If you are struggling with debt, taking the step to seek debt counselling is the best action you can do for yourself. Debt does not go away on its own. Debt just makes managing your money that much harder, especially in a city like Toronto where the cost of living is high. You need a debt management plan that can get you out of debt.
You are in the right place if you experience any of these debt warning signs:
- Collection calls and demands to pay from creditors
- High credit card debt balances
- Making only minimum payments
- Regularly missing or making late payments
- Using payday loans to make ends meet
- Your wages are being garnished
- A creditor or the CRA has frozen your bank account
If you can’t pay your debts in full, Hoyes Michalos has both trained credit counsellors and licensed insolvency trustees on staff to help you find the right debt relief solution. We have 9 locations across the Greater Toronto Area credit counselling services to help you find a way out of debt.
Get Debt Help – Toronto Locations. Find an office near you:
Toronto Credit Counselling Services
Good credit counselling starts with exploring all your debt management options.
At Hoyes, Michalos we start with a free debt assessment and a full review of your personal financial situation and budget. Many residents of Toronto struggle with high rents and large mortgage payments. If you want to keep your home and balance your budget you need a debt plan that meets those challenges.
We explain the pros and cons of all your financial options including:
- Budgeting
- Debt consolidation loan
- Debt management plan
- Consumer proposal
And while we can offer bankruptcy as a debt solution, that is seldom necessary. Less than 10% of the people we help need to file bankruptcy. We’ll only suggest that option if there is no other alternative.
Our goal is to help you develop a plan that is tailored to your personal financial situation and is something you can afford so you can complete the program and become debt free.
Why talk to a trustee about credit counselling?
There are many advantages to working with a Toronto Licensed Insolvency Trustee for credit counselling advice. You have the assurance of working with someone who is federally regulated to provide advice and services for those experiencing severe debt problems. LIT’s are the most highly qualified debt professionals you can see. Our goal is to help you make an informed choice to deal with your debt.
Not-for-profit credit counselling agencies can help you build a budget and create a repayment plan. This plan, however, requires that you repay 100% of your debts. Only a licensed insolvency trustee like Hoyes, Michalos can provide actual debt relief programs and full protection from creditor actions.
We are experienced in dealing with large and complex debt problems. We have the tools to help you eliminate:
- credit card debts
- bank loans and installment loans
- outstanding bill payments
- payday loans
- tax debts
- student debts
At Hoyes Michalos we have both accredited credit counsellors and licensed insolvency trustees who can present you with a full range of debt relief solutions.
Contact Us
Credit counselling vs consumer proposal
As Licensed Insolvency Trustees, Hoyes Michalos can offer a program called a consumer proposal.
A consumer proposal is the only debt consolidation program that allows you to both consolidate all your unsecured debts and repay less than you owe.
Credit counselling requires you to pay back all of your debts plus a fee, usually an extra 10%. For those who cannot afford to repay their debts, a consumer proposal is the best debt consolidation program available.
Features |
Credit Counselling |
Consumer Proposal |
Service provider |
Credit Counsellor |
Licensed Insolvency Trustee |
Program |
Debt Management Plan |
Consumer Proposal |
Repayment Amount |
Must pay back 100% |
Up to 70% reduction |
Interest charges |
Sometimes waived or reduced |
0% |
Extra Fees/Costs |
10% + sign-up fee ($50-$100) |
None |
Creditor Protection |
Voluntary participation
Credit actions may continue
No legal protection |
Binding on all creditors
Legal Protection from creditor actions
Stops wage garnishments |
Credit Report |
Earlier of:
- six years from start
- 1 year after completion
|
Earlier of:
- six years from start
- 1 year after completion
|
You may have read in the chart above that the credit score impact is the same for both a consumer proposal and credit counselling. That is entirely true. The reason is both are considered a debt consolidation program or debt repayment plan by TransUnion and Equifax. The key benefit of a proposal is that your monthly payments are significantly less, allowing you to save money and recover that much sooner.
Financial Recovery and Education
If you file with us, you will be enrolled in our Fresh Start Recovery Program and receive two, free credit counselling sessions with a certified credit counsellor. If you want a free third session, we are happy to provide that as well. These sessions are there to help you identify the reasons that caused your financial difficulties.
During these sessions, we provide tips and recommendations on:
- how to create a budget
- key money management and savings tips
- financial goal setting
- how to borrow and use credit wisely
- how to identify and change poor money habits
- how to take steps to rebuild your credit
Get Credit & Debt Counselling from a Licensed Professional
If you are experiencing debt problems and are looking for debt relief, contact Hoyes Michalos to explore your options. We provide a full range of credit counselling services to ensure you make an informed decision on how best to deal with your debt.
With 9 locations across Ontario, an A+ rating on the Better Business Bureau and an excellent rating from our clients, we will work tirelessly to provide you with the best debt solution for you and your family.
Luke C.
3/01/2021 - Google
I was in a devastating financial crisis I felt I was never going to get out of... I shopped around for other similar practices that offered consumer proposals, but then... read moreI was in a devastating financial crisis I felt I was never going to get out of... I shopped around for other similar practices that offered consumer proposals, but then had a friend tip me off about Hoyes Michalos... not only did the save me more money than the other places-they delivered as promised and completely saved me! Thank you Scott, I am so grateful!!!! And yes- I’m a real person and I did 100% use this service- best decision ever!!! read less
Samantha E.
