Do I qualify for debt settlement?

June 15th, 2012 by Questions

I owe about $32,000 ($14,000 in credit card debt at 11.9% interest and $18,000 line of credit at 9.00% interest). I make just under $3000.00 a month (after taxes) but with rent and other living costs (for myself and my partner who has only been able to find part-time work recently), I’m finding it difficult to pay down these debts even with the relatively low interest rates. With few assets, I don’t know that I would be eligible for a consolidation loan. So does it look like I might be eligible for debt settlement? And do you have any recommendations for solid, reputable agencies on Vancouver Island?

Posted from: British Columbia

Questions

One Response to “Do I qualify for debt settlement?”


June 15, 2012 at 5:39 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

In terms of debt settlement I do think you would be a good candidate. However, be careful, there are many agencies out there advertising debt settlement or debt management programs and they simply are not reputable. I think the best way to do a debt settlement is through the filing of a consumer proposal. This way you have someone licensed administering the process and you have legislation protecting your rights and interests through the process. The problem with all of the other options is that very few of them are what they seem. So in most instances the educated consumer will typically use the legislated process as opposed to the non.

In terms of who you should contact, G. Slocombe & Associates Inc., are one of the ones we recommend, and you can get in touch with them through this site as they are the Vancouver Island representative listed.

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