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.
Stop worrying about your debt and harrassing creditor calls. Talk to our Toronto debt experts about the right solution for your situation today.
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.
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.
Lisa M.
5/01/2020 - Google
I met with Courtney Pye one year ago in the Mississauga office, she was wonderful and made me feel very comfortable during the whole process.
She answered all my question which...read moreI met with Courtney Pye one year ago in the Mississauga office, she was wonderful and made me feel very comfortable during the whole process.
She answered all my question which made me feel at ease and not afraid or ashamed.
I thought about our conversation and wasn’t sure if I wanted to proceed with this, but in Jan 2020, I met with Brian McIlmoyle, we chatted about my debts and me moving residence.
He was able to guide me with options and waited for me to complete everything I needed to.
Courtney & Brian are very knowledgeable, great and compassionate, and I would highly recommend them and Hoyes as my Trustee.
I can now say that I am on the right track again. Thank you, Lisa Mread less
Peter C.
8/04/2020 - Google
Sandra helped me cut my debt in half. I highly recommend contacting Hoyes Michalos if you are drowning in debt payments. Don't hesitate!
Sugan K.
11/09/2020 - Google
Very professional. Diana & Nicholas have made this otherwise dauting process manageable. They are very responsive and helpful. Would definitely recommend.
A G.
5/21/2020 - Google
Mine is a familiar story… drowning in credit card & tax debt in excess of my annual income & monthly ability to repay, plus being constrained by a hefty garnishment,...read moreMine is a familiar story… drowning in credit card & tax debt in excess of my annual income & monthly ability to repay, plus being constrained by a hefty garnishment, I was at a really low point - deeply disappointed in myself & ashamed for putting myself in this situation. I felt I was really sitting outside the door of bankruptcy & very anxious about it. In researching that process, I learned about Hoyes, Michalos & Associates & their services to assist with debt relief. I decided to call the office of Sandra Sykora to make an appointment to speak with her.
Right from the start Sandra let me know that there were options other than bankruptcy to help relieve my situation. In that first really open & friendly meeting, Sandra clearly took me through the options & the process for filing a consumer proposal, answering all my questions With a debt relief plan, rather than bankruptcy & the garnishment suspended, a huge weight was lifted.
When problems with one of the creditors arose, Sandra & the team at HM provided exceptional assistance and support to resolve the situation. Their incredible attention to my situation & quick responses to any and all my queries put me at ease throughout the process.
With my consumer proposal accepted, I am hugely relieved at having the debt reduced & an affordable plan to repay the remainder.
Anyone looking for guidance in dealing with an overwhelming financial situation can rely on the professional team at HM. Give them a call, have a complementary conversation with one of their licensed trustees – you will be in good hands to help you sort out your own situation!read less
First S.
11/27/2020 - Google
Credit Card Debt Solutions
Licensed Insolvency Trustees at HOYES, MICHALOS & ASSOCIATES INC. can help you explore and understand fully well your available debt-relief options to become debt free.
Hoyes, Michalos and...read moreCredit Card Debt Solutions
Licensed Insolvency Trustees at HOYES, MICHALOS & ASSOCIATES INC. can help you explore and understand fully well your available debt-relief options to become debt free.
Hoyes, Michalos and Associates Inc. provides a free, no-obligation assessment to answer all questions to put you in a position to decide what relief option is best for your situation.
With all options exhausted, filing for bankruptcy should be considered with the assistance of a bankruptcy trustee. Hoyes, Michalos and Associates Inc. has highly trained debt professionals who are licensed by the Government of Canada to administer bankruptcy.
My journey from the heavily stressful period of heavy indebtedness to the fresh start period, after automatic discharge from bankruptcy.
During the fall of 2018, I contacted and made an appointment with HOYES, MICHALOS & ASSOCIATES INC. to discuss my credit card concerns.
Mr. Benny Mendlowitz, CPA, CA, CIRP, LIT, licensed insolvency trustee, met with me, and who is to become my bankruptcy administrator.
At the outset, his deeds, actions, and decorum gave me the first impression that he carries the reputation for providing the best service and client experience in their communities.
After I provided all the facts and documentation, Mr. Mendlowitz helped me in every step of the way. He administered and directed my monthly reporting and compliance requirements.