1/11/2021 - Google
I was really stressed about my debt. I was going to file for bankruptcy. But after talking with Benny, we decided that a consumer proposal would be best. After my... read moreI was really stressed about my debt. I was going to file for bankruptcy. But after talking with Benny, we decided that a consumer proposal would be best. After my meeting I felt relieved and happy. I would recommend them if you are looking to file for a consumer proposal or bankruptcy. 🙂🙂🙂 read less
I received a scary letter from a collection agency demanding payments for a long due credit card. I am on disability and unemployed. Been through a very rough past few... read moreI received a scary letter from a collection agency demanding payments for a long due credit card. I am on disability and unemployed. Been through a very rough past few years. I called a few of insolvency trustees in Toronto but all either asked for my information and would call me back within 3-5 business days or basically sent me an email with their fees without even listening to my situation. I needed answers ASAP. I finally tried one last firm which was Hoyes, Michalos & Accociates. The reception immediately past me onto Jennifer Kwon. Jennifer took her time and listened to my story and my situation and provided me with the best suitable advice based on my circumstances. She also followed up the call with a long email explaining what we talked about. I did exactly what Jennifer advised and I am now debt free as I was able to convince the collection agency to accept a one time small payment for the past due credit card. A couple of days later I received another email from Jennifer asking how things went and I gave her the good news. I asked Jennifer how much I owe her for her advice as well as her emails which helped me significantly. Jennifer refused to accept payment from me and basically only wanted to help after hearing my desperate situation. I've honestly felt so humbled and grateful for Jennifer's help. I wish we had more corporations that are actually willing to sit and listen to people in need rather than asking "how much you got?" I was 100% willing to pay Jennifer as I'm sure she was was worth it. If you need assistance with collection agencies or bankruptcies, etc please contact Jennifer and her office immediately. You will notice the care and empathy in her voice.
Thank you Jennifer for all your help and God bless.
MK read less

gui y.
5/19/2020 - Google
Helpful staff, they put my worries at easy. Happy client. Will recommend!
Crystal T.
8/21/2021 - Google
I highly recommend Hoyes, no judgement, extremely friendly/professional service. From the first call made they helped me right away. I felt relief from debt and still continue to help... read moreI highly recommend Hoyes, no judgement, extremely friendly/professional service. From the first call made they helped me right away. I felt relief from debt and still continue to help me with any questions or concerns I have. read less
Tracey G.
11/24/2020 - Google
Financial problems are not easy to discuss but the people I have dealt with at Hoyes have been nothing short of amazing! Jennifer and Heather made the process easy, comfortable... read moreFinancial problems are not easy to discuss but the people I have dealt with at Hoyes have been nothing short of amazing! Jennifer and Heather made the process easy, comfortable and even fun!!!Thanks to them and their guidance my financial life is on the road to recovery!! Thanks again read less
Chris T.
3/03/2020 - Google
Hoyes made it super easy to go through a time like this. They were informative and supportive. The employees are super nice and understanding.
Toby S.
7/03/2021 - Google
After I was diagnosed with MS, my wife and I found ourselves in real financial difficulties. The stress of our situation only made things worse for my health, and we... read moreAfter I was diagnosed with MS, my wife and I found ourselves in real financial difficulties. The stress of our situation only made things worse for my health, and we felt like we were falling down a hole with no way to get out. Thankfully my wife found Hoyes, Michalos & Associates, because they have been incredible. Every interaction with them felt like a step being built to get us out of the hole. They never talked down to us, or made us feel ashamed. They treated us like people who they wanted to help, and explained everything so we could understand our options. We are now well on our way out of the hole, and we couldn’t be happier! Thank you Jennifer, Heather, Meg, and Margaret! read less
Munro B.
1/05/2021 - Google
I would like to keep my exact business with Hoyes as private as possible. However I would highly recommend this firm. Twice in the last year I had to phone... read moreI would like to keep my exact business with Hoyes as private as possible. However I would highly recommend this firm. Twice in the last year I had to phone for help and someone from their staff always gets back to me within a couple of hours tops ! They explained the legal matters to me so they made sense. Check them out. read less
Melissa R.
5/22/2020 - Google
I was terrified to deal with my debt on my own, I had no idea where to begin. Sandra was there for me every step of the way, with immediate... read moreI was terrified to deal with my debt on my own, I had no idea where to begin. Sandra was there for me every step of the way, with immediate responses to my questions and helped clarify every detail! Knowing that I could contact her at any time with any question helped my anxiety and gave me faith in the process. Today I am proud to say I am fully debt free and it feels surreal. I found the counseling sessions to be extremely informative and will carry this knowledge with me forever. Thanks to everyone on the team ! read less
When working with Hoyes Michalos you are guaranteed respect, confidentiality, and expert financial advice. At Hoyes Michalos we believe you should always talk with a professional. For over 20 years we’ve focused solely on helping individuals find debt relief.
Stop worrying about your debt and harrassing creditor calls. Talk to our Toronto debt experts about the right solution for your situation today.
Find a Solution
To reach us, call us at 1-866-747-0660 or contact any of the trustees in any one of our Greater Toronto Area locations.