Debt can feel like an impossible problem to solve, and debt-stress can impact virtually every part of a person’s life. Although it may feel like there’s no way out, there are solutions that can clear your debt and get you a financial fresh start, and you are not alone in finding your debt-free plan. Licensed Insolvency Trustees are Canada’s only professionals specifically qualified and licensed by the Federal Government to provide debt advice and services.
Founded in 1990, Sands & Associates is British Columbia’s largest firm of Licensed Insolvency Trustees exclusively focused on supporting consumers across the province with debt solutions and resources. With a caring team of qualified debt experts, we have the knowledge, skills, and ‘debt smart with heart’ approach to help you move forward with your life – without debt.
- Sands & Associates’ Surrey office offers individuals the opportunity to get confidential debt advice from a trustworthy expert in a safe, non-judgmental space.
- Consumers across BC can also access Sands & Associates’ personal debt help services remotely seven days a week with telephone and online options.
Talk with a local debt expert about your options – book your free, confidential debt consultation now.
Debt Relief in Canada
If you’ve found yourself having difficulty making your monthly debt payments or are feeling stuck, unable to effectively pay down your debts, you have two powerful options that can safely provide you debt relief and breathing room.
Both of these solutions can be accessed through a local Licensed Insolvency Trustee based in your province and no referral is required to explore these and other options and resources you have available to you.
Consolidate and Cut Debt with a Consumer Proposal
A Consumer Proposal is a unique debt solution in Canada that can be a very effective solution for individuals seeking debt relief. Here’s how it works:
- Your debts will be consolidated into a single repayment agreement where your creditors will agree to accept repayment of only the portion of your debt that you can reasonably afford to repay over a period of up to five years. At the end of the Consumer Proposal the unpaid account balances will be considered forgiven.
- Consumer Proposals can consolidate virtually all types of debts, including (but not limited to): credit cards, payday loans, lines of credit, income tax and GST/HST balances, student loans, mortgage and vehicle loan shortfalls.
- If you have an ongoing mortgage or vehicle financing in place you can choose to continue with these agreements that are in good standing outside of your Consumer Proposal.
- Consumer Proposals are often successful in reducing your debt by as much as 50-80% of the balance due. Debts are ‘frozen’ when your Consumer Proposal begins and there are absolutely no future interest or financing charges allowed after the date of the Proposal.
A Consumer Proposal can only be filed for you by a Licensed Insolvency Trustee, and there are no additional professional fees added to the amount you pay each month; the administration costs are essentially absorbed by your creditors, at no cost to you.
Consumer Proposals are easy to qualify for, with no credit check requirements, making them a highly accessible, and often significantly less expensive, alternative to consolidation loans.
Learn More About How to Qualify for a Consumer Proposal
Clear Debt with Personal Bankruptcy
For individuals who are facing additional hardships or situations that make it difficult to afford repayment of even a portion of their debts, personal bankruptcy is another legal solution that can help clear all your debts.
- Personal bankruptcy can include common debts such as credit cards, lines of credit, Canada Revenue Agency debts, payday loans, money owing to another individual and more.
- Typically, an individual is only “in bankruptcy” for nine months, after which time they receive a discharge (release) from bankruptcy and can move forward free from unmanageable debt.
- In Canada personal bankruptcy is generally considered to be a straight-forward and private process, and most people will keep all of their assets.
If you are unable to pay your debts bankruptcy may offer you a suitable solution to have your debts forgiven, and the cost of filing for bankruptcy is generally broken into affordable monthly payments throughout the nine-month process.
Connect directly with a Licensed Insolvency Trustee in your province to learn more about how bankruptcy works and whether this may be your best debt option. It’s important to understand all of your options and make an informed decision about how you want to move forward.
Do I Qualify for Personal Bankruptcy? Learn More
Free, Confidential Debt Advice in BC
Licensed Insolvency Trustees are federally regulated debt management professionals, uniquely qualified to help you explore your rights, remedies, and resources to deal with your debt. When you need debt advice call a Licensed Insolvency Trustee in your province for guidance.
At Sands & Associates our goal is that by the end of your first meeting you will have the information you need to decide how you want to move forward, with a clear outline of the next steps in your debt-free plan. You are not alone in dealing with a debt problem, we’re here for you!
Your financial fresh start might be closer than you think – book your free debt consultation today to learn about your options and get your debt-free plan.
