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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 Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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I need some debt advice. HELP!!!

I have about $50,000 in credit card debt and a consolidation loan. I am on LTDI and won’t be going back to work. Because of being on LTDI my salary has dropped to about $52,000. I am able to make all of payments. I have never missed a payment and all of my payments have always been on time. I am just finding it difficult to make the payments each month and feel like I will never be out of debt. It feels like there is no light at the end of the tunnel. I use to work two to three jobs and then I got sick and now I am stuck and don’t know what to do. I was stupid when I was young and can’t get out of this debt I put myself in. I need some debt advice to get out of debt. HELP!!!

Posted from: Alberta

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One Response to “I need some debt advice. HELP!!!”

Desmond West-Chow, CIRP said...

In order to really evaluate your options to resolve your $50,000 in credit card and consolidation loan debt, we would need to go over your financial situation in a little more detail. But if you’re currently making the minimum payments on the accounts, it’s usually safe to say you may have some options. The three options I would discuss with you would be the Orderly Payment of Debt (OPD), the Consumer Proposal and finally a bankruptcy. All of the three options have their own merits and consequences, but I would think one of the first two may work for you (OPD of the Consumer Proposal). In brief, the OPD is very similar to how it sounds. There would be a monthly payment over a 4 year term with a fixed interest rate on all debt at 5%. Most importantly, there would protection for you against your creditors, which translates to them not being able to seek any legal action while you’re in the program. The Consumer Proposal is a program that clears your debt by paying a percentage of the total debt. Together with a licenced proposal administrator, you would make an offer to your creditors to pay a portion of your debt back over a term of 5 years at most. Quite often, that proposed amount could be up to a 75% reduction in what you pay. Again, a very important aspect of this program is that it offers legal protection from your creditors. I encourage you to contact a Trustee in Bankruptcy (who are the only individuals in Canada licenced to administer consumer proposals) to gather some information about the three options I’ve mentioned, today.