Tag Archives: Consumer Proposals

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Sands & Associates Live – Your Questions Answered!

Vice-President of Sands & Associates and Licensed Insolvency Trustee Blair Mantin was recently broadcasting live to answer viewers’ questions and explain some of the general ins and outs about how Licensed Insolvency Trustees can help people achieve a financial fresh start.

If you missed this informative Q&A session, you can catch up here:

Questions covered in this live session:
[0:25 – 2:55] I have $45,000 of debt… is bankruptcy the only option?

[2:55 – 3:45] How much can a $45,000 debt get reduced to?

[3:45 – 4:50] How long does a Consumer Proposal last?

[4:50 – 6:15] What’s the difference between credit counselling and a Consumer Proposal?

[6:15 – 7:30] Does bankruptcy or a Consumer Proposal impact mortgages or car loans?

[7:30 – 9:20] How does a Consumer Proposal affect credit ratings?

[9:20 – 10:25] How much does a Consumer Proposal cost?

[10:25 – 11:30] What will happen to RRSPs and savings for a child’s education if a Consumer Proposal is filed?

[11:30 – 12:50] Will filing a Consumer Proposal affect a spouse?

[12:50 – 14:30] What happens if circumstances change and payments can’t be made?

[14:30 – 15:55] Where can more information on Consumer Proposals be found?

To meet with a representative in an office near you, contact us today to book a free, confidential consultation.

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Metro in Debt: More from The Vancouver Sun

The Vancouver Sun newspaper continued its “Metro in Debt” series with a closer look at some of the options Canadians pursue when it comes to debt help.  With Canadians owing a record-high amount of combined mortgage and consumer debt, experts say the sooner those carrying debt who are in trouble get help, the better.

Vice-President of Sands & Associates and Licensed Insolvency Trustee Blair Mantin was included in the article, as was a local woman who shared her personal story of using a Consumer Proposal to deal with her debts, including a student loan and payday loans.  “Every single debt problem can be solved,” says Mantin, who notes the importance of knowing all of your options.

To read the full article please click here.

For more information about Consumer Proposals and other debt options, please contact us to book a free, confidential consultation in one of our 15 BC offices.

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Blair Mantin on CTV News at Noon: “Top 4 Financial Myths and Misconceptions”

Sands & Associates Vice-President and Licensed Insolvency Trustee Blair Mantin appeared on CTV Vancouver’s ‘News at Noon’ segment last week.

This episode focuses on financial myths and misconceptions that end up costing consumers money.  Blair shares his top 4 myths and misconceptions – watch here:

For more information about Consumer Proposals and other debt options, please contact us to book a free, confidential consultation in one of our 15 BC offices.

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CTV News at Noon: Financial Myths and Misconceptions

Vice-President of Sands & Associates and Licensed Insolvency Trustee Blair Mantin was a guest on CTV Vancouver’s ‘News at Noon’ today.  As November is Financial Literacy Month in Canada, this afternoon Blair shared his top 4  financial myths and misconceptions that end up costing consumers money.

