmed with debt it may feel as though you’ll never be free of this burden. Despite how you may be feeling now, there is light at the end of the tunnel. Debt does not have to last forever.
Debt is a Problem Like Many Others in That it Has a Solution!
Understanding that resources and support exist and then knowing where to turn to access this assistance is often the first step in moving towards a solution.
“Your financial fresh start begins the day you file for bankruptcy or file a Consumer Proposal. This is your opportunity to start moving forward…” – Darlene Mullen, Sans & Associates Estate Manager & Qualified Insolvency Counsellor
There’s a Lot to Know About Debt Management.
The rules and laws around consumer debt can be complex and are ever-changing; most people are understandably not aware of the many aspects that may impact them. Even within an hour’s consultation people are generally surprised to learn facts about:
- How common it is to have a debt problem, and how many people seek debt professional debt help.
- According to the Government of Canada: “In 2019, there were 137,178 consumer insolvency filings… That year also had…4.6 out of every 1,000 adult Canadians filing for insolvency.”
- Many details of how credit, borrowing and credit reporting work, and how small a role a high credit score plays in overall financial health.
- Multiple debt solutions you can access and choose from, and how these processes work.
We Don’t Hold Space for Judgment, Just Support and Solutions.
We believe that a debt problem can happen to anyone at any time, despite our best efforts to repay debts as intended. Even doing “all the right things” people can find themselves pushed into a situation where they are unable to meet their financial commitments, or where they feel they must choose between paying their debt and meeting basic living costs.
“We can’t control what happened in the past, but we can help you understand where you’re at today so you can move towards your goals and debt-free future.” – Raj Hara, Senior Vice-President of Sands & Associates, Licensed Insolvency Trustee
Licensed Insolvency Trustees Do Not Get Paid on Commission, and Receive Zero Funding From Your Creditors.
Whether you are seeking answers about specific debts, advice on how to manage your debt, solutions for consolidation or debt settlement options, Licensed Insolvency Trustees offer free confidential consultations and you do not need a referral to connect.
- If you decide you want to work together on a legal debt solution, there are set calculations and rules that all Licensed Insolvency Trustees must strictly follow when administering a personal bankruptcy or Consumer Proposal.
- Trustee fees are calculated based on a government-set tariff and are drawn from the funds that have been paid into each individual bankruptcy proceeding or Consumer Proposal. Licensed Insolvency Trustees are not allowed to set their own fees and rates.
You Are Not “Just a Number” – and We Love to Celebrate Your Successes.
We are very privileged in our role as debt help professionals, to offer a safe space where people can talk about their financial challenges– and we feel even more gratified in having the ability to help people solve these issues.
Gratitude and responsibility are upon us each time someone chooses to place their trust in us, especially during what are often some of the most difficult moments of their life. Although we may be playing a small supporting role in empowering you with the knowledge, tools and resources to take charge, we are always proud to know you’ve achieved your debt-free goals.
You Are Not Alone.
Above all, please know that you are not alone. We are here to help you.
What is a Licensed Insolvency Trustee?
Licensed Insolvency Trustees are the professionals to call when you need a plan to deal with your debts. We are uniquely qualified professionals who provide free advice on how to deal with debt problems and are the only federally regulated professionals who can offer services to help you legally resolve your debts.
Licensed Insolvency Trustees have the authority to help individuals and businesses with legal debt solutions including Consumer Proposals and personal bankruptcy, and at Sands & Associates we also have highly skilled Insolvency Estate Managers and Qualified Insolvency Counsellors who play an integral role working with clients to achieve their debt-free goals.
Since our founding in 1990, Sands & Associates has grown to an extensive network of local offices throughout BC and we now serve residents across the entire province. We are proud to be an industry leader, an award-winning firm, and the province’s largest firm of Licensed Insolvency Trustees exclusively providing debt help services for individuals and small businesses.
Sands & Associates believes that money problems can happen to anyone at any time, and we take an approach to providing our services and expertise that focuses on empowering consumers with all the information they need to make fully informed decisions about their situation and emphasizing financial literacy.
“Through debt restructuring and financial counselling clients begin to feel empowered with knowledge of money management, and most importantly – hopeful about the future.” – Bethany Cann, Sands & Associates Estate Manager & Qualified Insolvency Counsellor
We aim to reach people across the province who need professional support, and our team is deeply committed to an approach of genuine care and empathy, treating people with respect and dignity – and understanding that there are much broader impacts in the financial burdens being addressed.
With caring, non-judgmental debt experts serving residents across BC, Sands & Associates has the ‘debt smart with heart’ to help you move forward with a debt-free plan and financial fresh start. Connect today to get started with a free confidential debt consultation.