Posts Tagged ‘Consumer Proposal’
What to Know Before Co-signing A Loan?
When you sign for a student loan, line of credit or any type of loan for another person you are legally responsible if that person fails to meet the terms of that credit agreement. If the other person misses payments the creditor will expect you to make the payments and demand that you pay the debt in full.
Read MoreBeware of Debt Settlement Offers
The debt settlement and credit counselling companies would have you believe that they can easily have your credit balances reduced and save you hundreds if not thousands of dollars. The problem is they cannot guarantee any results. They will require that you pay them monthly administration fees and/or a percentage of the settlement amount as payment for their services. But you need to read their documents very closely to find out what happens to all of those fees that you have paid if they are unable to reach agreements with some or all of your creditors.
Read MoreFinancial Warning Signs
Most of us can sense impending financial trouble but we tend to shy away from seeking professional help out of embarrassment or fear of being judged. Licenced Insolvency Trustees and debt counsellors are there to help and should be able to provide you with financial counselling in a non-judgmental and professional manner. The information they provide should help you better understand your financial situation and the options and resources that are in place to assist you. This will allow you to make the best possible decision to resolve your financial concerns.
Read More20 Ways to Save Money on Insurance
There are many ways to save on your insurance costs so here are a few that we think you should be aware of…
Read MoreThe Cost of Credit Card Debt
If you are struggling to keep up with credit card debt and don’t see your balances decreasing this is a sign to seek professional help. A Licensed Insolvency Trustee can review your financial situation and help you find the best strategy to deal with your credit card debt.
Read MoreCan Bankruptcy Deal With My Student Loans?
Individuals who file a personal bankruptcy or consumer proposal, at least 7 years after ceasing to be a part-time or full-time student, are released from paying their Canadian student loan debt.
Read MoreWhat is Surplus Income and How Will it Affect My Bankruptcy?
Surplus Income is having excess income above the net monthly income threshold, set by the Superintendent of Bankruptcy, for a person or family to maintain a minimal standard of living in Canada.
Read MoreThe Importance of a Good Credit Rating
Since your credit score is a reflection of how you have or have not paid your bills in the past, many businesses, landlords, mortgage lenders, utility providers, and even employers; use your credit score to predict your future financial responsibility. Anytime you need to borrow money, or even use services, your credit score is may be called into question. This is why maintaining good credit score is important.
Read MoreWhat Happens to my Investments in Bankruptcy
Your RRSP is exempt from seizure except for your contributions in the 12 months before filing personal bankruptcy or a consumer proposal.
Read MoreWhich Debt Solution is Right for Me?
With consumer debt at an all-time high, the number of companies offering credit counselling or debt settlement services, are multiplying at an alarming rate. Many of these companies have large advertising budgets and slick websites designed to play on the fears of stressed out consumers who are in need of debt relief.
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