I can’t afford all my bills since I was between jobs
If I am a single mom of three small children who lost her job but has since secured a new one but the new job wage does not cover enough for my mortgage , car loan and bills I have incurred while off work will I lose my home and car as I pay what I can but the difference in wages now will not cover everything and I am struggling .I am trying to figure out what options I have. Thank you
Posted from: Alberta
Secured creditors are a little different, if you do not pay the loan (the car loan or the mortgage) they will seize the property that you have pledged (the car or the mortgage). Now normally they won’t seize after just one missed payment, but quite frankly thy can. So it is important that you stay current with these secured creditors and if you do miss a payment you want to be in touch with them right away to keep them aware of what has happened, why it has happened and what your plan is going forward. The general rule is if you are proactive with your creditors, they will typically be a little more lenient. Having said this, you if you find that you have other bills or debts that are making it difficult to stay current with your secured creditors you may be better off coming in and talking to one of our professionals about what can be done to reduce what needs to be paid to your other debts and potentially free up some income each month that make it easier to prevent your house or car from being seized. There are a couple of ways we can do that, whether it be a consumer proposal or some other type of legislated process (i.e. bankruptcy, OPD etc.) that may allow you to avoid falling further behind. If that sounds like it would be helpful, feel free to simply contact me through this site.