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Can I pay all of my debt back through a Licensed Insolvency Trustee?
March 24th, 2012
Yes. A Licensed Insolvency Trustees (“LIT”) is the only professional in Canada that is able to help someone who needs to file a bankruptcy. What many do not know is that LITs provide many other services for people and businesses with excessive debt.
“For years, we would pay our bills and minimum payments on our credit cards and loans. We know we’d never pay it all off. I calculated the interest we paid in a year and it was enormous. With the debt we had, we wouldn’t have been able to get a consolidation loan so our good credit rating wasn’t helping us.” After meeting with an LIT, this couple filed a consumer proposal paying back their creditors all of the money they borrowed, just without all the interest. The counselor responsible for the account reports: “Now they have a 5 year plan to become debt free without the burden of interest being added on to the debt every month. Their credit rating will be back on track a few years after they’ve completed payments on their consumer proposal.” It’s important to feel a sense of accomplishment when you work hard and achieve your goal. Paying off debt is top of mind for a lot of people and putting a plan in place to pay it off is the only way to make it happen. The consumer proposal process includes credit counseling with a certified counselor. The counselor will provide tips and tricks to not only pay the debt but also sustain a reasonable standard of living. The will make sure to include cost estimates for emergencies, large purchases and other variable expenses in the overall financial plan. Like this couple, many who choose a consumer proposal are rewarded by paying off all of the debt and don’t carry the guilt or burden of fighting to make their payments every month. “It was extremely important to us to pay all of the debt back and the consumer proposal allowed us to do that on terms that fit with our cash flow. Before meeting with the counselor, we had no idea an LIT could help us with paying debt. More people should take advantage of this phenomenal service!”
All LITs are regulated by the government, professionally trained and can offer legislated programs to protect you if you are carrying too much debt. We will meet with you, review your budget and discuss all potential options including consolidation loans, mortgage refinancing and family assistance.
We meet and talk with thousands of individuals every year. We will find a solution that fits which may include a consumer proposal or in dire circumstances, a bankruptcy.
If you are burdened with debt stress, asking for sound advice is a sign of strength and the smart thing to do. Asking sooner rather than later is always better. Try our debt reduction calculator and call Doyle Salewski today for your free, no obligation consultation. You’ll be glad you did.