Debt relief services in Canada
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Debt Relief
If you are having financial difficulty or are on the verge of personal bankruptcy in Alberta and Ontario, debt help is available for you at Harris & Partners Inc. Licensed Insolvency Trustee (formerly known as a Trustee in Bankruptcy). We can put you on track to eliminate your debt.
Debt relief options
There are various types of debt relief options that can help you manage and eventually eliminate your mounting debt:
- Shrink your debts over time
- Put money away to apply against your debts
- Give you a financial cushion when unexpected emergencies occur
- Invest in your future
Consumer Proposals
A consumer proposal is a formal agreement between you and your creditors and is a matter of public record under the Bankruptcy and Insolvency Act.
Debt Settlement
You hire a company to negotiate the debt with the creditor. You pay a fee, and the company will work to lower your overall debt and propose a lump-sum payment.
Danger Signs
Has your personal debt been a worry in your life recently? If so, ignoring your debt will not help. Bills will continue to come in, and if you do not deal with them, you could be headed towards bankruptcy.
Debt Consolidation
You consolidate various debts under one loan to pay back to creditors. This approach can help you save on interest over time.
Declaring Bankruptcy
With the help of a lawyer, you can go to court to declare bankruptcy. They will evaluate your debts before granting you bankruptcy discharge – to wipe out your existing debt. This is typically the last resort after you’ve exhausted your other debt control options.
Corporate Insolvency
Available to businesses with $5 million in debt, you can receive short-term protection from your creditors to restructure your business and financial affairs. An initial application is made to the court to obtain protection.
6-steps to debt relief
You will always have debt issues unless you start determining ways to get ahold of and prevent debt in your daily life.We recommend the following 6 steps to help you on the road to reducing your debt:
Step 1. Debt solutions start with creating and living within a budget
An important step in starting to tackle your debt is to create and live within a budget. Calculate your monthly spending and find a way to reduce your expenses so you save at least 10% of your income every month. Living below your income and saving in this way helps:
- Shrink your debts over time
- Put money away to apply against your debts
- Give you a financial cushion when unexpected emergencies occur
- Invest in your future
Step 2. Pay down debts with the highest interest rate first
If you have multiple debts at various interest rates, it is important to prioritize which debt you should aggressively tackle first. While you should always pay at least the minimum amount on any debt you incur, it’s best to focus extra efforts on debts that have the highest interest rate.
Step 3. Shift your debt from high to low interest rates
One way to start eliminating your debt faster is by taking advantage of a line of credit. Since a line of credit is always at a much lower interest rate than other debt, if you have a line of credit, try to pay off your credit card debt with the line of credit. Ask your bank if they will increase your line of credit limit, if needed, to make it possible to pay off your credit card debt.
If you own a house or condominium unit, you can inquire about refinancing your mortgage or getting a second mortgage to pay off your higher interest debt. These strategies essentially consolidate your debt at a lower interest rate.
Step 4. Try to increase your income
If at all possible, look for ways you can bring in a little extra cash every month. Any extra money you put towards your debt will help. If you can take on extra hours at work or manage a second job, the added income will help make your debt repayment easier. If you can take on a roommate, boarder or renter, the extra income will reduce your debt more quickly.
Step 5. Barter for services where possible
Instead of spending money on certain expenses, see if you can trade services to keep your expenses down. For example, if you can offer professional services in one area (e.g., child care, elder care, hair cutting, cooking, bookkeeping, dog walking, personal training, lawn care, snow removal), you may be able to barter with other service providers instead of paying from your income.
Step 6. Focus on paying your debt
Like any other goal you want to accomplish, paying off debt requires a plan that will help you take the necessary steps to eliminate your debt. Set specific goals for reducing your debts. Credit counselling can help you see your spending more objectively and help you reset your expectations and habits to fit your new financial goals.
Implement your debt reduction strategy by setting up a payment calendar with due date and the payment amounts you expect to make. Sign up for overdraft protection and set up automatic bill payments through your bank or register for online payments.
Frequently asked questions
How do debt relief plans affect credit?
Debt relief plans can affect your credit in a number of ways and depending on the approach you choose – it can be good or bad. Although, if you are searching for debt relief options it’s likely the case that your credit has already taken some hits, fortunately debt relief plans can help to ensure further damage isn’t done to your credit score.
Are debt relief programs a good idea?
Debt relief programs can help companies write-off a huge amount of their debt, so when properly coordinated, debt relief programs can be a great option for a lot of businesses.
It’s important to choose a debt relief or solution that suits your needs. This could be through debt settlement, debt management, bankruptcy or consumer proposal.
At Harris and Partners, we can help provide you with the information you need to rid your business of debt and achieve peace of mind. Contact us here today for a FREE consultation.
Can debt relief help with payday loans?
Yes, there are a number of debt solutions available that can help you settle your payday loan debt.
For example, debt consolidation could be an option. This allows you to group your payday loan debt, along with other debts, into a more manageable monthly payment.
Other options include debt management, consumer proposal and, as a last resort, bankruptcy. The type of program that suits you comes down to your individual circumstances – no two debts are the same.
Can debt relief help with student loans?
Yes it can. As with payday loans, student loans can be settled – or managed – in a number of ways.
For example, debt consolidation could be an option. This allows you to group your student loan debt, along with other debts, into a more manageable monthly payment.
Other options include debt management, consumer proposal and, as a last resort, bankruptcy. The type of program that suits you comes down to your individual circumstances – no two debts are the same.
How to get debt relief?
Harris & Partners Inc., a Licensed Insolvency Trustee (formerly called a Trustee in Bankruptcy) and leading debt management firm, offers assistance in dealing with all types of financial problems related to bankruptcy, credit card and personal loan repayment. We will evaluate your financial situation and suggest the most appropriate course of action for you. Our team of qualified and experienced debt experts has helped many men and women in Ontario, Alberta and surrounding areas get their lives back on track.
You can contact us here for a FREE consultation for more information on debt relief.
How to get debt relief with bad credit?
It’s no surprise that debt relief and bad credit tend to come hand in hand. However, there ARE options available for you if you have bad credit and require debt relief..
How long does debt relief affect your credit?
This can depend on the size of the debts you need to manage and what debt solution you use. Bankruptcy typically has the biggest impact on credit ratings, for example. However, there are other types of debt solutions available that have less impact on your credit rating.
Contact trustees serving Ontario & Alberta at Harris & Partners
Bankruptcy is only one debt relief option, but it should be viewed as a last resort. A Licensed Insolvency Trustee can help you determine the best way to get out of debt. Our team has the knowledge and experience for solving debt problems – get relief today.
If you need help from those who specialize in solving debt problems, contact us at Harris & Partners Inc. Licensed Insolvency Trustee. In Toronto, North York, Brampton, St. Catharines, Ottawa, Pickering, Oshawa, Hamilton, Kitchener, Brantford, Barrie and Markham, our federally Licensed Insolvency Trustees can help you achieve long lasting financial solutions.
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Contact information
It's never too late to obtain debt help. Book your free consultation today
- Phone number
- 1-800-268-8093
- hello@harrispartners.ca