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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just need help!

Hi, i’m about 25,000.00 in debt with my credit cards but I really don’t want to go to bankrupcy. I just need some help in consolidating my credit cards amounts and have one payment per month. Bankrupcy means somebody else pays for my mistakes and I don’t want that. What can I do and where can I go. Awaiting your opinion. Thank you.

Posted from: Ontario

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One Response to “just need help!”

A licensed trustee said...

The most common alternatives to bankruptcy are either to file a consumer proposal or a debt management program.

A consumer proposal is a legal procedure wehereby you offer to repay a portion of your debts (currently the minimum seems to be around 1/3 of what you owe). Your creditors get to vote for or against your offer. Most trustees won’t let you file a consumer proposal that has no chance of being accepted.

A debt management program is a voluntary procedure offered by registered not-for-profits whereby you repay your debt sin full over 4 or 5 years with no new interest charges. Your creditors get to vote for or against this dela too, but since you are repaying 100% of the debt it is almost always accepted.

A word of warning: there are many companies calling themselves credit counsellors and/or debt consultants. Most charge you a fee and then refer you to a trustee to filke a consumer proposal. BEFORE you sign anything or pay someone a fee, find out if they are simply refering you to someone else to do the work. If they are then why would you want to pay them a fee…