What Our Clients Say
Our concept 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 work with individuals living in Timmins and the surrounding regions of Schumacher and South Porcupine.
The staff here are very professional and compassionate about what they do. They walked my wife and I through a... read moreThe staff here are very professional and compassionate about what they do. They walked my wife and I through a difficult period in our life and helped us get everything back together again. We are now debt-free with a level of stability and savings we never thought would be possible. read less
G D 1/14/2021
Such professionalism from this firm to handle a delicate subject that is often hard to acknowledge.Taking the first step of... read moreSuch professionalism from this firm to handle a delicate subject that is often hard to acknowledge.Taking the first step of initial contact is the most difficult step on a path to a resolution of financial problems. Take it and find out how easy it is to lift the burden of debt! read less
Chip Picot 1/13/2021
I usually dont do reviews...BUT this one I had to do. I didnt read any other reviews thus far, but... read moreI usually dont do reviews...BUT this one I had to do. I didnt read any other reviews thus far, but all I have to say about this firm is that it is well run professionally. If there are any BAD reviews about this firm/establishment(s) is it false, and I can attest to that. Brett, the guy that took my case, was very prompt, HONEST, and professional. I really liked that he took the time to let me decide what I wanted to do, rather then be "pressured" to make a sale or contract to his benefit. I have been inquiring about his firm for well over a year, and still followed with me. The timing was right, and unfortunately covid 19 took its toll on me, and Brett was there to help out and give me a fresh start, while trying to minimize the damage as much as possible. I really recommend this to anyone looking to get out of debt! Yes there are some downs, but with this covid pandemic going on for at least a year or two before things are normal, take advantage and start fresh. Credit (at least for me) is not an essential right now, so clear the slate and take the new year in a positive financial way! read less
Barry Phommavong 1/12/2021
Consumer Proposals in Timmins
A consumer proposal is a legal debt relief solution legislated with the federal government to consolidate and settle your debt for less than you owe.
Here are the top 10 benefits of a consumer proposal.
- write-off up to 80% of your debts
- stop collection calls
- stop a wage garnishment
- unfreeze your bank account
- legally binding on all unsecured creditors
- deals with CRA and payday loan companies
- you keep your assets including your tax refund
- reduce your monthly payment to something that is affordable
- no interest on monthly payments
- avoid bankruptcy
Hoyes, Michalos has a 99% success rate for consumer proposals we file. We work with you to craft an offer you can afford.
The cost of a consumer proposal is known upfront. What you pay is exactly, and only, what repayment you negotiate with your creditors at the beginning of the consumer proposal process. Once you complete your payments and the terms of your proposal, your debts are eliminated.
A consumer proposal can only be filed with a Licensed Insolvency Trustee like Hoyes Michalos. Learn how to file a consumer proposal or contact our Timmins team today to talk about how a consumer proposal can help you get out of debt and avoid bankruptcy.
Debt Consolidation vs Consumer Proposal
If you have significant credit card debt, tax debts or other unsecured debts, you may be wondering if a debt consolidation loan, home equity loan or second mortgage are a good option to consolidate your debts.
There are risks with consolidating with a debt consolidation loan. You may have equity but may not qualify for a second mortgage at reasonable rates.
Our Timmins debt professionals can help you review your debt restructuring options and compare the pros and cons of a new loan or second mortgage with making a formal, debt settlement offer to your creditors through a consumer proposal.
Filing Personal Bankruptcy in Timmins
Personal bankruptcy should be a last resort, but sometimes it is the right solution to help you get out of debt. Our Timmins licensed insolvency trustee can help you decide if filing bankruptcy is the best option to eliminate your debt.
No matter how serious the debt problem, remember there are always debt relief options. At Hoyes, Michalos you always talk to an expert. Consultations are free and we offer flexible appointment times. Call our Timmins experts at 1-866-747-0660 or email us today.
A bankruptcy and consumer proposal can only be filed through a Licensed Insolvency Trustee. We are licensed by the federal government to help you deal with debt.
Differences Between Consumer Proposal and Bankruptcy in Timmins
There are two legally binding debt relief plans in Ontario that will allow you and your family the ability to gain a new financial start. They’re known as Personal Bankruptcy and Consumer Proposal. With each of these solutions, you’re provided immediate protection from your creditors, meaning they can’t sue you or contact you. In a consumer proposal, you usually repay only a third of what you owe and you get to keep all of your assets, including tax refunds, investments, and home equity. The greatest benefit to the consumer proposal is that you can avoid bankruptcy, while achieving freedom from your debts.
When you file a personal bankruptcy, your payments vary based on your income and you may have to surrender some assets. A benefit to filing bankruptcy, especially if it’s your first one, is that it can be completed in as little as 9 months. In a consumer proposal, your repayment period can last up to 5 years.
At Hoyes Michalos, we don’t provide a one-size-fits-all solution to your money problems. We take our time and give every one of our clients a tailored plan to pay off their debts and have financial peace of mind.
Timmins Debt Help
Debt problems don’t go away on their own. If you cannot afford to repay your debts on your own, as Licensed Insolvency Trustees we help you explore all your options and choose the solution that is best for you.
Break Free From Credit Card Debt
If you are only making minimum payments on your credit cards it will take you years to pay off your balances, if at all. We can help you consolidate your payments and make a settlement offer that can lower your credit card balances by as much as 70%. Your credit cards are rolled into one reduced monthly payment.
This is not a new loan, it’s a government-approved interest-free debt settlement plan payable over up to five years.
Stop the Payday Loan Cycle
Payday loans cause financial stress because the interest accumulates faster than you can pay it off. Over time this eats away at your paycheque. Once you fall behind, payday lenders use aggressive collection tactics like calling your employer and garnishing your wages.
We can include payday loans in your program and help you break the payday loan cycle.
Get Tax Debt Relief
Only a Licensed Insolvency Trustee has the options that can help you reduce your tax debt liability. We can negotiate directly with CRA to create a repayment plan, stop interest and penalties and settle tax debt. If CRA has frozen your bank account or garnished your wages, we can reverse those actions.
Student Loan Debt Forgiveness
Looking for help resolving student loan debt? If you have been out of school for 7 years, your government student loan debt can be discharged through a bankruptcy or consumer proposal.
Eliminate High-Interest Installment Loans
You may have tried to consolidate or pay bills by taking out a high-cost financing loan. While these types of consolidation loans can help you deal with the immediate demand for repayment, they come with an interest rate of 39%, 49% and even 59%. Installment loans meant for those already in debt or with poor credit just postpone, rather than solve the problem.
Unsecured loans, whether owed to a bank, credit union or financing company can be eliminated with payments determined based on what you can afford.
Why Talk with a Licensed Insolvency Trustee?
If like many of our clients, you are struggling with debt repayment, this is a cycle that is best broken by working with a Licensed Insolvency Trustee near you. We are licensed by the Government of Canada to help you with your debts.
We can help you break free from debt.
If you would like help becoming debt free, call our Timmins debt help team today at 1-866-747-0660.
Debt Relief Experts
