Debt Help for North Vancouver
North Vancouver, BC Debt Help Services
Known for its stunning scenery, including the iconic Grouse Mountain, bustling Lonsdale Quay market, hiking and skiing trails, North Vancouver is quintessential BC!
It’s also a wonderful place to call home.
But the increasingly high cost of living and easy access to credit have proven a devastating combination to many of the people who live in the city.
The unfortunate truth is that many Canadians are struggling to get out from under the shadow of their debts.
With the average Canadian household owing over $20,000 in non-mortgage debt, something has to change.
Are you tired of giving up a substantial portion of your monthly income to repaying your debts?
Have you had enough of wasting money on interest?
We provide a range of debt relief solutions in North Vancouver to help you take control of your debts and master your finances so you can live debt-free…
Consolidate your debts
For many Canadians, debt problems are compounded when their circumstances cause them to pile one debt on top of another.
And when you have multiple credit cards, unsecured loans and payday loans, it gets really difficult to keep track of how much you’re paying in interest.
In fact, if you’re only repaying the minimum instalments on your credit card, you could be paying off as little as $10 a month of your principal debt.
The rest will be spent on interest.
This means that you may as well be throwing a goodly portion of your monthly income out of the window.
Consolidating your debts can make them much easier to manage.
You will make only one manageable monthly repayment, thus making it easier to budget and plan your finances.
There are many mechanisms through which you can consolidate your debts, each with its own benefits and caveats:
Debt Consolidation Loans
A Debt Consolidation Loan is one of the quickest and easiest ways to take control of your debts.
This is a commercial loan with a much more favourable rate of interest than you might currently pay on your credit cards and unsecured loans.
Most credit cards, for instance, have an interest rate somewhere between 19% and 29%.
A debt consolidation loan has a much more palatable interest rate of around 10%.
They can also improve your credit rating by paying off all your existing debts.
However, because they are commercial loans your ability to qualify will depend on your credit rating.
Debt Management Plans
If you don’t qualify for a Debt Consolidation Loan, you may be able to set up a Debt Management Plan with your creditors.
This is a voluntary arrangement that may allow you to write off a substantial portion of your interest.
In some cases, interest may be waived altogether.
If your debts are relatively small (less than $10,000) and your creditors are relatively few (2 or 3) this may help make your debts much easier to manage and prevent you from overspending on interest.
It’s important to remember, however, that this is a voluntary arrangement, and creditors are not obligated to agree to it or even to stick to the terms.
However, we find that most are amenable to the idea as it provides them with regular repayments, even if they make less money in interest.
Restructure your debts
While the debt consolidation options above can make debts more manageable and save you money on interest, it’s important to remember that they cannot reduce the principal (the amount outstanding).
Nor can they be leveraged against government debts or tax debt.
The only way to reduce the principal owed is by restructuring your debts with the help of a Licensed Insolvency Trustee.
They can help you to implement the following measures:
A Consumer Proposal is similar to a Debt Management Plan in most respects.
However, it is much more enforceable, meaning both you and your creditors are more accountable.
It can also allow you to write off up to 80% of your principal debt, and eliminate all interest.
Your Insolvency Trustee acts as a Proposal Administrator, analyzing your finances and getting to know your circumstances before putting a proposal to your creditors.
If a 51% majority approve to the terms of your proposal they will all be bound by its terms, whether they initially agreed to them or not.
A Consumer Proposal will take around 5 years to pay off and remain on your credit report for a further 3 years.
If all else fails, a Licensed Insolvency Trustee can help you to file for a Personal Bankruptcy to get some (or all) of your debts forgiven.
However, you may lose some of your non-exempt assets in the Bankruptcy process which is why it’s important to make the right choice between a Consumer Proposal vs Bankruptcy.
Your Trustee can work with you to meet your obligations within the crucial first 9 months of Bankruptcy to get your debts automatically discharged.
Improve financial literacy and take control of your finances
Of course, there’s no point in debt relief if you’re just going to make the same mistakes again later.
That’s why we work hard to educate our clients and help them to improve their financial literacy.
We help them to maximize their savings and take control of their finances through careful budgeting.
Want to know more? Get in touch today
If you’re serious about Debt Help for North Vancouver, get in touch with us today on (877)879-4770 to see what we can do for you.
Since we started out in 1999, we’ve helped over 200,000 Canadians just like you to liberate themselves from their debts and live a financially healthier happier life.
And we can do the same for you!