Personal Bankruptcy Canada Blog » Credit Counselling

Debt settlement, credit counselling ,or consumer proposal?

Questions — Thu, 08 Dec 2011 15:01:32 +0000

I owe about 55,000$ on my line of credit and roughly 25,000$ in credit cards and loans- excluding student loans and mortgage. Just to be up to date with these payments I would need a lump sum of about 7,500$ which I do not have as I already went through all my savings to try to pay off these debts. What would be my best option at this point? Refinance my house, sell the house- which I’m trying to avoid-, negotiate a debt settlement, credit counselling or just consider consumer proposal? I’m really trying to avoid bankruptcy…

Posted from: Ontario

Mrs.

Questions — Mon, 17 Oct 2011 22:46:59 +0000

We have to give back the motorhome to the bank. We have paid over $80,000 to the bank and still ower $130,000. If they seize it and sell it for $75,000 do we still have to pay the remaining loan out and who dictates hiow high the payments are. Can they take our home and car. My husband is very ill.

Posted from: Alberta

credit counselling vs line of credit

Questions — Thu, 22 Sep 2011 10:16:07 +0000

Is credit counselling a last resport if your bank refuses to help consolidate debts? or can it be accessed at anytime? I have old debts that have gone to credit bureau. I have asked credit bureau if I pay off these old debts through my bank will it help or hinder my credit rating? her response was, I can’t answser that but if you want you have the option to file bankruptcy.

Posted from: British Columbia

needing help

Questions — Mon, 18 Jul 2011 12:37:02 +0000

I need to talk to someone in regards to my credit cards. My husband has bailed me out many times and I keep on doing this. it is a sickness for me and i realize,now Im loosing my husband over this.I need help,its just like being an alcoholic,but is me spending on nothing and now I have run my cards to the limits again.

Posted from: Alberta

non profit vs profit

Questions — Fri, 10 Jun 2011 17:49:36 +0000

Just a clarification. I understand the “for profit” guys. How do not for profit companies / counselling agencies get paid or survive?

Posted from: Ontario

Using a Debt Counsellor

Questions — Tue, 17 May 2011 22:50:14 +0000

I am currently right on the verge of a consumer proposal and have consulted with a couple of organizations regarding this. I have particularly been speaking with an organization called XXXXXXXXX consulting, and about to sign a contract with them. What experiences have you heard about these services, more specifically, this organization. Other than the costs involved, is it a good idea to use them? Thanks.

Posted from: British Columbia

home forced sale

Questions — Tue, 17 May 2011 19:36:49 +0000

I have recently within the last year been doing credit councelling with all my credit cards but 1 that would’t join the program, I have not been able to come to an agreement on the re-payment schedual so now they have demanded full balance in 21 days or they will force the sale of my property which has my husbands name on it. his name is not on the card. Can they make me or force me to sell my house

Posted from: British Columbia

credit counselling vs. proposal

Questions — Sat, 22 Jan 2011 03:12:01 +0000

When/ why would you choose credit counselling vs. consumer proposal? Thanks,

Posted from: British Columbia

Credit Card Debit

Questions — Sun, 16 Jan 2011 02:48:13 +0000

I recently returned to work after a year off maternity leave and our credit card debit is more then we can handle to pay back. I think credit card debit is around $25000. What should we do? We are struggling to make payments and it just keeps getting higher with interest thanks.

Posted from: Ontario

credit counselling?

Questions — Thu, 23 Dec 2010 22:09:50 +0000

My husband recenty disclosed to me he had over $80,0000 in charge cards and a
line of credit, we now have a home owners line of credit, and another 20,00.00 in credit card bills came in this week, I have excellent credit, 1 credit card
with approx $200.00 on it, would you
advise credit counselling.
Thank You
Desperate for an answer

Posted from: Ontario

Delinquent on Debt Management Program

Questions — Wed, 01 Dec 2010 05:40:42 +0000

I was on a Debt Management Program from Credit Counseling. I owe $50,000 in debts when I first started with the program but then my income change and I could not afford to continue, so I just stopped making payments. By then, I only owed around $25,000 in debts. What will happen to my credit now? Will my creditors start coming after me with full interests? I read on some blogs and posts that the accounts that got delinquent will be erased on the credit bureau after 7 years. Is it true? What can I do now? Please help.