Blair’s Top 4 Financial Myths and Misconceptions

  1. Paying just the minimum amounts due each month is A-O.K.
    • Many individuals fall into a trap of just making the minimum payments on their credit cards and assuming that they are actually making progress.  At 20% annual interest (like most cards these days!), making the monthly payments of $250 on a $10,000 debt will take more than 5.5 years to clear and will cost more than $6,600 in additional (avoidable) interest charges.
    • If all you can do is make the minimum monthly payments on your debts each month, this is the surest sign of a debt problem and an indication that you may need to try something different to get out of debt.  Credit card companies are now forced to disclose exactly how long it will take to pay off a debt if you only make the minimum payments, so keep an eye on your statements.
  1. Buying insurance for everything
    • Banks are quick to sell and aggressively promote various insurance products.  Some are great, and necessary, like life insurance for a young family.  Others provide little value in most circumstances.  One of these I see again and again as providing little value is ‘balance protection insurance’.  Each month you pay fees into this product even if you don’t carry a balance.  The fees can be as high as 1% of the purchases on the card.  Over the course of one year, this could take a 20% credit card interest rate to 32%!
    • The real issue is that, in most instances where you’d expect the insurance to help, it actually does very little.  That is, if you lose your job, it may cover the minimum payments for the period of time you are unemployed – but – keep in mind that very little of these payments will actually reduce the balance you owe on the card!
  1. Thinking there’s no way to re-negotiate Government debts
    • It’s scary to owe the Government money that you can’t pay.  If you owe money for taxes, MSP or student loans you may think there’s no alternative but to pay in full no matter how long this may take.  In fact, there is one single way of ‘making a deal’ on Government debts.  Anyone in Canada who has more debt than they are able to pay has the right to file a ‘Consumer Proposal’.  A Consumer Proposal is a legal remedy that can be used to stop all interest, reduce amounts owing, and work out a payment plan for what you can actually afford to pay.  Government debts like taxes, student loans, and MSP premiums can all be dealt with using this powerful tool, which will also halt a wage seizure or bank account freeze (both of which are regularly used collection methods by Government).
  1. Thinking that your credit rating is a barometer of your self-worth
    • Many people are scared to tackle their debt burden because they believe that their credit rating is an indicator of self-worth and that they could never recover from anything that might negatively impact their credit rating (like restructuring their debts, for example).  The fact is, your credit rating can change dramatically in a short amount of time – people can go from bankruptcy to be credit worthy enough for a mortgage in as little as 2-3 years if they follow the right steps.
    • It’s important to understand what a credit rating measures – credit ratings were originally designed as customer profitability measures for banks.  The more products you have open, the more credit you use, the more interest you pay (as long as this is on time!) – the better your credit rating.  Things like actually having savings and making financially smart decisions (like driving an old paid off car rather than financing a new one) have ZERO impact in increasing your credit rating, though you are clearly much better off financially.

With over 26 years of experience, Sands & Associates is BC’s largest firm of Licensed Insolvency Trustees focused exclusively on assisting individuals and small businesses achieve their “debt free” goals.

To meet with a representative for a free, confidential consultation in one of our 15 BC offices, please contact us.

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Metro in Debt: Blair Mantin featured in The Province Newspaper

The Province newspaper reported on a recent study conducted by a non-profit group, determining the most indebted areas in Metro Vancouver.  The Social Planning and Research Council of BC study comes amidst repeated warnings over household debts and continued high living costs.

The in-depth article also highlights the experience shared by an individual who used a Consumer Proposal filed by a Licensed Insolvency Trustee to settle her debts.  Sands & Associates Vice-President and Licensed Insolvency Trustee Blair Mantin was featured in the article and expressed that the current trend of a reduction in bankruptcy filings in BC is misleading when it comes the reality many British Columbians are facing:  “Bankruptcy rates are dropping everywhere, but without showing that consumer proposals are growing like crazy, an incorrect picture is drawn,” said Mantin.

To read the full article please click here.

For more information about Consumer Proposals and other debt options, please contact us to book a free, confidential consultation in one of our 15 BC offices.

Ask the Expert

Ask the Trustee – November Edition

Licensed Insolvency Trustee Blair Mantin answers your questions about how to manage debts, including options such as Credit Counselling, Consumer Proposals and Bankruptcy in BC! 

Q: What type of debts can a Licensed Insolvency Trustee help me resolve?

A: Licensed Insolvency Trustees can help with debts in addition to common consumer debts such as credit cards, lines of credit and loans.  Other debts that we can assist with include:

Student Loans – Student loans can be released via a bankruptcy or consumer proposal if it has been more than 7 years since you were last a student.

Income Taxes – Government income tax, GST or business tax due can be extinguished.  A wage garnishment or bank account seizure can also be halted.

