Can you consolidate credit card debt?
LORI ASKED: Can I consolidate all my credit card debt into one LOW monthly payment without filing for bankruptcy? ANSWER: There are three ways to “consolidate” all of your personal credit card debts into one low monthly payment: Consolidation Loan Debt Management Plan Consumer Proposal Each of these options has advantages and disadvantages. To see how much each…
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Consumer Proposal and Tax Debt
If you have tax debt and can’t afford to pay it, one option for dealing with this debt is to file a consumer proposal. Some advantages of filing a consumer proposal are: Canada Revenue Agency will often accept less than the full amount of the tax debt owing. If your tax debt is less than…
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Should I pay off my credit cards or pay down my mortgage?
I was recently asked by a friend if it was better for them to pay down their mortgage or pay off their credit cards. I answered him with a question of my own. I asked him if he was given the option of the following two investments which would he choose? INVESTMENT A: guaranteed rate…
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Employed, but swimming in debt and can’t get caught up?
MIKE ASKED: I have built up a lot of debt over the past couple years and now I’m so far behind on everything and have companies calling me all the time. I have a steady job but always seem to be broke at the end of the week. I can’t get ahead or even pay…
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Guess what? We’re growing again…now helping Huron residents in Goderich and Exeter.
We’ve greatly appreciated that Huron county residents have come to London to see us, but we wanted to make your lives easier! Welker & Associates is pleased to be expanding into Exeter and Goderich to help more people: Welker & Associates Exeter 305 Main Street, S. (inside the Royal LePage office) Exeter, ON N0M 1S0…
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Consumer Proposals And Income Tax Refunds
Filing a consumer proposal does not affect your income tax refund. When you file a consumer proposal you file your own income tax return the same way you always would. Any refund that is owed will be paid to you directly. Filing a consumer proposal does not affect your ability to e-file your income tax return and…
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Are credit card companies willing to lower interest rates?
AMANDA ASKED: How can I get my credit card company to lower my interest rate? ANSWER: As crazy as it might sound one of the ways to get your credit card company to lower their interest rate is to ask them. Surprisingly some creditors can be quite reasonable and willing to work with you. If your…
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Tips That Will Help Improve Your Credit Score
Your credit rating is like a report card. Having money problems, filing personal bankruptcy or making a consumer proposal will result in a bad mark on your credit report card. Therefore to rebuild your credit rating you have to get as many good marks as possible. The only way to get a good mark is to…
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The Advantage Of Paying Off Your Consumer Proposal Early
The sooner you pay off your consumer proposal – the better. From the time you file your consumer proposal until it’s paid off, you will have an R9 credit rating (i.e bad debt; placed for collection; moved without giving a new address or bankruptcy). Once the proposal is paid in full, the R9 is…
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Missing a Division 1 Proposal Payment in Canada
Many people are surprised to discover that Trustees are able to offer two different types of proposals through the Bankruptcy Insolvency Act. The first of these is the commonly-known Consumer Proposal and the second is called a Division 1 Proposal (you can read about the differences between the two proposals in a previous blog post). If you have filed…
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