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It is important to get any arrangement you make with your creditors in writing. While it may not be a legally binding contract, it is a useful document when discussing the termination of your informal debt settlement. If the creditor refuses to reinstate the informal debt settlement, you can file for a Consumer Proposal, which is legally binding when administered by a Licensed Trustee.
The first step in combating debt is to analyze where you are spending your money. If you see a clear way to stop incurring more debt and take action immediately to consistently spend less, you may be able to regain control on your own. However, if your financial troubles persist, an MNP Licensed Insolvency Trustee can discuss different options with you such as Consumer Proposals, Bankruptcy or put you in contact with a Credit Counselling organization...
A Consumer Proposal is for individuals who are able to make payments to creditors (either monthly or as a lump sum), but need to change the current arrangement of their payments. A Consumer Proposal can change the payment terms (up to a maximum term of 5 years) and the overall amount you are required to pay. A Bankruptcy is a formal process to relieve an individual of their debts to unsecured creditors. A Bankruptcy lowers your credit rating to the...
The people that I dealt with at MNP were awesome, understanding and extremely compassionate. I was so ashamed, scared and very nervous about this whole situation but was made to feel very comfortable and everything was explained to me. If it wasn't for MNP I honestly don't know where I would be today. Thank you so much for your knowledge, expertise and helping me get back on track and getting my confidence back.
When I started applying for bankruptcy I was so nervous, afraid and so stressed. I cried so many times and so ashamed. Especially ashamed when I was told I should not keep on spending using the credit card because it is not my money, after I told them that I make payment then use the credit card to buy groceries again until to the maximum available. But when the bankruptcy was approved finding out that I have to pay a specific amount per month...
A payday loan is a short-term loan designed to provide you with some extra money until your next paycheque. Typically speaking, a payday loan is limited to 30% of your take-home pay. You are expected to pay back this loan once your next paycheque arrives by providing the payday loan provider with a post-dated cheque. While a payday loan doesn’t require credit approval, it is one of the most expensive ways to borrow money, with interest rates...
There are many organizations that present ‘debt management programs’ as a solution to your debt challenges. In reality, these organizations essentially attempt to negotiate an informal debt settlement on your behalf for a fee. You would sign a contract with a debt consultant who will then work with your unsecured creditors on reducing your interest rate and how much you owe while extending the time period you have to pay back debts. You will then...
Many Canadians use credit cards on a regular basis — but have you ever considered what a credit card actually is? Essentially you are borrowing money from your financial institution, with the intent of paying it back within a specific timeframe. Failure to pay off your entire balance results in high interest rates (around 19% or more) on the remaining balance, while a failure to make your minimum payments may hurt your credit score, increase...
