Stay Out of Bankruptcy
Having financial difficulties can feel both stressful and lonely. The fact is that thousands of people file either an assignment into bankruptcy or a formal legislated proposal (debt settlement) every month in Canada. It is important to determine the best solution and strategy for you and your family. Your initial free credit consultation with Exelby & Partners Ltd. will explain all of your options and allow you to make the right choice.
Let Us Give You a Hand
Many companies call themselves ‘financial or debt consultants’ and charge a fee for their services, often their solutions are not legally binding on your creditors or they will charge a fee and then refer you to a Licensed Insolvency Trustee (LIT). You can contact our office directly and there will be no fee for your consultation. If a bankruptcy or proposal is not your best option, we will advise you of that and explain how to pursue the right solution for yourself.
The most important part of the consultation is assessing your monthly income and expenses. This allows our administrators to determine what options are available to you and that is the first step in heading you in the right direction.
Get Advice From the Experts
The initial consultation will explain your options to you, explain how each process works, explain any consequences there might be to any of the options and answer any questions that you may have.
There are two parts to fixing financial difficulties. The first part to fixing your financial difficulty is to find the best solution to the problem at hand. Our experienced staff know what the options are, will assess your qualifications for each option and will provide advice that will help you to choose the best solution for yourself.
The second part to fixing financial difficulties is to determine where you are going from here. Finding the right option allows you to get back to the starting point. It is an opportunity for you get a fresh start. Which road do you want to take going forward? Often times people fix their problem and then find that the creditors will lend to them again. They may find themselves going down the same road and ending up with overwhelming debt once again. We want people to avoid that fate. We strive to provide financial education to or clients to help them avoid financial problems in the future.
Rebuild Your Credit Rating
We will discuss ways to rebuild your credit rating. While we do not want people to find themselves overwhelmed with debt again, we understand the importance of rebuilding your credit rating so you may qualify for a mortgage or a car loan in the future. Often your landlords or employers may check credit rating. We will provide advice to help you rebuild your credit score safely.
Interest charges on unsecured debt can significantly reduce your disposable income. Often you can afford your monthly payments, only to find out on your next statement that the payment went mainly to interest and did not reduce your debt load. Finding a solution can eliminate this frustration. But remember that finding the solution is only the first step. You want to remain debt free in the future as well.
The Government of Canada, through the Office of the Superintendent of Bankruptcy (OSB), has a publication entitled ‘Consumed by Debt? Considering a fresh start?’. They provide a comparison between a LIT and a debt consultant. Their office can be contacted via the Canada.ca website or by calling 1-877-376-9902.