Opening January 1, 2015 – Our new Hamilton office!
Effective January 1, 2015 Welker & Associates will be opening a new location in Hamilton, Ontario. Although we won’t “officially” be open until January 1, if you would like to book an appointment before then, we will be happy to meet with you. We will be using space at the Financial Wellness Centre located at 236 Pritchard Road,…
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The Truth About Debt Consultants
Are you one of the many unlucky Canadians who have received phone calls from creditors promising to settle your debts? Or have you been intrigued by the TV and radio advertisements claiming a government program will reduce your debts if you call NOW? These ads and phone calls are from debt consultants (or telemarketers working…
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Why are credit counselling sessions mandatory after a bankruptcy?
After filing bankruptcy, you are expected to attend two mandatory credit counselling sessions, required under the Bankruptcy Insolvency Act, to aid in your financial rebuilding process. Credit counseling is there for good reason. Multiple bankruptcy filings are not uncommon in Canada — in fact, they’re becoming more and more frequent. While it’s impossible to educate a…
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Should I file a debt management plan or a consumer proposal?
People come into our offices suffering from various debt issues. Some people have little to no assets and are drowning in debt. Others have several assets that they do not want to part with but are concerned with the amount of debt they have racked up. The important thing to note is that there is…
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Be Wary Of Fraudulent Credit Counsellors
Although some credit counselling companies are legitimate, there are many fraudulent credit counsellors who charge high fees, provide little or no service and warn against discussing your money problems with a licensed trustee in bankruptcy. A credit counsellor has no greater ability to negotiate with your creditors than you do. The credit counselling industry is unregulated and anyone can…
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What can a credit counsellor do for you?
Credit counsellors claim they are able to help you deal with your debts. The truth is, credit counsellors have no greater ability to negotiate with your creditors than you do. Therefore, I guess anyone can be a credit counsellor. The credit counselling industry in Canada is unregulated, and as a result, you don’t have to have any…
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Boosting Your Credit Score
The amount of time and effort it takes to boost a credit score varies depending on the situation. The more damage you have done to your credit score, the more difficult it will be and the more time it will take. There are no magic tricks that will boost your credit score to a specific…
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All About Credit Reporting
To start, here is a little bit of information about credit-reporting agencies in Canada. The two largest credit-reporting agencies in Canada are Equifax and TransUnion. These agencies are a repository of consumer credit information. They do not make credit decisions, rate consumers, or grant credit. The agencies receive information about you directly from your credit…
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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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How does Credit Counselling differ from a consumer proposal?
Credit counseling agencies cannot provide a guarantee that the amount you owe will be reduced, interest will be stopped or creditors will stop calling or continuing legal actions. Arrangements with credit counseling agencies are not legally binding and will appear on your credit report for three years upon completion of the counseling program. Credit counseling…
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