Our knowledgeable team of Licensed Insolvency Trustees provide information and expert advice to help you on your way to becoming debt free. Our extensive debt help resource centre includes articles, videos, and podcasts on how to get out of debt including commonly asked questions about consumer proposals, bankruptcy, and debt consolidation options. Become informed about credit rebuilding and other money management tips as you search for a solution to your debt problems.
As a credit cardholder, one of your most important financial challenges revolves around credit card debt management. Your goals should be to keep outstanding balances low, avoid high interest rates, and pay your minimum payments... Read more »
Hoyes, Michalos has been tracking and reporting on homeowner insolvencies since 2007. Our homeowner insolvency index peaked in 2011 at 29.1% and has fallen steadily, reaching a low of 1.6% in 2022 and rising to... Read more »
For Canadian homeowners, the mortgage renewal process is a significant aspect of their homeownership journey. While the prospect of mortgage renewal brings the promise of negotiating better terms, it doesn’t always go smoothly. Around 3%... Read more »
On March 10, Reddit exploded with reports of old City of Ottawa debts mysteriously appearing on credit reports. Based on reporting from CBC Ottawa, on January 12, 2024, the City of Ottawa signed a five... Read more »
Dealing with financial challenges often involves navigating through a web of debts, each with its own rules and consequences. Secured and unsecured debts pose different considerations, and understanding how a consumer proposal affects secured debt is crucial for anyone contemplating this debt relief option.
Consumer proposals in Canada are a debt relief solution for individuals drowning in debt, offering a structured plan for financial recovery. In this article, we'll explore how a consumer proposal works, explaining eligibility criteria, the filing process, legal protection, creditor considerations, and the pros and cons of this debt management strategy.
A payday loan may be tempting, especially when you are in need of an emergency expense but beware! They do more harm then good and can put you into serious debt. Doug Hoyes explains the pros and cons of using payday loans for emergencies.
A consumer proposal is an affordable way to eliminate overwhelming debt. While there is a fee to file, these fees are included as part of the proposal process. Doug Hoyes explains the costs of a consumer proposal and how payments are calculated to fit your budget.
No one wants to be a fraud victim. It causes tremendous stress and we have also seen it lead to serious debt problems in some cases. In this post, learn how fraudsters use tricks and deceptions to steal your hard-earned money so you stay protected.
Revolving credit means credit cards and lines of credit. You probably use it everyday but it's important to understand all of its benefits and risks so you avoid financial trouble. Doug Hoyes explains in this post.
You're probably familiar with Canada's credit bureaus already. After all, they provide you with your credit report. But how do credit bureaus collect your information and what more should you know about credit reporting agencies? Scott Schaefer explains in this post.
If you own a business and had to borrow the Canada Emergency Business Account (CEBA) loan during the COVID-19 pandemic, but are now struggling to repay, what are your options? Doug Hoyes explains how CEBA loan forgiveness works in this post.
A consumer proposal is a debt settlement plan. But what if you change your mind after filing? How do you withdraw a proposal and what does a cancelled proposal mean for your debts and credit report? Maureen Parent explains in this post.
Let's say you're in the middle of a consumer proposal plan and your financial situation changes, like you gain an inheritance, win the lottery, or get a big bonus from work, or if you become unemployed - what's the impact on your proposal? Maureen Parent explains in this post.
Many homeowners have expressed that they are facing financial hardship as a result of record interest rate hikes. So why are homeowner bankruptcy rates so low? Doug Hoyes explains the cycle in this post and when he expects homeowner insolvencies to rise.
Yes, the courts are involved in a consumer proposal - but only to an extent. In this post, we explain how exactly the courts are involved in a proposal, what a court approval means and whether you will have to go to court.
If you're in a cycle of debt, you know that inflation hasn't been helping your budget. In this post, we show you how to manage your monthly budget to successfully get out of debt. We also explain other way to achieve debt relief.
If you were hoping to pay down debt through a consolidation loan but were denied, fear not. In this post, we explain the common reasons why your lender may not have approved a debt consolidation and outline your debt relief alternatives.
You may already know that a consumer proposal can help you eliminate debt. In this post we explain the top laws and rules that come with a proposal filing so you have a better understanding of the process.
One option for dealing with your debt is to talk to your bank first. In this post, we outline the ways in which your bank may help you get out of debt, tips for how to approach them when asking for help, and what you can do if your bank refuses to provide debt relief.
If you face an income loss, fall behind on proposal payments and the proposal becomes annulled, what are your options? We explain what a proposal annulment means for your debts, how to revive your proposal, and how to prevent a proposal annulment in the first place.
Debt Relief Experts