Secured Debts – Debts that use assets as collateral can be resolved, should you wish to end the terms and deal with any shortfall.  Conversely, the terms may continue in a bankruptcy or consumer proposal should you wish to do so.

To find out more about your debt options, call us at 1-800-661-3030 or contact us here to arrange for a free, confidential consultation.

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Welcome to the New Sands & Associates Website!

After several months of planning and designing, we’re excited to introduce you to our new website.  We invite you to browse our blog, video gallery, media posts, debt calculators, testimonials sections and more; with a new streamlined format, our informative content is now easier than ever to navigate.

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Sands & Associates is BC’s largest firm of Licensed Insolvency Trustees focused exclusively on personal and small-business services.

Since being founded in 1990, our office network has grown to 15 offices throughout the province, with locations in the lower mainland, Vancouver Island (Victoria, Nanaimo) and the Interior (Kamloops, Kelowna).  Over the past 26 years we’ve helped tens of thousands of people achieve a financial fresh start.

Our team of dedicated professionals are committed to helping people understand their options when it comes to debt management solutions in a straight-forward, empathetic manner.  You can read more about our Licensed Insolvency Trustees and Qualified Estate Managers here.

With help from Sands & Associates, a financial fresh start could be closer than you think.

Ready to talk?  Contact us to book your free, confidential consultation in one of our local offices today.

AskExpertQuestion

Ask the Trustee – October Edition

Licensed Insolvency Trustee Blair Mantin answers your questions about how to manage debts, including options such as Credit Counselling, Consumer Proposals and Bankruptcy in BC! 

Q: What information do I need to meet with a Licensed Insolvency Trustee?

A: It’s helpful if you can have an idea as to:

Debts – Who your creditors are, how much is owed; whether or not any creditors hold an asset as security (such as vehicle financing).

Assets – A brief list of any assets you have an interest in.  Note that you are entitled to exemptions on various assets, and most people will keep their assets in a bankruptcy or consumer proposal.

Income – Your average net (after tax) income; also make note of expenses for things like child/spousal support, or out-of-pocket medical expenses if applicable.

Lastly, it’s important to know you do NOT need a referral to meet with a Licensed Insolvency Trustee to talk about your situation and evaluate your financial options. 

To find out more about your debt options, call us at 1-800-661-3030 or contact us here to arrange for a free, confidential consultation.

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Blair Mantin on CTV Morning Live – Ask an Expert: “How to Choose a Debt Advisor”

Sands & Associates Vice-President and Licensed Insolvency Trustee Blair Mantin appeared on CTV Morning Live’s “Ask an Expert” segment last week.

This episode focuses on key questions that consumers should consider when seeking a debt advisor.

For more information about Consumer Proposals and other debt options, please contact us to book a free, confidential consultation in one of our 15 BC offices.

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CTV Morning Live – Ask an Expert: “How to Choose a Debt Advisor”

Vice-President of Sands & Associates and Licensed Insolvency Trustee Blair Mantin was featured on CTV Morning Live’s segment “Ask an Expert” this morning.  Today’s segment focused on some key questions that consumers should consider when seeking someone to help them with their debts.

Recent statistics and studies have shown that debt is a way of life for many Canadians, and, what’s more, a large number of Canadians are within as little as two hundred dollars of not being able to meet their monthly payment obligations.  As individuals seek out professional debt assistance, there are some pitfalls to be aware of to ensure a debt free future.

Key Questions to Ask when you’re Seeking Help with your Debts:

