Monthly Archives: November 2006

Question: I have large credit card debt and am struggling to make my payments. I am behind 3 months right now and am receiving calls from collection agencies. If I can find a way to repay this debt what is the difference between paying it to the card company or… Read more

Question: I went to college more than 10 years ago and OSAP has been after me ever since to repay my student loans. Although I would have liked to repay these loans I found it difficult to find good employment and now I am on disability and still cannot afford… Read more

Question: I realize that if I earned the money then I have to pay the tax. But what if the amount owing includes large penalties and interest, can the penalties and interest be negotiated in lieu of paying the actual tax Answer: Revenue Canada (CRA) will not negotiate on the… Read more

Question: When I filed for personal bankruptcy 4 years ago by error I forgot to add two creditors to the listing. The debt was small- two payday lenders one for $340 and the other for $400. They have both gone to collections 2 years ago and are reporting as such…. Read more

You are looking for some debt relief and have heard about both a debt management plan and a consumer proposal.  How do you know which one is the best option for you.  Will your payments be different under a debt management plan or consumer proposal? How are your creditors affected?… Read more

Question: My bank turned me down for a debt consolidation loan. I don’t understand why. I am currently paying $1,000 per month on my three credit cards. My payment on the debt consolidation loan would only be $800 per month, so if I can afford what I am paying now,… Read more

Personal bankruptcy should be treated as the final option, the last resort to deal with money problems. You have considered or tried other debt relief programs: you have made a household budget to understand where your money goes each month; you don’t qualify for a debt consolidation loan; you have… Read more