Know Your Rights: Talk to a Debt Specialist

2014-07-25

Getting into a situation where debt can get out of hand is a fairly common occurrence in today’s world. After all, we live in a society that is constantly encouraging us to go into debt. Just the other day, a client shared he was still getting credit card offers, despite already having thirteen separate credit cards and almost two hundred thousand dollars in debt. The lending policies of financial institutions and credit card companies have relaxed to such an extent that regardless of your existing financial situation, it’s not difficult to get another loan or another credit card. Needless to say, it’s not hard to see how people can find themselves in a situation where their debt has spiraled out of control.

Person talking on a cellphone looking at spreadsheets on their laptop

Living with out of control debt is no way to live. Clients tell me there’s an overwhelming sense of dread whenever the phone rings. They never know if the person calling will be another collections department or even worse, a hard-nosed collection agency. There are always two ways to deal with this problem. First, you can choose to ignore it and hope it goes away. Second, you can deal with it head on and gain control over the situation. Believe it or not, most people tend to bury their head in the sand and hope the debt problem will magically go away. Of course, the problem doesn’t go away…ignoring it just makes it get worse.

The first step in taking the debt bull by the horns is to admit there is a problem. It’s natural to feel degraded or like your creditors have the right to walk all over you. What few people realize is there are laws that protect debtors, just as there are laws protecting the rights of creditors. It is important to speak with a debt specialist who can explain what your rights are, as well as the rights and limitations of your creditors. 

In Canada there are a number of legislative and non-legislative options available to deal with one’s debt problem. For example, one legislative option is to file a Consumer Proposal. A Consumer Proposal is a powerful way to manage debt. It not only allows you to consolidate all of your debt into one affordable, interest-free monthly payment, but it also allows for a compromise on the total amount of the debt.

In order to discuss all of your options – including a Consumer Proposal – I encourage you to have a confidential consultation with a trusted debt specialist to discuss your particular situation and develop a solution tailored specifically for you.

When all is said and done, eventually the collection calls will stop and you will regain control of your financial life. 

Latest Blog Posts

2025-09-04

Will Bankruptcy Erase All Of My Debt?

Mary Plahouras Rob Shier

Bankruptcy

The intention of Canadian bankruptcy law is to provide honest and overextended debtors the opportunity for a financial fresh start.

Read More

2025-09-02

How to budget when you’re living paycheque to paycheque

Caryl Newbery-Mitchell

Lifestyle Debt Debt Solutions

You already know the many benefits of skilled money management. The fact you’re reading this blog post says at least that much. Your challenge, like for most households, is how to navigate the seemingly infinite demands on your frustratingly finite income.

Read More

2025-09-02

MNP’s Atlantic Canadian guide to affordable fun

Lifestyle Debt

Have fun on a budget with our guide to affordable activities in Atlantic Canada.

Read More

Consultation icon