My name is Doug Hoyes, and in over 25 years of working with people in financial difficulty I have discovered that each of us has our own unique “breaking point”, the point at which our debt becomes more than we can handle, and we have to take action.
For some people the trigger is the first time they miss a payment. For others, they can miss many payments before it becomes an issue.
A call from a collection agent about an overdue debt is often the “straw that breaks the camel’s back”. However, we all have caller I.D. and voice messaging, so many people are able to ignore phone calls and voice mail messages for many months. Every person is different.
Letters threatening legal action are often the spark that causes people to contact a professional at Hoyes Michalos. Of course threatening letters do not always lead to legal action, so it takes more than a letter to scare many people into action.
In virtually all cases the final trigger for most people in debt is a wage garnishment. It’s possible to ignore phone calls, voice mail messages and threatening letters, but most people cannot afford to ignore having real money taken from their paycheque each week. A wage garnishment almost always requires action. For many people, that is the “last straw”.
Of course if you don’t have a job, or if your creditors don’t know where you work, a wage garnishment may not be a problem. In that case you are what we call “creditor proof”. It’s like being “bullet proof”, like Superman. Bad guys would shoot Superman and he didn’t get hurt. If you are creditor proof they can take you to court, but if you have no wages to garnishee or no wages to seize, you don’t have to take action. You can run from your debts for a long time.
Do you really want to run from your debts forever? Do you really want to run the risk of phone calls and legal action? Do you want to have the ability to borrow in the future, which is very difficult if you have a lot of debt on your credit report?
For most people, the answer is “no, I don’t want to run from my debts forever. I want to deal with my debts so I can have a fresh start.”
If you are tired of running from your debts, give us a call. Our professionals can explain all of your options, and help you decide which solution is best for you and your family. Stop running, and get a fresh start. Contact us today.