If you’re looking to break free of personal debt once and for all, we can help. We provide debt and bankruptcy solutions that are life-changing and permanent, so you can erase debt from your life.
Our Life-Changing Debt Solutions are designed to permanently get you out of debt once and for all – so you can stop worrying and start living again.
Debt can be overwhelming. For that reason, our Licensed Insolvency Trustees are always here for you. let’s discuss the options available to you. Your debt-free future starts now.
As humans, we’re pretty good at ignoring problems we can’t or don’t want to deal with, hoping they’ll eventually go away. Most often, similar to that blood curdling screech coming from your car, ignoring the ghosts of debts gone by that are haunting your dreams won’t necessarily make them disappear; even though the following might suggest otherwise.
Statute of Limitations legislation limits collection action by certain unsecured creditors (like credit card debt), or collection agents acting on their behalf. These limits prevent them from taking court action against a debtor after a certain period of time has elapsed since a payment was last received. The length of time varies by province, so you should do some research to understand the laws in your province. In addition, certain debts like student loans, child support and income tax debt for example, are excluded.
Aside from the obvious consequences (costliness, stress, etc.), not paying your debts can also have significant adverse effects on your credit rating. While the timeline for a delinquent account to remain on your credit report is typically between six and seven years, this will vary according to the bureau (Trans Union vs. Equifax) and potentially the province where you live.
Does this mean if you ignore them long enough, your debts will eventually just disappear? Unfortunately, that’s not likely.
While your creditors may not be able to sue you for the amount you owe them on statute barred debts, they can continue to make your life miserable – calling family and friends you innocently provided as references on your credit application and calling you at your place of work. Never mind calling you constantly at home and on your cell phone.
They’ll hope to pressure you into paying what has likely grown to a significant sum, and will continue to grow, thanks to ongoing interest and penalty charges. Add all this to the debt you are possibly currently accumulating, and you’ll likely feel like you’re being backed into a corner with nowhere to turn.
If you haven’t been as proactive as possible with your debt, it may be helpful (and a relief) to learn that the consequences of ignoring your debt don’t have to be permanent. There are options to finally address your debt issues, past and current, and make sure they go away for good.
At MNP Ltd., we provide a Free Confidential Consultation, where a Licensed Insolvency Trustee will review your unique financial situation and explain all the options available to help you get a fresh financial start. Whether you’d benefit from a Life-Changing Debt Solution such as a
Consumer Proposal or
bankruptcy, or one of any other helpful resources - your Licensed Insolvency Trustee will provide the advice and tools you need to defeat your debt, turning your restless nights into ones filled with sweet, peaceful dreams.
Based out of Winnipeg,
Laura Ryback is a Licensed Insolvency Trustee and Vice-President at MNP LTD. To learn more about how MNP Debt can help, contact our local office at 204.336.6167 or toll-free in Manitoba at 1.877-231-6167.
Our team of Licensed Insolvency Trustees will help you
explore the debt relief options available to you and
together we will find the solution that best fits your
situation. Set up your FREE, no obligation consultation
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with us confidential.
*310-DEBT doesn’t operate in MB, NW ON and QC.
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