Be Cautious Of High Risk Lenders
It’s fairly common knowledge that if you have bad credit and can’t qualify for a loan, you can go to a high-risk lender. High-risk lenders charge high interest rates will give personal/consolidation loans to individuals who do not qualify for loans elsewhere. Since they are dealing with high-risk customers, there is a high probability that…
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Consumer Proposals and TFSA and RRSP Investments
When you file a consumer proposal you are able to keep ALL of your assets. This includes any amounts that you have invested in an RRSP or TFSA account. When you make a consumer proposal, you are offering your creditors a settlement, which is more than what they would get if you were to go bankrupt. Essentially you are saying,…
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Recognize the debt danger signs!
Do you have more debt than you can handle? Many debt problems are easy to solve, others require professional assistance. Our advice is to deal with your debt and financial problems now, before they get out of hand. If you answer YES to any of these questions, YOU NEED HELP: ARE YOU unable to pay your bills…
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Tips For Back-To-School Savings
This September my first born will be starting school. This is new territory for me. It’s hard to believe this day has come. It’s also hard to believe the number of new supplies she “needs” for school. I know that we still have a month and a half before school starts, but with that being…
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How should you deal with collection calls?
In order to stop collection calls, you need to do one of the following: Negotiate a payment plan directly with the agency Make a consumer proposal File personal bankruptcy If you have filed for bankruptcy or made a consumer proposal, a debt collector cannot try to collect debts included in the bankruptcy or proposal. If a…
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Can you file bankruptcy while renting?
The majority of people who make consumer proposals or file personal bankruptcy with our office are renters. Most of those people have questions surrounding their current and future rental agreements. Here are some of the common questions we are asked: Will this affect my current rental agreement? Making a consumer proposal or filing personal bankruptcy does not affect your current rental…
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Pros and Cons of Credit Card Use
Everyone has heard horror stories of consumers who have fallen into unspeakable credit card debt. Credit cards can be great but it’s also important to be educated to spend responsibly. Here are some pros and cons to shopping with a credit card: Pros Purchasing Power Many credit are accepted virtually anywhere and give you purchasing…
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This Halloween, Face Financial Fears Head On!
Monsters, ghosts and werewolves scared us as children but as adults we tend to be more scared by our finances. This Halloween try facing a few money fears head on! Trapped by debt It can seem impossible to escape the continuing stress of credit cards, student loans, and car loans. It can lead to problems…
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Consumer Proposal, Debt Management or Debt Settlement. What’s right for you?
With consumer debt being so 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. Let’s take a closer look…
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Can a person have savings during bankruptcy?
The short answer is “Yes”. By definition, savings can consist of actual cash holdings, RRSPs and other investment products, pensions, and the cash surrender value of insurance policies. Your bankruptcy trustee will recover any non-exempt portion of your savings for the benefit of unsecured creditors at the time of filing. Your bankruptcy estate is also made up…
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