Realistic Ways to Pay Down Your Debt

Many people run into financial trouble at some point in their lives. Maybe you lost your job in an unstable economy or your debt grew more slowly over time until it became unmanageable. Whatever the case may be, you are not alone and you are not out of options. A Licensed Insolvency Trustee at Vancouver’s Crowe MacKay & Company Ltd. can help you get your finances back on track.

Some signs that you have a debt problem include: continually going over your credit cards’ spending limits, missing payments or paying only enough to cover minimum payments, borrowing money to make it to your next payday, missing utility bill payments, and pressure for payments from your creditors.

Depending on your unique situation, a Licensed Insolvency Trustee will likely recommend one of the following solutions.

Credit Counselling

One of the first steps debtors can take before seeing a Licenced Insolvency Trustee is credit counselling. It is a great choice if you’re struggling with debt repayment but have a steady income. A credit counsellor will teach you how to develop a budget and can also help you negotiate with your creditors and set up a payment plan that will allow you to comfortably pay off your debt.

Debt Consolidation Loan

If you have multiple debts with high interest rates, a debt consolidation loan may be a good option for you. A debt consolidation loan involves retaining funds from one creditor and using them to pay all of your other creditors, leaving you with just one monthly payment.

Consumer Proposal

consumer proposal is another important debt repayment solution to consider. It involves creating a proposal to pay your creditors less than what you owe, to receive a longer time to pay, or both. You proposal will be presented to your creditors by a Licensed Insolvency Trustee. If majority of your creditors accept the proposal, you will make payments to your Licensed Insolvency Trustee, and they will distribute the payments among your creditors. To be eligible to file a consumer proposal, the total amount of your unsecured debts must not exceed $250,000, not including mortgage on your principal residence.

Bankruptcy

Typically the last resort for individuals to address their debt is an assignment in bankruptcy. If you have exhausted all other options and are still struggling to repay your debt, assignment in bankruptcy can help you get a fresh financial start.

Contact a Vancouver Licensed Insolvency Trustee to Discuss Your Options

At Crowe MacKay & Company Ltd., we know that dealing with debt can be stressful, and we are here to make it more manageable. After sitting down with you and going over your finances and financial goals, one of our experienced Licensed Insolvency Trustees will provide you with an honest recommendation for the most realistic debt repayment solution. Our mission is to help you feel more informed and empowered to take control of your finances.

To schedule a free consultation with a Licensed Insolvency Trustee in Vancouver, please contact us today.

This article has been published for general information. You should always contact your trusted advisor for specific guidance pertaining to your individual needs. This publication is not a substitute for obtaining personalized advice. If you require corporate or personal Insolvency services, Crowe MacKay & Company provides custom solutions for clients, allowing them to live debt-free.


 

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Common Questions about Debt Relief

Our Licensed Insolvency Trustees are experienced and qualified to answer all your questions about personal and corporate debt. From identifying imminent financial trouble to providing commercial and personal debt relief options, we are committed to educating you so you feel confident and informed. Depending on your income, the amount of debt you have, your monthly financial commitments, and your future goals, we can recommend the best way forward and assist you with all legal and documentation processes.