Surrey Debt Relief

Dealing With Financial Woes In A Variety Of Ways

We are living in particularly complicated and perilous times.

Life can be unsteady and challenging even without the risks and unknowns of the coronavirus, but with it?

That’s when life can become incredibly difficult financially, and can add untold stress and anxiety to even the most stable home or business.

We understand that issues arise even when life is humming along nicely, let alone when you’re thrown the curve ball of COVID-19.

People who never imagined they’d find themselves in financial difficulty are suddenly in a very tight spot, perhaps because of job loss, or because you’ve had to shutter your business after 5, 10, or even 20 years or more.

You’re unsure how to consolidate your assets — if you’re fortunate enough to have them —  and meanwhile the bills just keep piling up.

Help With Money Problems in Surrey

In Canada we are enormously lucky to have a national strategy on bankruptcy and consumer debt proposals.

Each province has many debt consolidation and bankruptcy specialists, and in B.C.  we are one of the most experienced companies in the field.

If you’re wondering how on earth you will deal with the next uncertain period you’re facing financially, we have some suggestions for you.

Every individual is different, of course, and ultimately an in person consultation (when it becomes appropriate) or online video conference is the best way to learn about all your options.

In the meantime, here are some ideas that just may offer you the right way to get relief from the burden of financial stress.

Your consultation with us is free, and we will work with you to ensure that, whatever option you choose, it is the right decision for your financial picture, over the long term.

In our experience, we’ve learned that no one wants to go bankrupt, but sometimes there is no other solution to a client’s financial crisis.

Yet there are other options, each one with merit, and depending on your situation, might be right for your circumstances.

For example:

What Debt Relief Options are Available in Surrey, British Columbia?

1) Consolidation & Payment Plan:

We will work with your creditors to find solutions that you, as our client, can live with.

A one time loan to pay off all consumer debt like credit cards and payday loans is sometimes doable and an option we will explore, depending on your income and the flexibility of lending institutions and creditors.

This can be a manageable answer to multiple payments and sky high interest rates, but it isn’t always feasible unless you have an asset with which you can secure the loan, for example equity in a home that’s been yours for a while.

Real estate is always helpful when securing a loan, but we know it isn’t everybody who has a ready asset like a house or condo at their disposal.

2) Consumer Proposal:

This is an arrangement whereby you, the client, are spared the heavy onus of paying back all your debt, but it’s not as simple or as forgiving as it may sound.

You are freed of sometimes double-digit interest rates on credit cards, because we work with your creditors to lower or even eliminate those interest charges.

What you pay depends on what you can manage, so, for example, if you or your spouse has lost work and now your household income has been slashed in half, we negotiate a payment your budget can handle.

Once we’ve had a chance to review all the details of your financial situation, we recommend whether a consumer proposal is right for you.

3) Bankruptcy:

No one likes the idea of “walking away” from their monetary responsibilities, we know, but sometimes it is unavoidable.

Thousands of people in British Columbia are facing enormous pressure and hardship lately, because we were the first, and one of the hardest hit provinces when the virus swept across the country.

Recovery is possible, but sometimes starting completely over is a necessary step to get that recovery started.

Bankruptcy offers a clean slate, but not without consequences, which our representatives will discuss with you fully when the times comes.

These are only a few of the solutions to financial hardship Licensed Insolvency Trustees offers their clients; there are others, like credit counselling, we are happy to discuss with you, at your earliest convenience.

Almost everyone in B.C. has had their financial circumstances upended these last several months, either because of job loss, or investment reductions that have impacted dividends, and other ripple effects of COVID-19.

We understand that these changes can be very demoralizing, but there is help.

Remember, everyone’s financial situation is unique, but for our clients, one thing is never different: you don’t go through any of this alone.

We are by your side every step of the way.