How to Stop CRA Garnishment After Receiving an RTP Demand Payment Letter

Ever felt the stress of unexpected financial setbacks? How to stop CRA garnishment is a question many Canadians face when dealing with debt issues and a RTP (Requirement To Pay) from the Government of Canada. Understanding the steps to halt this process can alleviate a significant amount of stress and help you regain control over […]

How Many Times Can You Do A Consumer Proposal

Ever felt like you’re stuck in a financial maze with no exit in sight? Debt can weigh you down, making every day feel like an uphill battle. But what if there’s a way to reset and start fresh? How many times can you do a consumer proposal? The straightforward answer is that you can file […]

Who Can Put a Lien on Your House in Canada?

Liens can significantly impact property ownership in Canada, often catching homeowners off guard. Understanding liens—what they are, the types that exist, and who can place them on your property—is crucial for any homeowner. This article unpacks the complexities of liens, explores potential lien holders, and discusses the consequences they can have on property sales. It […]

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Overtime work stopped

I have had extra hours for the past 5 years which is more than double my income to aprox 150,ooo.
But with the extra income came extra dept not thinking that the extara hours would just stop.Now I am back to my normal wage.And my wife lost her job to boot and my kids are all grown. Now my dept is high with a mortgage and a lean on my house. My total unsecured dept is 85,000.
Our cars also have leans . I have not missed any payment s for now but they will be missed very soon, And since they ask for two paystubs should I waited for my real stubs to come in ..what can I do .. what will happen

Posted from: Ontario

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One Response to “Overtime work stopped”

A licensed trustee said...

That’s not an uncomon story these days – lots of people have lost their overtime and find themselves in the same boat. Your income can change overnight, but it takes time to change your monthly expenses.

Since you haven’t missed any payments yet you may want to start by meeting with the loans officer at your bank – I have to warn you that it is VERY difficult to get a consolidation loan these days, but if you qualify it cansolve your payment problems.

If you don’t want to talk to your bank (or you do and they say “no”) you may want to consider credit counseling or a consumer proposal. You can find out more about each of these things on this site, or you can use the links to contact a trustee in yoru area that will review these options (as well as some others) with you.