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How to Get Out of Debt in Vancouver Island, British Columbia

Debt Services Vancouver Island

Do you struggle to pay your bills? Does debt consume your daily thoughts? Do you constantly worry about your financial future? If so, it’s time to ask for help. Your first call should be to a Licensed Insolvency Trustee. 

A Vancouver Island Licensed Insolvency Trustee (LIT) is a federally regulated professional who has the education and experience to help you make informed decisions about your debt. They are the only professionals authorized to administer the full range of debt services, including Consumer Proposals and Bankruptcies.  

If you know you need help, but you’re not sure where to start, contact Allan Marshall & Associates. You will speak to an LIT who can present you with all of the available debt services on Vancouver Island and work with you to eliminate your debt. 

Debt Solutions Vancouver Island 

Different levels of debt require various debt help options. If you are still managing to pay your bills, but feeling overwhelmed and stressed about money, this requires a different solution than if you are insolvent and fielding daily collection calls. Our LITs can assess your financial situation and provide advice on which of the following debt services on Vancouver Island are right for you. 

Consumer Proposal

A Consumer Proposal is a legal debt relief strategy that can only be administered by a Licensed Insolvency Trustee. During the proposal process, you work with an LIT to develop an offer to your creditors to pay a portion of the amount you owe, extend the time you have to pay back your debt, or a combination of both. 

You have up to five years to repay your debts. As soon as your proposal is filed, you can stop making direct payments to your creditors. Any wage garnishment or creditor lawsuits filed against you will stop. 

Personal Bankruptcy 

If you are no longer able to pay your debts and you don’t qualify for a Consumer Proposal, your only option might be personal Bankruptcy. While no one wants to file for Bankruptcy, this debt solution can provide a fresh financial start. 

In Bankruptcy, you are discharged from most of your unsecured debts in exchange for the sale of your assets. Your LIT is responsible for selling your assets and using the money to pay off your debts. 

As soon as you file for Bankruptcy, you can stop making payments directly to your creditors and any wage garnishments or creditor lawsuits against you will stop. 

Credit Counselling

In a credit counselling session arranged through our office, your LIT will work with you to determine the root cause of your debt problems. Your administrator can also provide information and tools to help you improve your financial knowledge and skills. In a counselling session, you will be taught how to create and stick to a budget or how to properly use credit.

Vancouver Island Debt Relief 

If you are searching for financial aid on Vancouver Island, we are here for you. Our Vancouver Island Licensed Insolvency Trustees have the qualifications and experience to help you solve any debt problem. Whether you are looking to file for personal bankruptcy, find out more about a consumer proposal, or just have questions about your debt, we are here to help.

While other individuals and companies offer debt relief services, an LIT is the only professional in Canada authorized to administer government-regulated insolvency proceedings such as Consumer Proposals and Bankruptcies. If you are in significant debt, these might be the two options that make the most sense for you to explore.

Get Debt Help – Financial Aid Vancouver Island  

For a free consultation, give us a call at 1-888-371-8900 or fill out our online contact form. During the consultation, we will speak with you to better understand your unique financial situation. Then we can start discussing solutions. The call is completely confidential, and there is no obligation to work with us after the call.

Allan Marshall & Associates Licensed Insolvency Trustee service Vancouver Island from the Victoria Office
Address: Blanshard Street 1321, Suite 301, Victoria, BC
Monday – Saturday, 9am – 9pm
Sunday: Closed
By appointment only
Phones are answered Mon-Sat to book both in-person & telephone appointments:
1-888-371-8900 Toll Free
We are located in the Regus Business Center, Suite 301, in The Atrium which is on the corner of Blanshard St and Yates St.

If you’re ready to get out of debt and start building a fresh financial future, please reach out to us today. 

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