We were asked: How would divorce affect our consumer proposal?
When we meet with married couples, we always look at each spouse as an individual and the family as a whole. How would divorce affect a consumer proposal filed in Ontario? If you and your spouse separate after filing a consumer proposal, the responsibility for making payments depends on: How the consumer proposal is filed. What…
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We were asked: Can a consumer proposal clear old debt in collections – will filing affect my credit rating?
We’re here to help you deal with debt and give the best option possible depending on your personal situation. Filing a consumer proposal is not a strategy for rebuilding your credit, it is a strategy to get out of debt. Filing a consumer proposal results in a R7 (bad) credit rating that will remain on…
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We were asked: Do you provide consolidation loans?
Consolidation loans are one of the debt settlement strategies we review with people but we’re not a lender. While consolidation loans are a popular debt settlement strategy there are a number of issues. Consolidation loans can be a solution for some people, but keep in mind the following issues: Getting approved for the loan Getting enough money…
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In debt? Know your options.
Everyone trying to get out of debt has the same options to choose from: Deal with creditors directly Get a consolidation loan Form a debt management plan with a credit counsellor Make a consumer proposal File personal bankruptcy Your best option needs to be both affordable and effective. Use our Debt Options Calculator to determine…
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Is a consumer proposal right for me?
Often the most affordable option with minimal impact on your credit is a consumer proposal. Why? It will stop all collection action and allow you and your creditors to settle on an amount to pay back. You can use our Debt Options Calculator to review your repayment options and estimate monthly payments to repay your debt over a…
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Do I have to pay for a referral to a trustee?
Welker & Associates offers free consultations to anyone who is looking for help with their financial situation. Some companies, however, act as consultants and a representative from the company will meet with you to discuss your financial options. In most cases, the representative is NOT a Trustee. Since Trustees in Bankruptcy are the ONLY professionals who can help…
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To Bankrupt Your Company Or Not; That Is The Question
At Welker & Associates we help owners of incorporated companies deal with their debt issues. Should you bankrupt the company? Many people think that if they bankrupt their corporation it will solve their debt issues. Bankrupting the corporation will only end the corporation’s legal obligation to pay its’ debts. It will not affect any personal obligations…
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Renting And Dealing With Debt
The majority of people who make consumer proposals or file personal bankruptcy with our office are renters. These are some of the common questions: Will this affect my current rental agreement? Making a consumer proposal or filing personal bankruptcy does not affect your current rental agreement. As long as you are current with your rental payments, and therefore there…
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Where can I get my credit report?
There are two credit reporting agencies in Canada: Equifax and Transunion Both are required by law to provide individuals with a free credit rating report via mail. To obtain your credit report complete and submit one of the following forms: Free credit report request from Transunion Free credit report request from Equifax When you receive your report…
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Digging Out Of Debt On Your Own
Dealing with your personal debt problems on your own without any professional assistance is the only way to maintain your current credit rating. When trying to dig out on your own, be sure you can afford the required monthly payments incuding interest and penalties on your debts. If you are not able to pay all of…
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