Posted from: British Columbia

impact on spouses credit

Questions — Mon, 27 Sep 2010 18:04:39 +0000

If your married but the debt is your before marriage and want to go into debt repayment or bankkruptcy do you have to include your spouce..how does it effect spouce if does not have bad credit?

Posted from: Alberta

credit counselling and consumer proposal

Questions — Fri, 18 Dec 2009 16:29:51 +0000

the difference of impact on your credit rating between enrolling on credit counselling and consumer proposal

Posted from: Ontario

Learning From My Mistakes

Questions — Tue, 24 Nov 2009 22:15:58 +0000

I personally learned quite a few lessons about personal finance and dealing with collections in a very short space of time.

I am confused with one problem. I pulled my credit report from Equifax and there is one credit card debt from march 2007 and it is marked as Written Off – Closed by Credit Grantor. I assume this is beyond the SOL but I still get calls.

Aside from that mark there is nothing else on my report.

However, I am hounded DAILY by three different companies about debts that are not on my report.

How should I go about resolving this?

Posted from: Ontario

Difference between Credit Counselling Loan and Consumer Proposal

Questions — Thu, 29 Oct 2009 21:29:24 +0000

What is the difference between a credit Counseling loan and a consumer proposal? Are they both R7 on the credit bureau?

Posted from: Ontario

If I don`t make my payments what will happen

Questions — Mon, 26 Oct 2009 13:12:44 +0000

I am already with a credit counselling program but recently got a lay-off from my job. If I don`t make my payments what will happen?

Posted from: Newfoundland and Labrador

Credit Counselling Affect on Credit Rating

Questions — Thu, 30 Jul 2009 23:37:14 +0000

How does reducing debt thru cc affect your credit rating?

Posted from: Alberta

credit counselling vs. bankruptcy

Questions — Sat, 02 May 2009 02:15:43 +0000

Is credit counselling the same a bankruptcy?

Posted from: Ontario

Credir Counselling

Questions — Wed, 15 Apr 2009 18:25:53 +0000

Unfortunatly I am going to go for bankruptcy and in the meantime I am moving to USA. my question is , do I have to be personaly present for credit counselling session? Is there any other option like phone counselling or on line counselling ?
My other question is , will filling bankruptcy in Canada will effect my credit in USA?

I really appreciate your help in advance

Posted from: Ontario

Credit Counselling not working, can I still file a bankruptcy?

Questions — Tue, 31 Mar 2009 00:06:30 +0000

Can I switch to bankruptcy from credit counselling program ?

Posted from: Ontario

Credit Counselling and Consumer Proposal

Questions — Thu, 26 Mar 2009 06:19:10 +0000

What is the difference between Consumer Proposal and Credit Counsellingé Or are they the same.

Posted from: British Columbia

Can I file a consumer proposal in Canada if I am currently on a Debt Management program

Questions — Tue, 24 Mar 2009 20:15:21 +0000

I`m presently on a Debt Management. Can I still apply for consumer proposal? I have been in the program for 1 year.

Posted from: Ontario

Advice

Questions — Tue, 24 Mar 2009 00:20:08 +0000

I owe a Credit Card Company 750.00 they are threatening to guarnishee my wages can they for that amount of money they also are calling my work and threatening me at my workplace. Could you please help me with an answer

Posted from: Alberta

Joint Bank Account with Relative

Questions — Sat, 24 Jan 2009 11:54:22 +0000

I have a joint bank account with my brother. He and I added my name to his account as an accountholder so that I could administer his funds easily (he has left the country), but the money is entirely his. The account contains about $35,000.

