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Creditor Calls

Peter is discouraged. His cell phone has been ringing nonstop since Monday.  He is afraid to answer because he doesn’t recognize the number. You see, Peter is deep in debt. He had answered the phone at the start of the week, not knowing who was calling him.  Peter  quickly realized that it was a collection agent demanding the money he owed. Since the call, he hasn’t been sleeping well. On a break at work, Mark, his colleague, notices that he seems worried.

Mark: What’s up, Peter? You seem worried about something.

Peter: You’re right, I’ve got something on my mind, and it’s keeping me from focusing and getting a good night’s sleep. I have some debts to repay, and my creditors have started threatening me. I jump every time my cell phone rings!

Mark: Oh, you poor guy! That can’t be easy to manage. Have they offered a payment agreement?

Peter: A payment agreement?

Mark: Yes, a payment agreement! When your creditors call, you can ask to make a payment agreement with them to repay your debts. A payment agreement lets you repay your debt according to the terms of the agreement.

Peter: You can negotiate a payment agreement with a creditor over the phone?!

Mark: Yes, that’s right! That’s exactly what my cousin did to sort out his own debt problems. Creditors were calling him constantly and threatening him, but he made a payment agreement with them. He followed the terms of their payment agreement, and the calls stopped! The main thing is to follow the terms of the agreement, because otherwise they will keep calling you.

Peter: I think I’ll try that. The next time a creditor phones, I will ask to make a payment agreement and see what they suggest. If that means the calls will stop, I will feel much better! What worries me now is the thought of having to negotiate with each creditor.

Mark: You have nothing to lose! If it doesn’t work, and the creditor refuses your payment agreement or you don’t feel comfortable with their request,, you can always meet with an expert in financial restructuring, like a Licensed insolvency Trustee. That’s what my cousin did. They were able to help him with his debt problems. Now that everything is settled, he’s happier than he’s ever been!

Peter: I never would have thought ! I’ll see how it goes with the creditors who are calling me and see if I can make a payment agreement with them, and I’ll keep your idea in mind. I’m going to return their calls right now. Thanks, Mark! Your payment agreement idea could make my life a lot easier.

Peter went back to his desk and immediately started calling back some of his creditors. He made payment agreements with some of them and planned a budget that would allow him to respect his payment agreements.

One of his largest creditors refuses to negotiate, and as a result his budget is still running a deficit. Mark’s advice about contacting a Licensed Insolvency Trustee firm is still on his mind. They could certainly shed some light on his debt problems.

There are many solutions available to help you get rid of your debts, such as a payment agreement or a consumer proposal. Consult a Licensed Insolvency Trustee at Ginsberg Gingras for guidance on the right path for you and free yourself from your debts.

Ginsberg Gingras, serving you for 40 years. Discretion assured.

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