January 30th, 2013 by Questions

I lost my job and at 58 i’m finding it hard to find another. my wife has a very good job. between the 2 of us we have acombined credit card debt of approx. 77,000.00. Do we qualify for debt settlement? PS: we have never missed a cc payment but are now barely able to pay the minimum on our cards

Posted from: Ontario


One Response to “Qualification”

, A licensed trustee said:

I suggest you look into a consumer proposal, as opposed to debt settlement. Most of the debt settlement companies have less than stellar repuations and success rates. In fact, in the next few weeks new debt settlment rules are coming into force in Ontario and many of the debt settlement copanies are simply closing up shop as they can’t oeprate under the new rules…

A consumer proposal is designed for people that can afford to repay a portion of their debt. Depending on your household income, you may be able to repay as little as $24,000 on the $77,000 that you owe. Use the links on this site to contact a trustee in your area to disucss this in greater detail.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)