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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Debt Settlement

I am a little confused about Debt Settlement. I contacted a firm because I currently have my debts with a Credit Counselling Service but I cannot afford to keep paying them monthly and if I add the other (unsecured) debt the monthly payment would be to high. My debt is about $19000 (credit card debt) and they have given me a pretty good figure which I can pay off immediately. However, they are telling me that I have to show that I have the ability to pay it off over a certain period of months and that`s what is confusing me. I thought a debt settlement program was where you paid your creditors with one lump sum, immediately.

Posted from: Ontario

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One Response to “Debt Settlement”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

There are a variety of forms that a debt settlement contract can take. But realistically unless it is going to deal with all of you debt it is not going to improve your situation any. I would suggest you contact the credit counselor and ask for alternatives that will assist with the overall picture.

Alternatively you can use this debt options calculator and it may also prove to be useful.