Which are the first signs of financial difficulties

  • You are turning to credit to cover monthly expenses.
  • You frequently make use of the overdraft on your banking account.
  • You are only paying the monthly minimum for credit cards accounts.
  • You are asking for new loans in order to pay the old ones.
  • Are you behind on your rental expenses, mortgages or utilities?
  • Your creditors are threatening to sue you.
  • Your salary is being garnished.
  • Money problems are causing instability in your family.
  • You frequently feel tormented because of your money problems.

If any or all of these apply to you, it is strongly recommended you seek professional advice from a Licensed Insolvency Trustee. The sooner you assess your financial situation the more solutions you will have available and the faster you’ll be able to resolve your debt problems.

Possible solutions available may include:

  • Information and advice regarding debt subject and budgets
  • Possibility of obtaining loans for consolidation of debt if you act on time
  • Direct arrangements with creditors
  • Credit counseling
  • A Consumer Proposal (a formal payment arrangement)
  • Bankruptcy protection