  1. Is the advisor licensed to help you?
    • When seeking help with your debts, there are a multitude of individuals who claim to be able to help you.  It’s important to note that the Federal Government licenses only a single professional to assist individuals who find themselves in debt – a Licensed Insolvency Trustee.  If you’re dealing with an unlicensed professional you may be at risk of paying unnecessary fees and not having the debt resolved.
  2. What fees will you need to pay?
    • It’s important to understand that you should never pay for debt advice.  Licensed Insolvency Trustees all provide free confidential consultations and all payments are set by government tariff.  If an individual is considering paying an up-front fee to a debt advisor, this is usually a warning sign that they are not dealing with an individual who can actually provide an effective option to deal with all of your creditors.  Many times, unlicensed professionals may charge up-front fees only to eventually introduce you to a Licensed Insolvency Trustee who can offer you several solutions to solve the issue, and whom you could have met initially for free.
  3. What debts can the advisor help with?
    • For most consumer debts, individuals can try to negotiate on their own behalf and sometimes are successful at getting payment plans that work for them.  For government debts, this is often a non-starter.  No advisor can reduce or freeze government debts other than a Licensed Insolvency Trustee.  That’s it, full stop.  Even an individual negotiating directly with Canada Revenue Agency for tax debts or student loans on their own behalf usually doesn’t succeed in reducing the debt.  A Consumer Proposal is generally the only effective method to reduce those government debts in full settlement, with no additional interest or penalties.
  4. Will you receive protection from creditors?
    • If you owe money, you may be getting collection calls, wage seizures, or court actions against you.  It’s important to understand who can make those proceedings stop – only a Licensed Insolvency Trustee can use federal law to immediately stop all actions dead in their tracks and give you the breathing room you need to recover.
  5. Where can you go if something goes wrong?
    • If you’re dealing with an unlicensed advisor, you generally have little to no recourse.  You can try to complain, or even take to social media, but there is no overseeing body that can compel an unlicensed debt advisor to make good on a bad situation.  Licensed Insolvency Trustees are overseen by Industry Canada and are heavily regulated.  If you’re dealing with a Licensed Insolvency Trustee, the regulator makes sure that everything is done in compliance with governing laws.

With over 26 years of experience, Sands & Associates is BC’s largest firm of Licensed Insolvency Trustees focused exclusively on assisting individuals and small businesses achieve their “debt free” goals.

To meet with a representative for a free, confidential consultation in one of our 15 BC offices, please contact us.

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Connect with Sands & Associates at the West Coast Women’s Show

According to a recent study, more than one-third of Canadian women wish they were more confident in financial matters, and around the same number of women fear making financial decisions due to a lack of knowledge.

Many women today face unique challenges when it comes to debt and finances.  Sands & Associates believes that women should be encouraged to make smart money choices, to plan ahead and to be empowered with the knowledge they need to make informed decisions about their finances.  With financial literacy and consumer education top of mind, Sands & Associates will be attending the 16th annual West Coast Women’s Show October 21, 22 and 23rd at the Tradex in Abbotsford.

Stop by and meet some of our friendly, knowledgeable staff in Abbotsford for the 16th annual West Coast Women’s Show.  With daily shows and hundreds of exhibitors, the West Coast Women’s Show is the biggest women’s event in British Columbia.

Please click here for more information about the West Coast Women’s Show.

Sands & Associates has been helping individuals and small businesses when they need a plan to deal with their debts for over 25 years. With 15 offices throughout British Columbia and a team of qualified credit counsellors, Licensed Insolvency Trustees and proposal administrators – we are here to help people achieve a debt-free future!

To find out more about Sands & Associates or arrange a free, confidential evaluation of your debt options in one of our local offices please contact us.

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2016 Halloween Infographic – Get More Scare and Less Spend

Click the infographic to enlarge.

Click the infographic to enlarge.

To meet with a representative for a free, confidential consultation in one of our 15 BC offices, please contact us.

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How (and Why) to Check Your Credit Report

Even though it’s generally recommended to check your credit report about once a year, this is a financial chore that often falls by the wayside, even for the most financially-savvy of us.  Because an un-kempt credit history can be hiding a lot of hassle for those unsuspecting, we’ve put together a brief primer on getting your credit report to help you stay on top of this important metric:

How to check your credit report:

There are two relatively straightforward ways you can request copies of your credit history reports from both (that’s right – BOTH) credit bureaus in Canada.  Because these are separate agencies they won’t necessarily have the same information, which is why it’s important to review both.

