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MNP Debt Blog

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Discover the difference between bankruptcy and insolvency

Bankruptcy, insolvency — what's the difference — and, more importantly, which one will help you get the financial fresh start you need and deserve?

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The Payday Loan Trap

Almost all Canadians face financial hurdles to some degree or another — but few financial challenges are as costly or self-perpetuating as the misuse of payday loans. Understanding their intended purpose and affiliated risks is essential.

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What are my options to deal with debt?

Household debt is a major challenge in Canada. The average Canadian currently owes more than $20,000 in non-mortgage debt — and a total of about $1.70 for ever one dollar they earn.

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What tactics will debt collectors use to recover overdue bills?

Collection agencies use many tactics to enforce repayment of debt. The most common methods are phone calls and letters. However, depending on the amount owed, the situation can quickly escalate to threats of legal action — which, in turn, can result...

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Understanding the rules of surplus income

Whether you undergo a bankruptcy proceeding or a consumer proposal to get a fresh start from excessive debt, one important item to understand is the rules around surplus income.

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When Creditors Are Calling (3 Minute Debt Break)

Nobody enjoys being late on bill payments. But unfortunately, it's not always possible to make ends meet. Anyone who has ever been in a position where they're forced to choose between basic necessities and keeping up with their debts understands just...

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What is secured vs unsecured debt

Understanding which debt is secured and which is unsecured is important as they affect you differently, particularly if you default in your payments.

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Owing the government money can be very intimidating as it's assumed the government has a limitless ability to collect the debt through any means necessary.

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Living on a Single Income (3 Minute Debt Break)

With a wavering Canadian economy and unemployment continuing to roll through several Canadian provinces, thousands of households have found themselves struggling to make it from one financial obligation to the next. This is especially true for single...

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How do I know when to ask for help with my debt?

Most people wait far too long to seek professional help with their debt. There are several common reasons for the hesitation.

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