Debt Problems in Saskatoon, Saskatchewan Have Solutions
Do You Have Debt Problems in Saskatoon? We are here to Help
If you feel as though things are piling up and you just don’t know how to deal with it all then you are not alone.
So many people are in the same situation that you are in right now, but if you take your time and if you are willing to try and make your payments then you will soon see that there is always a way out of debt.
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One of the options that you have if you are facing debt in Saskatoon is debt consolidation.
This is a loan which is issued, so you can pay off your other, multiple smaller loans.
If you combine the smaller loans into one, easy to manage payment then you will soon find that everything becomes much more affordable.
The main reason for this is because you can usually spread your payments over a longer period of time, and you can also take advantage of a much lower interest rate.
The one risk that comes with debt consolidation is that you won’t eliminate your debt, but it will make your payments more manageable.
If you don’t believe that you can afford your debt at all because of a change in your situation or because you are now unemployed then you may need to look into other options instead.
Another option that is available is credit counselling.
This is when a non-profit counsellor summarises all of your debt, before preparing a repayment plan for you.
Your credit counsellor will offer a solution which is called a debt management plan.
This will give you the chance to pay back your debts over a period of 5 years.
It should be noted that you will need to pay off your debt, in its entirety so keep this in mind.
If you don’t believe that you are going to be able to pay your debt in full, then this may be an option for you.
If you do decide to go for debt settlement, then you will have an informal agreement which is between you and your creditors.
Your credit counsellor will normally arrange all of this for you, so you don’t have to worry about a thing there.
You should note that this agreement is never guaranteed, and you will have to pay fees to start the process.
If you are able to make an agreement then you will pay back a part of your debt, and the creditors will agree to the reduced amount in exchange for guaranteed payment.
This option is ideal if you have a lump sum of money available right now.
You will then try and agree to a settlement number.
This option is not usually recommended because some more untrustworthy loan companies will charge you very high fees, but then they will refer you to a licensed trustee.
They will then complete a consumer proposal for you.
It’s possible for you to avoid the fees, by going straight for a consumer proposal in most cases.
A consumer proposal is a binding settlement which is done between you and your creditors.
You will agree to pay back a portion of your debt, up to 5 years.
When you come to the end of your consumer proposal, your debts will then be forgiven.
You can then begin to rebuild your credit and you will be technically discharged from any remaining money you owe.
This is the safest option if you don’t believe that you are able to pay back the debt that you have.
Personal bankruptcy is considered to be a last resort if you are trying to deal with debt.
If you file for bankruptcy in Canada, then you will have protection and you will have your debts discharged too.
This happens at the end of the bankruptcy term.
The problem with filing for bankruptcy is that it can hurt your credit rating and it can also make it very difficult for you to rebuild over time.
Need Help Eliminating Debt in Saskatoon?
The best decision would be for you to file for a consumer proposal if you can.
This would reduce the amount of interest you are paying, and it can also help you to eliminate your debt over time.
Your licensed insolvency trustee will be able to help you with your credit card debt, your tax debt, outstanding bill payments, car loan shortfalls and even payday loans.
Do you have a Debt Problem?
If you are not sure if you have a debt problem or not, then this next part will help you to get the answer you’re looking for:
- You spend more than you have coming in.
- You use your credit cards as a necessity.
- You borrow money to try and make it to your next payday.
- Creditors are trying to garnish your wages.
- You are facing repossession.
- You are only paying the interest on your credit card.
- You are getting phone calls from collection agencies.
- You have your utilities cut off.
If you have experienced situations like this, then now is the time for you to try and seek some help from a licensed insolvency support service.
About Bankruptcy Canada
If you are facing debt problems in Saskatoon, then it’s time for you to put an end to all of those worries.
Our team are some of the best in the industry when it comes to giving you the support you need.
We will work with you to make sure that you are happy with the end result and we will also make sure that you can afford the new payments.
One of the main benefits of using our service is that we will always take into account your personal situation and the debts that you have, so we can offer you the best support and advice from the get-go.
If you want to find out more about our service or how we can help you then the only thing that you have to do is contact us today.
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