Category Archives: Debt Settlement

As a federally licensed Consumer Proposal Administrator I have a good understanding of what terms creditors are looking for and how to make a deal that works for both you and your creditors. It is possible for you to negotiate directly with your creditors to: arrange better debt repayment terms… Read more

You’ve seen the debt settlement ads. The ones that say “we can reduce your debt by up to 70% – avoid bankruptcy”. There are two ways that companies can do this. The first is to refer you to a licensed trustee in bankruptcy to file a consumer proposal. They tell… Read more

The Ontario government is set to introduce new debt settlement regulations  designed to crack down on abusive debt settlement companies and it’s about time.  Following the lead taken by Alberta, Manitoba and Nova Scotia,the new rules are likely to ban debt management and debt settlement companies from charging upfront fees, limit… Read more

When you are deep in debt and looking for solutions it’s important that you know who you are turning to. Unfortunately there are too many debt settlement companies’ out there offering questionable services to consumers desperate to find help dealing with their debts. A consumer alert issued by the National… Read more

You’ve probably heard the ads on the radio for many debt settlement programs offering to settle your debt for a fraction of what you owe. You may have even heard the consumer warnings about debt settlement companies.  But can they really settle your debt? Is an informal debt settlement program a… Read more

How NOT to deal with your debts tip of the day: Beware of Debt Settlement Companies and Scams You are buried in debt and looking for a way out. You have likely heard the radio and TV advertisements pitching debt settlement programs that promise to reduce your debts by ‘up to… Read more

A Consumer proposal is a way to negotiate a debt settlement with your creditors by offering to pay back a reduced amount of your debt, either in a lump-sum payment or in monthly installments over an extended period of time. The benefits of a proposal are: You are paying back only a… Read more

Question:  I recently signed with a debt settlement company to clear my debts but they said they want to wait to have a lump sum to pay creditors in a 36 months program. I own my home and estimate that there might be about $20,000 in equity in our jointly owned… Read more

Question: I recently closed a business and there was an outstanding amount of $50,000 owed to a bank. We had tried to negotiate a debt settlement payment schedule with them, as we have excellent credit and did not want anything to tarnish this. We had agreed to a payment schedule,… Read more