The problem with this type of borrowing is that it is very expensive and can often leave the borrower, who is already in a tight financial position, unable to repay the loan. So they end up re-borrowing or getting a “roll-over” loan by paying off the current loan and immediately getting another one from the payday lender.
Category: Debt Help
Is Bankruptcy My Only Option?
Bankruptcy is not the only debt solution option available to resolve overwhelming debt. Your Trustee (Licensed Insolvency Trustee) can also put together a consumer proposal to your creditors. Where you pay a portion of the debt, you owe your creditors, and the creditors write off the remaining balance of the debt.
I Received a Mortgage Sale Notice – What Can I do?
When you fall behind on mortgage payments your bank has the right to take control of your house and sell it. The mortgage company or bank must follow a formal legal process called a mortgage sale or foreclosure.
Can I Claim Bankruptcy a Second Time?
Yes, you can declare personal bankruptcy a second time, as long as you have been discharged from your first bankruptcy. If you don’t have surplus income, comply with your duties and cooperate with your trustee on other estate matters. You are eligible to be discharged from your second bankruptcy, after 24 months.
Dealing With Debts in Collection
Besides all of the harassing phone calls and intimidating letters, these collection accounts have a negative impact on your credit score and your ability to access credit or to own a home.
How to Correct Errors on Your Credit Report
Maintaining a good credit score is vital, as it directly impacts your ability to borrow money or finance purchases. It also affects things such as the cost of insurance and specific employment opportunities. For these and many other reasons, it is essential to identify and correct any errors on your credit report as soon as possible.
How to Create a Budget in 5 Steps
We all know the importance of living within our means but according to recent statistics, less than 50% of Canadians use a monthly budget to plan their spending. When putting together a budget plan the key is not to make it complicated or difficult to follow.
How Long Will I be Bankrupt?
If you are a first-time bankrupt, you are eligible for an automatic discharge from bankruptcy after 9 months if you have no obligation to make Surplus Income payments and after 21 months if you have to make Surplus Income payments.
Will Bankruptcy Ruin My Credit?
People often try to avoid bankruptcy at all costs because they are worried about ruining their credit rating. They pride themselves on paying their bills on time, have always maintained a strong credit score and they thought of doing anything to jeopardize that is unthinkable.
Will My Friends and Family Know I Went Bankrupt?
Personal bankruptcy and consumer proposal filings are a matter of public record and are kept on file with the Government of Canada through the Office of the Superintendent of Bankruptcy. These records are accessible for a fee but how many people, other than Licensed Insolvency Trustee (bankruptcy trustee), would incur the expense or even think or know where to look?