Myth Vs. Fact: Collection Agencies
Myth: If you file a consumer proposal your creditors will continue collection action. Fact: When you file a consumer proposal all creditor collection action is stopped immediately. Myth: Filing personal bankruptcy or a consumer proposal will not stop collection agencies from calling. Fact: Filing personal bankruptcy or a consumer proposal immediately stops all collection agency calls. Myth:…
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How To Rebuild Your Credit Rating
Credit rating is a fluid concept and is always changing. No matter what you do, including filing personal bankruptcy or a consumer proposal, you can always rebuild your credit rating. How can I rebuild my credit rating? Your credit rating is like a report card, when you file personal bankruptcy or a consumer proposal, you…
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How long will it take to pay off your credit card debt?
Make sure you have a plan to pay off your credit card debt. Have you ever looked closely at your credit card statement? Credit card companies are now required to spell out on your credit card statement how long it will take for you to pay off your credit card balance if you make the minimum…
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Can I go to jail for owing money?
This is a very honest question and we’re grateful that someone asked it so that we could put their mind at ease. Your creditors cannot put you in jail for owing money. Criminals who commit a crime go to jail. Owing money is not a crime. Owing money is a civil matter and is handled in…
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Is it better to pay off my debt or to put away some savings?
RACHELLE ASKED: I am trying to save money up for an emergency fund but I have a heavy debt load. Is it better if I pay off my debt more aggressive or continue to save and pay my debt? ANSWER: This is a common dilemma people have when deciding what to do with their money….
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Personal Debt In Canada Is Not The Same As In The USA
Personal debt issues are a common concern touching people everywhere. In Ontario, we are seeing a significant increase in both the information available through the media that discusses personal debt action plans and offers advice. As a Canadian, you may not realize that a lot of these articles are coming from U.S.-based sources. This information from…
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Credit Cards After (And During) Bankruptcy
Many people are concerned that they won’t be approved for a credit card after being discharged from bankruptcy. The truth is, you can most definitely get a credit card at this time. Here are three ways to get a credit card after being discharged (and some during your bankruptcy). Secured Credit Card A secured credit…
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Is a Debt Management Plan better than a Consumer Proposal?
Debt Management Plans vs. Consumer Proposals Filing a debt management plan and filing a consumer proposal both result in the same “R7 credit rating” which will remain on your credit report for 3 years after either is paid in full. The major disadvantages of filing a debt management plan are that it is an informal…
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Do my debt issues affect my wife’s credit rating?
MIKE ASKED: I am married and I have credit card debt totalling about $25,000. I cannot keep up, and now to top it off I lost my job. Can I file a consumer proposal without my wife since all the credit cards are in my name only? ANSWER: You can definitely file a consumer proposal without your wife. Even though…
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My relationship break-up has put me into debt – what can I do?
BONNIE ASKED: I am getting out of an abusive relationship. I don’t have money to pay any of the collection notices I have gotten. What should I do? ANSWER: I have no doubt that getting out of an abusive relationship is difficult enough without having to struggle with personal debt issues. Receiving collection notices and knowing that you…
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