Leamington
Debt isn’t necessarily about the amount – it’s about your ability to pay. Whether it’s the Canadian average or $70,000 or lower, your financial future will be unstable if you can’t afford to pay. With that in mind, it’s essential to spot the signs before they escalate out of control. Need Help Reviewing Your Financial … Read more
Most of the time, when it happens to you, you’re stunned and then become motivated to find an answer before any more financial damage occurs. There’s almost no one who can afford to have their wages garnished. Once it happens to you and the legal garnishment process commences, it may take forever to get your … Read more
The term ‘collection agency’ is perhaps something that no Canadian in debt wants to hear. This is because turning debt over to an agency is perhaps the worst-case scenario. But before getting into collection agencies, let’s try and understand who can legally handle debt related issues in Canada. Only first-party lenders, lawyers, authorized collection agencies … Read more
As soon as the calendar turns to April, financial anxiety in people also starts to roar. April is the time to do your taxes which is not a very scary or complicated thing. But the procedure can differ for people who may have defaulted on taxes the previous year, or for those who may not … Read more
Are you bogged down with multiple bills that are long overdue? Have no clear answer to how you will be able to pay them amid other new and existing recurring expenses? It may just be time for you to consider consolidating all your debt. Debt consolidation generally means collecting all your bills and loans into … Read more
A debt collector is a person who works under a debt collection agency, and whose main purpose is to ensure creditors get the money they are owed from the people they lent that money to. If you have borrowed money but have fallen behind on paying your instalments, the creditor can approach a debt collection … Read more
Debt consolidation is one of the most favoured strategies to tackle bad debts that have grown to insurmountable levels. Personal finance advisors and insolvency experts alike recommend this as an effective way to regain control of the debt situation in dire straits when the liabilities are increasing at an alarming pace, leaving no more room … Read more
Solving Canadian Debt Problems Debt problems, no matter how small or big the debt is, can be overwhelming. Sometimes, a small debt can snowball into a major financial risk that might seem insurmountable. Life can seem to have become a big mess. You may dread looking at your bank statements. Planning for your next month’s … Read more
You have been contacted by a debt collector. What now? Here we set out 12 tips for dealing with a debt collector in order to best protect your legal rights. Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free Debt Relief Evaluation Schedule Your Free Consultation Note these tips apply to … Read more
How to Kick Debt For Good A lot of people in debt can sometimes feel lost…they’re not sure if it’s best to start paying it down or completely getting rid of it altogether. Like a lot of things in life, there isn’t one silver bullet that works perfectly for everyone. Need Help Reviewing Your Financial … Read more
If you find yourself in a situation where debt is overwhelming, there are a number of credit card debt solutions available. Like most things, there are upsides and detractions for each choice and not every option is available to each person. There are also different types of companies and services to help you with your … Read more
There are a number of things that come into play with dealing with income tax debt. All too often it involves emergency spending and the next thing you know, there are more bills to pay than there is money. The CRA insists that any taxes due are paid directly or through some other legal alternative. … Read more
Ontario Limitations Act and Old Debts The government of Ontario brought into force the Limitations Act, 2002, on 1st of January 2004. The Act has made significant changes with respect to limitation periods applicable in Ontario and differs dramatically from the previous legislation (Limitations Act, R.S.O. 1990). Limitation period establishes deadlines regarding the time frame … Read more
Stopping a Wage Garnishment in Canada Michael works in a manufacturing facility. His wife stays home with their three-year-old son. Michael takes home $2,175 every two weeks – that’s his take-home salary after tax cuts. Unfortunately, Michael has a couple of credit cards that he hasn’t paid. One evening, Michael’s boss calls him into his … Read more
Tax Debt Problems & The CRA For different reasons, more and more Canadians have fallen into the tax debt trap. There are multiple reasons for this including holding multiple jobs, receiving a pension from multiple sources and not making the right number of installments as a self-employed person. Before you end up getting entangled in … Read more
What is the Debt-to-Income Ratio? The debt-to-income ratio is an important ratio to ascertain creditworthiness. It is used by banks and lenders to find out if it is feasible to grant loans to a particular individual. A person with a low debt-to-income ratio (DTI) is an ideal client for banks and lenders. Governments, too, keep … Read more
Paying Off Credit Card Debt Credit cards are an extremely popular finance choice and feature in nearly everyone’s debt makeup. Often, people acquire credit card facilities under the assumption they are receiving great deals, such as ‘interest free’ credit, or rewards points, but a failure to continually pay off your credit card debt can lead … Read more
Foreclosure or Bankruptcy on Mortgage Debt? When it comes to Foreclosure and Mortgage Bankruptcy, there are some key differences one should be aware of. These differences include the process, timeline and most importantly, the ramifications. To learn more, please continue reading. Foreclosure What is it? When you can’t pay your mortgage, your lender may commence … Read more
Interest Charges in Ontario When you set out to borrow money, you need to consider the interest rate that will be charged. Since you are working with someone else’s money, they have the right to charge you an amount for the privilege. The higher the risk, they greater the amount the lender will charge. Different … Read more
Saving an emergency fund will enable you to handle expected expenses such as a job loss that might lead to financial ruin. Saving an emergency fund by following these tips: Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free Debt Relief Evaluation Schedule Your Free Consultation 1. Set a specific goal … Read more
