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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 management program

I have 35,000 in credit card debt. My creditor advised me to contact a non profit counselling service.I did apply and I also went to a meeting with a counsellor .She saw how much my income,expenses and assets were. These things are not very likely to change as I approach retirement.The counsellor told me that this alternative was not an option for me.She told me that it may be possible to make a deal with the different creditors. I owe $9,800 to one card . She told me to offer to pay something .She told me that paying 1000 dollars over the next 2 years was a good offer based on my income and debts. If it wasn’t accepted, they would not get anything from me at all.She also explained to me that there was not much chance they would take me to court. The company would be only spending more money for legal fees that would add to the loss that they couldn’t collect .Does this make sense?

Possibly the creditor would think this amount is ridiculous.It wouldn’t be blackmail would it if I told them my situation and that if they wouldn’t accept the amount they get nothing.

I have read several posts from seniors on this blog.I want my twilight years to be peaceful after working 45 years. Are more seniors starting to have this problem? I feel Intimidated by the collection agency and it will be hard to make the offer but i will.

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2 Responses to “debt management program”

A licensed trustee said...

Bankruptcies and consumer proposals must be done through a trustee. Your counselling agency can probably refer you to a trustee, or you can use the link on the left hand side of the page to contact a trustee for further information.

Barton Goth, GCO Inc. Bankruptcy Trustees said...

From the sounds of it the credit counselor was right on track, there is always a possibility that your creditors will think the settlement offer is ridiculous, but if you can help them to understand you have limited income and no property that they will be able to attack then it is very likely they would prefer to settle for a marginal amount than to spend time and money on collecting a debt that is sounds uncollectible. The downside of this is the collection calls will probably continue if you are not able to reach an agreement with your creditors.

If this approach doesn’t work you may need to contact a licensed trustee as there a few options that will help you to deal with this debt in a manageable way.