Debt Relief Experts
Compare Debt Management Plan vs Debt Settlement
You can opt for a debt management plan or debt settlement if you are struggling with unpaid debts. Learn about the advantages and disadvantages for both, and which may be best suited for you.
Debt Relief
How Does Debt Relief Work?
Not being able to meet payments on time and accruing debt can be stressful and overwhelming, but it is possible to achieve a fresh financial start. Read our step-by-step guide on how debt relief programs work in Canada.
CRA Taxpayer Relief Program: Do You Qualify?
CRA charges penalties and interest when you file a tax return or fail to pay your taxes or installments as they become due. The Canadian tax act has specific provisions for taxpayer relief through the... Read more »
Debt relief for seniors. What are your options?
Many more seniors are carrying substantial consumer debt into retirement. What happens when you can’t pay back that debt? What options do seniors have for debt relief? There are many reasons why people carry debt... Read more »
How to Get Debt Forgiveness in Canada
If you are struggling with debt, you may need debt forgiveness as opposed to a repayment plan. Determining this can be assessed by answering three questions: Are you barely making the monthly minimum payments on... Read more »
Guide to Student Debt Forgiveness
Did you know it takes the average post-secondary student more than 10 years to repay their student debt? One in six insolvencies in Canada involved someone looking for student debt forgiveness. Why? Because after years... Read more »
What is Financial Hardship for Student Loans?
Student loans are only automatically discharged when you file bankruptcy in Canada if you have ceased to be a student for more than seven years at the time you file. However, there are cases in which... Read more »
Can I Negotiate a Debt Settlement on My Own?
Not everyone facing a debt problem needs to file a consumer proposal or turn to bankruptcy. There are ways you can negotiate your way out of debt. The key is to do so carefully, making... Read more »
What are the Risks to Debt Relief Options in Ontario?
Before you decide on a debt relief solution in Ontario, make sure you understand the implications of each. While every option has its own benefits in terms of interest savings and cost, each one also... Read more »
Debt Consultants: Why You Should Avoid the Extra Cost
For the first time ever, the federal government has issued a scathing report, saying that it appears that debt consulting firms are taking advantage of vulnerable consumers. They charge large up front fees, but in... Read more »
Debt Consultants or Licensed Insolvency Trustees? Who to Trust?
As I blogged about last week, the Office of the Superintendent of Bankruptcy has released a review of consumer proposals involving debt consultants. I’ll start with an important reminder: a consumer proposal is a legal... Read more »
Understanding the Credit Impact of Different Debt Relief Programs
In a previous article, we compared the cost of 4 different debt relief programs and determined that in most cases a consumer proposal offers the lowest possible monthly payment, significantly better even than a debt... Read more »
Tax Debt Help – Who Do You Call?
It can be hard to know who to turn to when you are dealing with Canada Revenue Agency and you need tax debt help. Some situations are relatively simple and can be resolved on your... Read more »
Will Consumer Debtor Protection Services or Debt Assistance get you a Better Consumer Proposal?
Now that the Ontario government has restricted debt advisors from charging up-front fees before completing a settlement with creditors, many debt relief companies are switching their business tactics. What they now offer is so called... Read more »
Debt Settlement: Which Option Lets You Rebuild Your Credit Faster?
All forms of debt settlement appear on your credit report in the same way. They are listed as an R7 to show that you have entered into some form of settlement agreement for the debt.... Read more »