Blog

July 2017

power-of-attorney-dealing-with-parents-debts

Can power of attorney help you manage your parents’ debts?

When a person struggles to manage their finances, someone else may obtain power of attorney to assist them or to manage their finances for them. This may be the case for an older person who, even though they are still lucid, are unable to manage their budget. When that person has children, power of attorney is generally granted to one of them, provided they are at least 18 years of age. (more…)

June 2017

May 2017

How to deal with collection agencies

Do you know what to do if a collection agency contacts you?

Collection agencies can be intimidating. Incessant calls can become frustrating, stressful, and exhausting. Sometimes, agencies will even use questionable methods to put pressure on debtors. Unfortunately, you may have to deal with them if you have outstanding debts. If this is the case, remember that you should not feel threatened. There are steps you can take to make the process much less painful. This will let you return to your normal activities without fear of reprisals by collection agencies. How collection agencies work If you are receiving calls from collection agencies, it’s because you owe money to one or more creditors. Collection agencies have a mandate to recover what you owe to creditors. In general, collection agencies work on commission. The more money they [...]

Which solution to pick

Choosing the right solution for you: consumer proposals vs. bankruptcy

If you are deep in debt, you are probably looking for a solution to solve your financial troubles. But how do you choose between a consumer proposal and bankruptcy? The role of the Licensed Insolvency Trustee Let’s start by making one thing clear: consumer proposals and bankruptcy are two legitimate solutions to solve debt problems. Choosing between these solutions is a personal decision that falls to the debtor. But to make an informed decision, debtors can rely on Licensed Insolvency Trustees (LIT). The LIT’s job is to assess debtor’s financial situation. They must then fully inform the debtor about each processand their benefits, and the differences between them. The LIT cannot impose the solution of their choice. The debtor must always make [...]

April 2017

Information to provide a LIT

Information to Provide a Licensed Insolvency Trustee during a Meeting

Discussing our financial situation is not easy, especially when we are in debt. Some people are hesitant to meet with a Licensed Insolvency Trustee (LIT) because they worry about having to reveal personal information. If, you are looking for solutions to manage your debt and would like to learn more about what information to disclose, this post includes a complete list of the information to provide to your LIT so they can offer the best solution to your debt. (more…)

February 2017

Personal-finances-free-online-tools

5 free online tools to improve your personal finances

Maintaining or improving your financial health can be an enormous challenge. Fortunately, several online tools are available to help you expand your knowledge on your personal finances and repay your debts, among other things. Simple and easily accessible, these tools can be a first step towards a healthier financial situation. That being said, remember that the advice of an insolvency professional is your best option if your debts are very high and your financial situation is precarious. (more…)

January 2017

Holiday Debt Hangover

How to Repay Holiday Debt

The holidays are a time for celebrating and sharing. However, they are also a time of spending more than planned. Even when you set a gift budget, costs relating to travel, gas, and food can quickly increase the bill. As a result, many people notice their debt has increased after the holidays. If you are concerned about your holiday spending, here are some tips to help you put an end to indebtedness. How to repay your holiday debt quickly Calculate the amount due Before beginning repayment, it is wise to know your total accumulated debt. Your first step should be to list all your bills and calculate the total. Take all the amounts representing debt into consideration. These may include credit cards, lines of [...]

November 2016

six-signs-of-impulsive-buying

The Six Signs of Impulsive Buying

Everyone makes impulsive purchases from time to time. Far from being essential to daily life, some purchases are made for what we call emotional reasons, such as celebrating a promotion, rewarding ourselves, relieving stress, or spending to make up for something missing in one’s life. However, if not controlled, this kind of impulsive buying can lead to debt and chip away at your financial health. (more…)

October 2016

Financial Literacy Month

Financial literacy: Best practices with credit

Did you know that November is Financial Literacy Month? Since 2011, by means of this initiative, organizations and companies are encouraged  to mobilize to educate consumers and help them make responsible financial decisions. This year’s theme is “Managing Money and Debt Wisely: It Pays to Know!” If you want to learn more about Financial Literacy Month and the appropriate use of credit, this article is for you. You’ll learn how good credit practices can help you better manage your debt. The importance of Financial Literacy Month (FLM) Financial Literacy Month is important. Its goal is to reinforce the financial health of Canadians. This November, various tools and information will be provided each week. The main objective is to give you the means [...]

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