HELPING YOU SOLVE YOUR DEBT PUZZLE
Debt Relief: We’re Here to Help You
Do you feel that you struggle each month trying to balance your family budget, but the credit card balance never gets paid off or, worse yet, is constantly increasing?
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Are you in Need of “DEBT HELP” in BC?
Are you feeling stressed about not being able to pay all your bills on time and in full? Have you been considering ways to consolidate your debt in hopes of lowering your monthly repayment obligation? Do you need some debt help to come up with a debt consolidation plan?
When it comes to Debt Consolidation, there are many different options in Canada. If you are trying to reduce your debt burden or trying to eliminate your debt all together, the best thing to do is to understand your options before you pick which one will work best for you.
Debt Consolidation Loan May Be For You…
A consolidation loan consists of getting one large loan from an institution, such as a bank or credit union, to pay off all of your smaller debts such credit cards, loans, lines of credit etc. The hope is that once you only have one payment to make each month, the hassle of paying all the individual payments goes away and you can be more consistent with your payments.
Debt Consolidation Loans in Canada can include:
1) Line of credit which may/may not be secured against your assets such as a house
2) A conventional second mortgage on your house or other real estate holdings,
3) Personal loan co-signed/guaranteed by family members or friends.
Advantages of debt consolidation
Some advantages of debt consolidation include:
- Debt consolidation loans, hopefully, have a lower interest rate than what you would be carrying on other sources of credit such as department store cards or credit cards.
- Only having to worry about one payment per month instead of multiple payments
- Greater ability to accelerate payments without penalty if desired.
However, some of the risks or complications associated with a Debt Consolidation Loans include:
1) Difficulties in qualifying for additional debt when you are already overwhelmed by debt
2) General requirement of a cosigner which may mean that you are exposing friends or family to additional or increased financial risk,
3) Ongoing/continuing interest charges and fees
4) Requirement to pledge previously unsecured assets to secure additional sources of debt. This may mean that assets that were once exempt from seizure from your creditors are now subject to seizure if you are unable to pay your new debt in full.
Debt Management Plans – Not Necessarily Debt Consolidation Loan
Debt consolidation plan or debt management plan can come in many forms but some of the most reliable are those that are offered through local not-for-profit societies, such as the Credit Counselling Society of BC. They can negotiate on your behalf to reduce the interest on most types of consumer debt. These debt management plans are:
- Dependent on the cooperation and agreement of your creditors,
- Work well for smaller amounts of consumer debt (generally less than $10,000)
- Your income must allow you to pay 100% of the principle and interest off, generally, in less than 5 years,
- Cannot include CRA tax debt or student loan debt.
The main downside with these types of Debt Management settlement arrangements is that if not all creditors agree, you once again can be left with multiple levels of interest and multiple payment requirements. These types of arrangements also call for you to pay your debts in full as the face value of the debt is not generally reduced or compromised.
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Easily understand your debt solutions like Debt Relief, book a free consultation with the C.E. Craig & Associates Team. Our experienced Licensed Insolvency trustees will be there to support you through debt relief.
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A consumer proposal can result in savings of as much as 70-80% however, the consumer proposal’s cost is based on your personal situation.
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For those wanting debt relief, our insolvency team will provide you with advice on how to consolidate your debts into one easily manageable payment per month.
Personal Bankruptcy
When you are feeling overwhelmed with debt, a personal bankruptcy may be the best solution to help you make a fresh financial start.
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There can be many solutions to debt problems and every person’s story is unique. At C.E. Craig & Associates Inc. we take the time to listen to you – to help find the best option for you. Every journey begins with one single step.