If I file a consumer proposal, are his funds at risk? Do they appear on my credit report?

Posted from: Ontario

Parents owe a lot of money

Questions — Thu, 08 Jan 2009 14:47:57 +0000

Hello,
Need some advice here. Parents have a lot of credit cards with high monthly payments (minimums) required every month. Plus cars, mortgages, insurance etc…One of them is looking for work but not successful yet. Therefore one person is paying for all the bills in the household and things are not working out. What do you recommend? A debt management plan? Consumer proposal? Do they need to contact a credit councillor and do you know of good ones in Ontario? Thanks.

Posted from: Ontario

How do you know if someone has a judgment against you?

Questions — Wed, 10 Dec 2008 19:19:24 +0000

How do you know if someone has a judgment against you? What is the limitation that a credit agency can collect on a debt?

Posted from: Nova Scotia

What to include in debt management plan

Questions — Sat, 01 Nov 2008 18:08:40 +0000

Do I have to include all my debts in a debt management plan or can I leave some out? I have some debts (credit cards) that are behind but also a bank loan where payments are up to date. I want to leave the loan out as I don`t want to jeopardize my relationsihp with the bank.

Posted from: Ontario

Court Judgment

Questions — Fri, 19 Sep 2008 21:46:55 +0000

I have 1 debt on my credit report from a bay totaling $800. Eqiufax informed me that it will be off my credit report by January 2010. The collection agency say that if it goes to a court judgment that it will stay on credit report for 10 years. The debt was created from a former girlfriend and she is no longer around. My question is should i just pay it or call the collection agency`s bluff. Need some help. Thanks

Posted from: British Columbia

placing a lien

Questions — Mon, 01 Sep 2008 21:48:01 +0000

Hi…can a lien be placed on your asset/property without a court order? Would it be possible for a collection agency to place a lien on my property without my knowledge?

Posted from: Ontario

Loan Negotiate

Questions — Thu, 28 Aug 2008 14:51:10 +0000

i have a loan with citi financial, and the interest is allot, i was wondering if i would be able to Negotiate a pay out to them, or should i let it go into collection or wnat to do, and does citi financial Negotiate loan payment

Posted from: Ontario

Can I keep my house and car and start over

Questions — Sat, 16 Aug 2008 02:54:21 +0000

I know my debts surpass my salary Big Time. I make my payments to all my lines and One major 25,000.00 card 1.99% which will be due for high interest in Feb 09……with all my other debts I cannot survive. Can I keep my house and car and start over??? My credit rating is very good as I`m never late. However, Time has come to face the music. I am now BLOCKED. I`m making payment one day and taking it back to balance my budget the next day. WHAT CAN I DO.? If I do the Bankrupcy thing will I lose my Face . Will the whole world know. I don`t want my grown kids to ever know. I am ready to live low but nobody needs to know. Please help me I don`t know where to turn. My husband is aware we have remortgaged our home to the TOP. 1400.00 per month plus 2000.00 a month in debts. We only make 3000.00 H E L P

Posted from: Quebec

Credit Card

Questions — Tue, 05 Aug 2008 23:07:54 +0000

I have attempted to negotiate payment reduction with Capital One Mastercard and did not get enywhere with them. Is it possible to reduce monthly payments?

Posted from: Quebec

Credit Counselling Society of Canada

Questions — Sat, 24 Sep 2005 05:35:00 +0000

Is using the Credit Counselling Society the same as filing a proposal? I joined with them about 10 months ago, and am starting to have difficulties wth my payments. My common-law husband is not supportive, I was late last month and this month. I owe about $50,000, and am paying $700.00 per month. One of my problems is that I got a secured loan from a finance company, not realizing that the security (a car) is in my husband’s name. Can the finance company seize the car if my payments are late even if the car is not in my name? I would have thought they would have checked into this, but I’m not sure what the rules are.

Thanks for your help.