Dealing with Debt and Financial Problems in Toronto
Are you tired of struggling with debt payments?
It is possible to consolidate and cut your debt by up to 70%.
With 9 locations across Ontario, an A+ rating on the Better Business Bureau and an excellent rating from our clients, we will work tirelessly to provide you with the best debt solution for you and your family.
Get Debt Help – Toronto Locations. Find an office near you:
It’s easy to get into debt, especially in a high cost city like Toronto. Residents of the Greater Toronto Area face unique financial challenges when it comes to managing debt. The average price of a house in Toronto has tripled in just two decades. This has financial implications for both homeowners and renters. High housing prices mean large, and often high-risk mortgages. Landlords pass the costs to tenants in the form of high rents. All of this means that Toronto has a very high cost of living.
And living expenses are rising faster than income. When this happens you borrow, using debt to make ends meet. This might start as a few hundred dollars placed on a credit card, but eventually, it escalates to more expensive forms of debt like payday loans and high-interest financing loans. Eventually, you find yourself paying more interest every month with no expectation that you’ll ever pay off your principal balances.
You are not alone in facing such a heavy consumer debt load. Here is the debt profile of the average person we help in the Toronto area.
Average Unsecured Debt and Typical Savings for Our Toronto Clients
|
Total Debt |
Settlement |
Savings |
Brampton |
$51,371 |
$18,000 |
$33,371 |
Markham |
$64,508 |
$22,500 |
$42,008 |
Mississauga |
$56,964 |
$19,800 |
$37,164 |
North York |
$44,357 |
$15,000 |
$29,357 |
Scarborough |
$47,144 |
$16,500 |
$30,644 |
City of Toronto |
$56,564 |
$19,500 |
$37,064 |
Vaughan |
$44,984 |
$15,600 |
$29,384 |
Average GTA |
$53,537 |
$18,000 |
$35,537 |
Every financial situation is unique. Set up a free consultation to review your budget and debt problems and see how much you can save.
Get Help Now
Client Reviews
Our process is simple. If you give us 30 minutes of your time, our knowledgeable, experienced team will help you build a plan to become debt free. We’ve been helping people living and working in the Toronto region find the right debt solutions to get out of debt since 1999. We’re proud
Hoyes, Michalos & Associates are very professional in how they understand, assess and provide assistance in debt management. Jennifer Kwon, without hesitation, dove right in to understand my financial situation and immediately provided several alternatives to arrive to a solution towards the issues and creditors, making a positive experience overall. I highly recommend Hoyes, Michalos and Associates to anyone who has similar experiences such as I, since they have the expertise and the team whose reputation precedes them.
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I was actually referred to this group by a friend and I couldn’t be more grateful for their recommendation! Benny has been thorough and precise throughout this whole process and I’m completely appreciative to have him as my advisor
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Maryia Bratkouskaya has been amazing during my bankruptcy process. Truly amazing person and counselor!
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After years of being offered an increase after increase on various credit cards and loans, I was left feeling puzzled. I would never miss my minimum payments, and they were always paid early. However, I was always carrying a balance. Higher than it should have been, in my opinion. I was feeling puzzled because the increases being offered to me over and over were much higher than I could ever afford to pay back. Life happens, and unexpected expenses would come around, whether it was higher than expected bills, my dogs vet appointments, education, etc. The banks and credit card companies were so eager to increase my limits every few months, even though I was always near the limit. This was so confusing to me. After years of constant increases and what have you, I reached my breaking point. This wasn't manageable for me anymore, and clearly, these companies were very much aware of this. They knew what my income was and obviously had access to all of my financial records and yet wanted me to borrow more continually. Why? After months of stress, anxiety and sleepless nights, I decided to do some research, which was when I came across Hoyes and Michalos. I called and was transferred over to Doug Hoyes himself. He was very friendly, empathetic, understanding and spoke my language. He was very well informed and made me feel a sense of calm. He gave me vast amounts of information and let me know where to go to educate myself so that I could make a decision that worked best for me. After doing so, I scheduled an appointment with Doug. I was greeted by very friendly faces in a judgement-free zone. Doug made me laugh and was extremely helpful. After submitting, I had many questions and sent many emails regarding updates. He would always respond within an hour and always remained very friendly and just as helpful as he was during our very first interaction. Doug managed to slash my debts by nearly 65%! For months, even years, I felt as though I was drowning financially, and now, I can manage. After finding out, I felt all of my anxiety slip away. I am now able to understand and manage my finances easily. Hoyes and Michalos genuinely care, and if you feel as though you are drowning and have reached a dead end, I urge you to make that call. You won't be disappointed. Also, for more information to help you better understand the options that are available to you, listen to Doug's podcast "Debt Free in 30." You will learn something!
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Sandra at Hoyes Michalos is such an amazing trustee. I recently got my proposal accepted and she was incredible throughout the process. Extremely professional and very responsive to any questions or concerns I had. She guided me throughout the entire process and explained things extremely well. She would reply quickly and helped me feel at ease. I would recommend Sandra 10 times out of 10!