My client service experience includes Mr. Mendlowitz demonstration of his patience, attentiveness, outstanding knowledge of insolvency and bankruptcy matters, and the effective communication of this expertise that is understandable in all levels.
HOYES, MICHALOS & ASSOCIATES INC.’s optimistic warmth approach to client servicing, demonstration of integrity and professional work ethics, (observable in all support staff – receptionist, statements group, tax and other technical assistants) made me confident that I have truly found the professionals who had guided me and helped me found my credit card solutions.
After 21 months, I received my Certificate of Discharge from bankruptcy. I am now debt-free and starting fresh.read less
Laura L.
11/04/2020 - Google
I had a consultation with another debt relief agency about filing for a consumer proposal and they asked me for 400.00 upfront which made me suspicious about them. I'm very...read moreI had a consultation with another debt relief agency about filing for a consumer proposal and they asked me for 400.00 upfront which made me suspicious about them. I'm very intuitive and didn't have a good feeling about them so I called Hoyes, Michalos and Associates and as soon as I talked to Sandra Sykora and heard how knowledgeable, experienced, kind and understanding she was I knew I would use them to file my consumer proposal. They all are licensed insolvency trustees. She never asked me for any money and she also never heard of this other debt relief agency so the public needs to be aware of this. She has helped me tremendously through a difficult time in my life always making me feel at total ease and comfortable. I would highly recommend this company and especially Sandra Sykora. She is outstanding!!
Laura Lread less
Alisha L.
8/21/2020 - Google
I’m not proud of having put myself in such a position to have to ask for help with my debt. But these people could not possibly have made it any...read moreI’m not proud of having put myself in such a position to have to ask for help with my debt. But these people could not possibly have made it any easier on me. My proposal made it affordable to pay down my debt while still having money to live. 2 years later I am debt free and could not be happier. I sound like a commercial, I know. But they were awesome. Answered all my questions promptly and informatively, and were very kind the whole way through. Thank you so much!!!read less
Linda S.
8/15/2020 - Google
I got referred by my sister to Jason Q., he is amazing at what he does, he has put me at ease, thank you so much Jason, definitely will recommend...read moreI got referred by my sister to Jason Q., he is amazing at what he does, he has put me at ease, thank you so much Jason, definitely will recommend to anyone looking for a consumer proposal.read less
Veronica T.
4/06/2021 - Google
Brett at the Vaughan office is an absolute professional in his field. Friendly, extremely knowledgeable, and willing to go the distance to make the client feel confident and informed. He...read moreBrett at the Vaughan office is an absolute professional in his field. Friendly, extremely knowledgeable, and willing to go the distance to make the client feel confident and informed. He handles everything from beginning to end with ease and minimal hassle. After an extremely unpleasant experience with another company, I felt very uneasy and untrusting, and was preparing for another fight that I thought I would have to go through it again. From the first Zoom call with Brett, he listened to my past experience and concerns, and assured me right away that that was not going to happen with him and his firm. Not only did he deliver results that I did not believe were possible, but he did so with such ease to me that I barely spent any time worrying about the details involved. They care about their clients to provide advice and create solutions going forward even after their job is done. I have complete confidence in Brett and will not hesitate to recommend him and his team to anyone looking to work with a true professional.read less
Brenda R.
9/05/2020 - Google
My experience with Hoyes, Michalos & Associates has been great. They are very attentive and informative. They guide you through each available options and help you make the right decisions...read moreMy experience with Hoyes, Michalos & Associates has been great. They are very attentive and informative. They guide you through each available options and help you make the right decisions for your specific situation. They listen to your needs and concerns and make sure you are always satisfied with each service. Thank you for a great service each time!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.
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.
“I was overwhelmed with credit debt. Being bombarded with constant phone calls, and letters, from debt collectors was very stressful. It seemed like there was no way out. Until I heard about Hoyes, on my local talk radio station. They are friendly, caring, knowledgeable, and professional, with many year's of experience. During my first meeting, they took the time to learn about my debt, and financial situation. Explaining my different options, and helping to come up with a plan that would work best for me. They helped me avoid filing for bankruptcy, by putting forward a consumer proposal to my creditors. My proposal was accepted, and I am happy to finally be debt free, thanks to Hoyes. It feels like a huge weight has been lifted off of my shoulders. Hoyes are the best debt relief specialists.”
Jonathan Sanderson
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