At one time or another, we all face challenges. And it’s often been said that one of the best ways to overcome an obstacle is to first feel comfortable enough to talk about it. We couldn’t agree more.
While having debt can be emotional and hard to discuss, it’s important to know that you’re not alone. Our Licensed Insolvency Trustees (LIT) have seen and helped many people in your shoes. Whether you want to learn more about ways to budget and consolidate your debt or you have reached a point where you’re having difficulties making the monthly bill payments, we do everything possible to create a supportive environment for you and your family to openly discuss and learn about all your options for debt relief.
Our LITs will work with you to provide tailored, effective solutions to allow for affordable debt repayment plans and protection for you and your family.
Depending on your individual circumstances, you may be able to develop a plan to pay off your debt through ‘self-help’ strategies like revising your budget, selling off an asset or debt consolidation. If these would not work for your situation, several other debt relief solutions are available to you through professional organizations. Understanding more about these solutions can help you choose the one that best fits your needs.
Self-help debt relief options include planning to pay off your debt with a clearly defined household budget that prioritizes debt repayment. Use our convenient budgeting worksheet or debt calculator to help you in this process by determining how long it would take you to repay a loan.
The various debt relief solutions available all cost significantly different amounts each month to settle your debts. Use this helpful calculator to see how much the same debt will cost you each month using various debt solutions.
In addition to self-help options, our LITs will walk you through formal solutions for debt control like a debt consolidation loan, a debt management plan, a debt settlement plan, and a consumer proposal to find the option that works best for your financial situation. We look at filing for bankruptcy after exploring all your other options first.
To start, you have to compare the amount of debt you would repay using different methods like repaying the loan on your own, using a consolidation loan, following a credit counseling repayment plan, or filing a consumer proposal.
You can download our debt options booklet or visit our Debt Options page to learn about how each one applies to you.
We want you to understand every debt relief method available to you and we will take the time to explain how each one applies to your financial situation. You may contact our LITs at any time by requesting a call or filling out our application form for a free assessment, with no obligation.