Posted on Wednesday, November 22, 2006I hope the light at the end of the tunnel is not the train.Everyone deals with financial troubles at some point in their life. Maybe you have lost your job, became ill or been injured, suffered the separation of a long term relationship or just did not manage your money well. The reasons are many.But if you are facing the prospects of not being able to pay your bills you have to do something now. I meet with people every day who have had some event occur that tipped them into financial trouble. Many of them just carried on as if nothing had happened hoping that "everything will work out" Usually they use credit to cover day to day living expenses until things get back on track. Sometimes this works out, all too often it does not and the result is an big problem. Mounting debt, collection calls, legal action are all possible results of the accumulation of debt as a result of a "life changing event" such as those mentioned above. The most important thing to do if you have had some event affect your finances is make a plan. When your future is at stake don't "hope" everything will work out, you have to take action. Create a budget, contact your creditors and try to make more manageable payment arrangements before you can't make the payments. You have a better chance to get through the trouble as long as you take control early and plan, you may have to make some hard choices but better you make them than having those choices forced on you. Finally, if you can't get things under control get some help. Credit Counseling, a proposal to creditors or even bankruptcy may be viable options to solve your problems. If you think you need some help call us at 310-PLAN we can help you make sure that the light at the end of the tunnel is your freedom from debt. Posted by Brian McIlmoyle @ 4:53 PM
Posted on Thursday, November 09, 2006Bill Clinton, The Middle East, and How to Make a Plan to Deal With Your DebtIf you have a lot of debt and creditors are calling, you have two choices: deal with them, or ignore them. Ignoring them may work for a while, but eventually it is in your best interests to make a plan to deal with them.I had two interesting experiences this week that illustrate the different approaches possible when dealing with people, and how making a plan to deal with them is usually the best option. My first experience was a meeting I had with a debtor and a creditor. Not surprisingly, the creditor was upset because he was owed money. The debtor, due to a failed business and job loss, did not have the money to pay. The creditor thought the debtor had money, so he took him to court and sued him, in an attempt to garnishee his wages. Our meeting was the first time they talked face to face. By the end of the meeting it became apparent that what the creditor wanted most, other than his money, was an explanation of how the problems started. Had the two parties sat down and discussed the problem, the situation would probably have never gone to court, and a suitable resolution might have been possible. Unfortunately, once a wage garnishment starts, personal bankruptcy is often the result. My second experience happened yesterday, when I had the pleasure of attending a fundraising luncheon for the Catholic Family Counselling Centre, the only non-profit credit counseling agency operating in Kitchener, Cambridge, and surrounding areas. Also in attendance were financial professionals from other credit counseling agencies, including the Family Counselling Centre of Brant.  The guest speaker was Bill Clinton, the former U.S. president, and he told an interesting story about his dealings with Yassar Arafat and Ariel Sharon in the year 2000, trying to bring peace to the Middle East. He told the story of Ariel Sharon's proposed visit to a site considered sacred by Arafat's people. Mr. Sharon made the visit not to upset Mr. Arafat, but rather as a show of strength to members of his own political party, who viewed him as weak.President Clinton advised Mr. Arafat not to over-react, but instead to meet with Mr. Sharon face to face, peacefully, to work out their differences. For political reasons Mr. Arafat refused to do so, and as a result we sit here today, six years and one Middle East war later, still waiting for peace in the Middle East. My point is this: we all need a plan, whether it's to deal with our creditors, or to try to bring peace to the Middle East, and all plans start with dialogue. Without dialogue and a plan, no solutions will be found. I have no idea how to bring peace to the Middle East, but I do know how to give you peace when dealing with your creditors: start by talking to them. Tell them your situation; tell them how much you can afford to pay them each month, and see if you can work out payment terms with them. If you can't reach an agreement with them, get help in your negotiations with a credit counselor in Ontario, or give us a call to talk about helping you negotiate a legal settlement (called a consumer proposal) to deal with your debts. It is possible to work out a plan to deal with your debts, but it all starts with you. You need to make that first call. We want to help you make a plan, which is why our phone number is 310-PLAN (no area code required), so call us or e-mail us today, and let's get started. Filed under credit counselling, consumer proposal, personal bankruptcy, Bill Clinton Labels: consumer proposal, personal bankruptcy, PLAN Posted by J. Douglas Hoyes, CA, Trustee @ 12:05 PM
Posted on Sunday, November 05, 2006Choosing Your TrusteeI am often asked what someone should look for in choosing a trustee. I think the most important aspect of choosing a trustee is the personal contact you will have with the trustee at the outset of your file. You will be making one of the most important decisions of your life; you want the expert advise of an experienced trustee, not a clerk or junior staff member.You want to walk away from your initial assessment with a clear understanding of your options and the process. If you have questions and they haven't been answered, then that trustee is not right for you. If you feel like a number and not a person, you have met the wrong trustee. If your trustee has shown an interest in your situation and has developed a plan that's right for you, you have found the right trustee. At Hoyes, Michalos you will always be meeting with a trustee who is experienced, qualified and understanding of your situation. We pride ourselves on our ability to meet individuals, assess their financial situation and find a solution to their problem. For help with your financial situaiton, call us at 310-PLAN or contact one of our trustees. Posted by Benny Mendlowitz, CA CIRP, Trustee @ 8:58 PM
|