  1. Online: If you visit the websites for Equifax and TransUnion of Canada you’ll find links to receive a copy of your credit history report online.  While this is a quick way to get the job done, it will come with a fee determined by the agency.  If you opt for this route, be sure you’re only paying for what you want – different “packages” are available that will contain varying information and reporting.  For financial housekeeping purposes, you’re generally only interested in the credit history report itself, not your credit score!
  2. By mail: If you’re not in a rush, and/or you want to save yourself the fees you can use the “Credit History Request Form” to request hard copies of your reports, a copy of which can be found in the downloads section of our website.  You can obtain copies for free once a year!  You’ll need to fill out the form in entirety, attach copies of two pieces of identification and either mail or fax the request form to both credit bureaus.

Why you should check your credit reports:

Correct Errors:  Sources estimate that there are errors in anywhere from 10 to 33% of credit history files.  Unfortunately, some of those errors may be impactful enough to stop you from obtaining credit, or getting credit on the terms you want, others such as an incorrect date of birth may add unnecessary delays when you’re seeking credit.

Tip:  If corrections to your file are required, there will be a request form sent to you with your credit report which you will complete then return to the appropriate bureau.  Try to include as much documentation with the correction request as possible.

Detect Fraud:  Identity theft and fraud are a modern-day nuisance that thousands of Canadians deal with annually.  If you’ve had your wallet stolen, or had a home break-in, it’s of added important that you monitor your credit history for accounts that may not belong to you.

Tip:  If you’ve been a victim of fraud you should contact the police, the affected lenders, and the credit bureaus immediately to get further assistance.

Avoid Surprises:  It’s easy to have a few bills slip from memory over the years.  Avoid being reminded about that old cellphone account or unpaid parking ticket when you go to apply for credit.  Likewise for credit cards or lines of credit that you haven’t used in years – these items can be taking up needless room in your credit report.

For assistance in eliminating debts that may be weighing down your credit report, contact a Licensed Insolvency Trustee.  We can help you achieve a financial fresh start!

With over 25 years of experience, Sands & Associates is BC’s largest firm of Licensed Insolvency Trustees focused exclusively on assisting individuals and small businesses achieve their “debt free” goals.

To meet with a representative for a free, confidential consultation in one of our 15 BC offices, please contact us.

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Can a Bankruptcy or Consumer Proposal Cover Government Debt?

There are many different types of debts AND debt solutions available to Canadians, and not all are created equal.  Notwithstanding the appearance of a large number of debt resolution options, there are only two legislated debt options that will give a person relief from their debts, including government-related debts.  Here are some common types of government debts that many people are surprised to learn that a bankruptcy or Consumer Proposal can deal with:

Income tax debt – Outstanding debts with Canada Revenue Agency (CRA) can be included in a personal bankruptcy or a Consumer Proposal.  This includes balances due for personal income tax, GST or corporate tax, as well as corresponding interest and penalties.  All accruing interest is halted, as are wage garnishments or bank account seizures that may be in place.

Did you know?  A Consumer Proposal is the only method that can be used to negotiate a reduced balance owing with CRA.

Student loans – If more than seven years have passed since your last study date, you can be released from your student loans using a bankruptcy or Consumer Proposal.  Even if you have not been out of school for seven years you would still get relief from making payment on those student loans during the bankruptcy or Consumer Proposal period.

Did you know? If only 5 years have passed since you last attended school, it may be possible to apply for your student loan to be relieved under a hardship provision following your bankruptcy.

Medical Service Plan (MSP) – If you were required to pay MSP premiums and incurred an outstanding balance, this will be eliminated with a bankruptcy or Consumer Proposal.  Ongoing premiums (if any) would then resume as normal after the date of filing.

Did you know?  MSP premiums are based on your previous years’ tax returns.  If you’re behind in tax filings this may result in not being eligible for premium assistance.

