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How do I settle my debts as quickly as possible?

Matthew has been struggling with credit card debt for a few years. When he was younger, he made some “crazy” purchases and charged many trips to his credit cards. This behavior put him in debt with many different companies. Matthew has only been able to pay the credit card interest for most debts. Now that he has a partner, he would like to settle his debts in order to purchase a house in a few years and create a home for his future family. Unfortunately, his debts are preventing him from taking on a mortgage. The banks are telling him that his credit card debts have significantly impacted his credit score, and that he isn’t solvent. Matthew feels lost. He has no idea how to settle his credit card debt. Even if he saves money and follows a budget, he can’t save enough to pay it off. He decides to call his father to talk to him since his father always offers good advice.

Robert: Hello Matthew, how are you?

Matthew: Hi Dad, I guess I’m okay… I had a few appointments this week to qualify for a mortgage, but every bank I went to said my credit score was too low and I have too much credit card debt. It feels like there’s nothing I can do.

Robert: I thought you weren’t looking to move for three or four years.

Matthew: Yes, you’re right. It’s not a pressing matter, but I’ll need to settle my credit card debt, according to the advisors I spoke to. I have a salary, but even after all these years, I’ve only been making enough to pay the interest on my credit cards. I don’t know how I’m going to get out of it. I’m ready to do anything to settle my debts as quickly as possible.

Robert: I understand, Matthew. It’s a hard situation. Have you thought about consulting a Licensed Insolvency Trustee?

Matthew: A Licensed Insolvency Trustee?

Robert: Yes, a Licensed Insolvency Trustee. They specialize in debt resolution.

Matthew: You mean consulting someone to declare bankruptcy? I don’t think that’s a very good idea…

Robert: Licensed Insolvency Trustees do more than bankruptcies. One of your uncles spoke to one to settle his debts, and he didn’t declare bankruptcy. He made a consumer proposal instead. He had previously tried to consolidate his debts, but wasn’t able to make his payments.

Matthew: I know about debt consolidation; the advisors at the bank told me about it. But I’ve never heard of a consumer proposal.

Robert: It’s another way to settle your debt. It’s how your uncle was able to keep his house and his car. As I understand it, a consumer proposal lets you make an agreement with your creditors to pay off some of the debt you owe them over a period of time for a reduced amount which is interest free, and after that, you’re released from your debts. Your credit is affected for a shorter period of time than if you declare bankruptcy.

Matthew: I’m very interested in that solution. You’re right, I should talk to a Licensed Insolvency Trustee. I have nothing to lose by talking to them, and they could look at my file and see what my options are. It’s about time I erased my debts from when I was young; they’ve been a heavy burden for too long. Do you know which Licensed Insolvency Trustee uncle talked to?

Robert: Yes, he worked with Ginsberg Gingras. He really liked their professional and discreet service. They really helped him out with his debt, and he’s been a ray of sunshine ever since. I’ll send you the info to contact them.

Matthew: Thanks, Dad! I’ll contact them. I hope they can help me find the best solution for my situation.

Robert: I’m sure they’ll find a solution! Keep me posted.

Matthew consulted a Licensed Insolvency Trustee at Ginsberg Gingras about his credit card debts. He felt comfortable, listened to, and taken care of. Matthew decided to file a consumer proposal. He was able to resolve his debt problems and is now working to improve his credit score. He’s on the right path to save money and buy a house and raise his family.

Several solutions are available to help you get rid of your debts and your creditors, such as a payment agreement or a consumer proposal. Consult a Licensed Insolvency Trustee at Ginsberg Gingras, they will send you on the right path so you can free yourself from debt.

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

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