Does any of this sound familiar?

  1. Only making, or unable to make your minimum monthly payments?
  2. Using credit or borrowing money to make ends meet?
  3. Being harassed by creditors with phone calls, collection letters or wage garnishment?
  4. Having payments bounce?


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Click the link above to use our online Assessment Tool to calculate your debt ratio.

You can be debt free and achieve a financial fresh start.
Here are some debt options…

consumer-proposals-icon-2Learn About Consumer Proposals

A Consumer Proposal is a legal debt consolidation arrangement, or debt settlement, with your creditors which stops all interest and allows you to repay only a manageable portion of your debts, in full settlement.

Consumer Proposals to creditors are an increasingly popular solution to consolidate and deal with accumulated or unmanageable debts and are the number one alternative to personal bankruptcy. They must be filed by a Licensed Insolvency Trustee and can have great benefits over traditional credit counselling programs or debt consolidation loans.

Consumer Proposals allow you to reduce the debts you owe, structure the time you have to pay off all your debts, or some combination of both, without accumulating interest or paying additional fees.

A Licensed Insolvency Trustee at Sands & Associates will work with you to tailor a proposal to your creditors that fits your household budget and personal circumstances.

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personal-bankruptcy-iconLearn About Personal Bankruptcy

In Canada, Bankruptcy is a legal option available to individuals or businesses to alleviate their debts and resolve financial difficulties. Most people who file a personal bankruptcy are in bankruptcy for 9 months, retain all of their assets and are able to rebuild a favorable credit rating afterwards.

There are many myths and misunderstandings surrounding the bankruptcy process that a Licensed Insolvency Trustee (formerly known as a Trustee in Bankruptcy) can help clarify.

A Sands & Associates Trustee will meet with you at no charge to review how bankruptcy legislation works and help you assess whether personal bankruptcy, or another debt consolidation option is the ideal debt solution for you.

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Options for Dealing with Debts

Many people struggling with debt management feel that personal bankruptcy is their only option; however, a Licensed Insolvency Trustee will help you evaluate whether there are other appropriate alternative measures for solving your financial challenges.

For example, a Consumer Proposal is a better option for some individuals as it allows for a realistic compromise to be worked out whereby a person avoids bankruptcy, and creditors receive some form of repayment by agreeing to settle the debts at a reduced amount.

Other options for consideration may include:

  1. Contacting Your Creditors: Explain why you cannot make your debt payments and suggest an arrangement that could work for both of you. You may be surprised that some creditors are willing to cooperate.
  2. Debt Consolidation Loan: You can approach a bank or financial institution about combining or “consolidating” your debts into one loan, under which the lender may require the pledge (security) of an asset as part of the consolidation loan structure. This creditor then pays off your consolidated debt and in return, you make monthly payments to that creditor. Make sure that you shop around because interest rates vary, and be sure to read all loan documents carefully before committing. Avoid further credit use, as this could increase your debt load and make the consolidation loan unmanageable.
  3. Private Debt Counsellors: There are private debt counsellors who will make arrangements with your creditors for you to pay off your debts in full. The counsellor will review your financial situation and arrange a payment program between you and your creditors. Unregulated fees and other miscellaneous charges are typically levied by the counsellor/agency in order to perform this debt service. It should be noted that not all creditors will accept traditional credit counselling offers; for example, government debts can only be settled or reduced by way of a Consumer Proposal (or Personal Bankruptcy).
  4. Consumer Proposal: A Licensed Insolvency Trustee files a proposal, which is an arrangement between you and your creditors that allows you to repay only a portion of your consolidated debts – it is not uncommon for debts to be reduced by 30-80% in full settlement. Interest is automatically stopped under the Consumer Proposal, and any creditors that have begun collection actions must cease to do so immediately.

Compare Four Options to Eliminate Debt using our online Debt Options Calculator.

A Sands & Associates representative can provide you with more information about any of these debt management options in a one-on-one, no obligation consultation. Our professional staff are here to help guide you through debt solutions based on your individual situation and needs.

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