If you’re facing an unmanageable balance owing from the provincial or federal government of Canada it’s important to find out the facts about your situation as soon as possible.  Interest and penalties can compound very quickly and the CRA can be a powerful creditor.

Contact a Licensed Insolvency Trustee if you have questions about how to manage these, and other types of debts.  Licensed Insolvency Trustees  are the only professionals legally able to provide debt solutions to work with these creditors on your behalf.  Consultations are always free, confidential – and at no obligation!

Ready to talk?  Contact us today to arrange for a free, confidential consultation in one of our 15 BC locations.

AskExpertQuestion

Ask the Trustee – September Edition

Licensed Insolvency Trustee Blair Mantin answers your questions about how to manage debts, including options such as Credit Counselling, Consumer Proposals and Bankruptcy in BC!

Q: I need help with my debt, but worry about damaging my credit rating.

A: Credit ratings alone don’t paint a clear picture.  Servicing interest without missing payments can mean good credit history – but it doesn’t mean you’re able to pay debts off in a reasonable amount of time.

Oftentimes a Consumer Proposal or Bankruptcy can break the cycle of a fading credit rating because it serves as a reset, a fresh start.  A first-time bankruptcy is reflected for 6 years from the date of discharge, and a Consumer Proposal for 2-3 years.  It is still possible to obtain credit in this time, provided you take steps towards rebuilding.

If your debts are causing problems, continuing to struggle will generally hurt your overall financial health and credit rating more in the long-run.

To find out more about your debt options, call us at 1-800-661-3030 or contact us here to arrange for a free, confidential consultation.

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Sands & Associates: Our Mission

In Canada, Licensed Insolvency Trustees are the only professionals designated by the Federal government to provide legislated debt solutions to people who find themselves in financial difficulty.  Sands & Associates is British Columbia’s largest firm of Licensed Insolvency Trustees focused exclusively on providing services to individuals and small businesses.  Founded in 1990, over the past 26 years Sands & Associates has grown to a network of 15 offices located throughout BC.

With changing legislation and often-confusing Internet marketing, the world of debt help and debt resolution providers has become increasingly complex for most consumers over the past decade.  At Sands & Associates we believe it is our job to help consumers understand their options and, day in and day out, we do this for free.  Licensed Insolvency Trustees are a trusted resource for hundreds of thousands of Canadians each year.

Our Associates, Deane Gurney, Geoff Orrell, Blair Mantin and Raj Hara have extensive knowledge across a range of restructuring, consulting, financial advisory and accounting engagements.  They believe “our strength is our people” and that continually investing in our staff has led to the growth of Sands & Associates, as well as our receipt of multiple Consumer Choice Awards in the lower mainland, for five years running.

We are proud to have a compassionate, non-judgmental team of Licensed Insolvency Trustees, qualified Insolvency Counsellors and Estate Managers available to assist those who contact us regarding their financial affairs.  We believe that money problems can happen to anyone and strive to increase financial literacy in the communities we serve.

We feel it is essential to fully understand all of your financial options in order to make informed decisions about your specific situation and are committed to ensuring that we give clear, concise information to those seeking our assistance and knowledge.

Where you can find us

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Lower Mainland

Vancouver Island

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Ready to talk?  Contact us today to arrange for a free, confidential consultation in one of our 15 BC locations.

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Back-to-School Budget Hacks

Read our top 7 back-to-school budget tips to help prepare your kids for the classroom, without feeling the financial pinch!

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Click the infographic to enlarge.

To meet with a representative for a free, confidential consultation in one of our 15 BC offices, please contact us.

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How Much Debt will a Consumer Proposal Eliminate?

Although filing a Consumer Proposal is a debt management option that has been around for some time, it’s only in recent years that more Canadians have become aware of this powerful alternative to bankruptcy.  A Consumer Proposal allows you to make a legal arrangement with your creditors wherein you’ll only have to repay a portion of your debts – in full settlement – with no interest, fees or additional penalties.  In fact, it’s not uncommon for debts to be reduced by 70-80%!  Consumer Proposals can only be filed by a Licensed Insolvency Trustee (“LIT”) and have substantial advantages compared to traditional credit counselling programs or debt consolidation loans.