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The team at Hoyes, Michalos & Associates made what could have been a miserable experience painless. Recommend them to anyone else going through this process 👍🏽
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Never in a million years did I ever thought or imagined that I would be in the kind of financial hardship that I have been. I did not even know anything about Consumer Proposal until my young adult son, saw how I was struggling and he googled about financial hardships and debts. After looking and reading many reviews, I called Hoyes. Machalos. From the first phone call to the whole process, they made it easy for me. They were empathetic, professional and yet friendly. Benny is knowledgeable and always communicated with me during the whole process to make sure that, I was informed of what was going on with my file. Today is a new day for me towards my financial freedom as I just finished my first counselling session with Benny who informed me that, my consumer proposal was accepted by all the creditors. Thank you Hoyes Machalos, very special thanks to Benny, Linda and all of the team from the person who answered my first phone call. If you are struggling with debts, please call Hoyes, Machalos, they will treat you with respect and dignity that you deserve and soon you will be able to start your life again without worrying about creditors calling you.
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I'm very grateful they were able to help me with all the debts I had, especially Brett and Janette!!! Incredibly patient, friendly and understanding. I would definitely recommend this company for your financial needs!
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Benny's assistance throughout the entire process was truly exceptional. His promptness in addressing my inquiries and concerns alleviated my nervousness significantly. Benny's dedication to explaining every detail thoroughly and presenting all available options ensured that I felt fully informed and empowered. The simplicity of the process combined with Benny's unwavering support at every turn made the experience seamless and reassuring. Without hesitation, I wholeheartedly endorse Benny to anyone seeking expert guidance and support in moving forward with a consumer proposal.
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A professional team .They make easy for me to get rid of my debts.Thank you for your great job.I strongly recommend this company .
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Debt Solutions in Toronto
Hoyes Michalos is one of Toronto’s largest Licensed Insolvency Trustee firms focused solely on helping individuals find a way out of debt.
Why Talk with a Toronto Licensed Insolvency Trustee like Hoyes Michalos?
Licensed Insolvency Trustees are the only debt professionals trained and regulated by the Canadian government. We are the most qualified to help you explore a full range of debt solutions and take charge of your debt. If you choose to file a bankruptcy or consumer proposal, this service can only be provided by a Licensed Insolvency Trustee. Your trustee will deal with your creditors for you and can stop collection calls and wage garnishments.
Bankruptcy Services
Bankruptcy is always the option of last resort however you do not lose everything if you do need to file bankruptcy. Many assets are exempt from seizure by your trustee including your personal belongings, household items and even a car with a low dollar value.
Our Toronto bankruptcy team will meet with you and review your financial income to see if bankruptcy really is the best solution. In many cases, bankruptcy can be avoided. If however, you need to file bankruptcy, we will be available to answer any questions you have along the way.
Consumer Proposal Services
Bankruptcy is not your only option though. Nine out of ten of our Toronto clients file a consumer proposal as an alternative to bankruptcy. If you do have assets you want to keep, we can guide you in learning how a consumer proposal works.
Consumer proposals in Toronto are a debt option that allows you to make a deal with your creditors to repay less than you owe. Your settlement is based on your income and what you own, but savings of as much as 70% of your debts are possible. If you choose to file a consumer proposal, your trustee will negotiate with your creditors to achieve a reasonable monthly payment that you can afford.
A consumer proposal can help you:
- Consolidate unsecured debt
- Make only one, single, lower monthly payment
- Eliminate interest
- Stop creditor actions
- Keep your assets
Would you like to reduce your debt by up to 70%, keep your assets and avoid bankruptcy. See if you qualify for a consumer proposal.
Get Started
Debt Consolidation Options
As a Licensed Insolvency Trustee, Hoyes Michalos has the experience to help you review your debt consolidation options. There are so many Toronto consolidation programs available to people in the Greater Toronto Area, it’s hard to know where to start. We can help you compare the merits of a debt management plan, debt consolidation loan or consumer proposal.
For homeowners, you may be able to use the equity in your home to get out of debt. Even here, you have options. Hoyes Michalos can help you compare the risks and costs of taking on a second mortgage with using the equity in your home to make a repayment plan through a consumer proposal.
Credit Counselling Services
Hoyes Michalos provides Toronto credit counselling services both before and after you file. When you call us, we’ll help you create a plan that is affordable to you. During your free debt assessment, your trustee will ask you a few simple questions. Who do you owe money to? What do you own? What is your income and household budget? With this information, your Toronto trustee will review all possible debt solutions with you including, debt consolidation, bankruptcy, and a consumer proposal.
When you file a consumer proposal or bankruptcy you also receive 2 free credit counselling sessions. This is part of the bankruptcy and consumer proposal process and is designed to help you learn how to budget, manage money and how to rebuild your credit.
Why Choose Us?
When working with Hoyes Michalos you are guaranteed respect, confidentiality, and expert financial advice. At Hoyes Michalos we believe you should always talk with a professional. For over 20 years we’ve focused solely on helping individuals find debt relief.
To reach us, call us at 1-866-747-0660 or contact any of the trustees in any one of our Greater Toronto Area locations.