Repaying Tax Debt
Government debts including income tax, HST and payroll source deductions are no different than any other debts you may owe. The only difference between Canada Revenue Agency and other creditors are their special collection rights. These rights include the ability to: Garnish wages and seize assets without a court order Register an involuntary mortgage on…
Read More
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…
Read More
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…
Read More
If It Sounds Too Good To Be True…
This article is provided by Family Services Perth-Huron, a United Way member agency and an accredited member of both the Ontario and Canadian Associations of Credit Counselling Services. If It Sounds Too Good To Be True… By Phil Brown Being that March was Fraud Prevention Month it is definitely beneficial to know when something is…
Read More
How do you pay back accumulated debt owed to a Collections Agency?
BEN ASKED: I have a lot of debt that’s gone to collections but that was a few years ago. How do I go about paying it all back? ANSWER: The first step is to figure out who you owe the money to. Since your debts are old there is a good chance that they are…
Read More
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:…
Read More
What Happens When You Go Bankrupt
Once you file for bankruptcy, all creditor action stops. This means that your creditors cannot continue any further legal or collection activity against you, including wage garnishments, harassing letters or telephone calls. The bankruptcy process is designed to help an honest but unfortunate debtor to get a fresh start plus you’re are able to keep assets….
Read More
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…
Read More
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…
Read More
Stop Paying Your Creditors
People are always surprised when I tell them to stop paying their creditors. In many cases it’s the best advice. Once you’ve determined that you can’t dig yourself out of your personal debt issues on your own, you should stop paying the creditors that will be included in your consumer proposal or personal bankruptcy filing. Making…
Read More