One of the many benefits of a Consumer Proposal is that it is tailored to meet the specific needs of the individual.  Let’s review some of the factors that come into play when assessing a person’s ability to file a Consumer Proposal, and share some real-life examples of how much debt some individuals we’ve assisted were able to eliminate:

Consumer Proposal key success factor #1: Total amount of debt – The total amount of debt is important as a proposal can only succeed if you are able to repay a ‘meaningful’ portion of the debt outstanding.  If the debts are such that you are able to afford to repay at least 20-40% of the balance, then a consumer proposal can be a great fit.

Interest will automatically be frozen by law on the debt – this is significant as it means the debt will not continue to grow.  We often meet with people making large monthly payments on their debts, but because of accruing interest they’re never able to pay the debt off completely.

Consumer Proposal key success factor #2: Monthly household income – The household budget plays the largest factor in determining what sort of repayment terms will make for a successful Consumer Proposal.  Family-size and personal budgets need to be carefully considered to ensure that your Consumer Proposal gives you breathing room and allows you to have manageable finances, debt-free.

Here are a few examples that show how three Consumer Proposal worked for people who each had a very different set of circumstances.  You can see how the settlement to their creditors varied depending on income, the amount of debt, and their personal situations:

Example #1

  • 35-year old skilled tradesman with health issues
  • Held approximately $55,000 in consumer debts
    • Creditors were calling him daily
    • Minimum payments were taking up half of his $3,200 monthly income

His Consumer Proposal was filed, which stopped all interest, stopped all the calls and reduced the debts from $55,000 to $23,400 in total.   He agreed to make monthly payments of $650 over a 36 month period.

Example #2

  • 43-year old woman who had previous periods of unemployment
  • Was carrying around $9,000 of consumer debts
    • Multiple payday loans

For her Consumer Proposal she made monthly payments of $200 a month for a total of 24 months.  We were able to settle her debts in full at $4,800 total, with no interest or added fees.

Example #3

  • 70-year old widowed woman with increased living costs
  • Had around $17,000 of consumer debts

Her Consumer Proposal called for repayment of $6,300, by way of monthly payments of $150 for 42 months, which would reduce her debts by around 80% in full settlement. 

When trying to determine just how much of your debt could be eliminated using a Consumer Proposal it’s always best to meet with a Licensed Insolvency Trustee face-to-face.  There is no charge for this meeting and it’s also an opportunity to find out about other possible options you may have available to create a debt-free future.

Contact us today for a free, confidential assessment of your situation and options in one of our 15 BC offices.

AskExpertQuestion

Ask the Trustee – August Edition

Licensed Insolvency Trustee Blair Mantin answers your questions about how to manage debts, including options such as Credit Counselling, Consumer Proposals and Bankruptcy in BC!

Q: What should I consider before taking on joint debt or co-signing a loan?

A: Think carefully before agreeing to any co-signing or joint debts.

By co-signing, you become equally responsible for repaying the full balance left to the lender if the other person does not pay.  Consider if you would be able to maintain the payments on your own if you had to.

Some credit card terms may state that secondary cardholders can also be responsible for outstanding balances, even if they were not the original applicant for the card.  Always check terms before accepting a secondary or supplementary card.

It’s also important to note that you are not responsible for repaying your spouse’s creditors (even if they file a bankruptcy or consumer proposal) unless you have co-signed on the debts.

To find out more about your debt options, call us at 1-800-661-3030 or contact us here to arrange for a free, confidential consultation.

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5 Easy Ways to Avoid Spending Money

Sometimes spending can get out of hand and unchecked spending habits can lead to problems with debt.  If avoiding the urge to spend money is a challenge for you, try these five tips!

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Click the infographic to enlarge.

To meet with a representative for a free, confidential consultation in one of our 15 BC offices, please contact us.