If you’re struggling financially, you are not alone.
Many hard-working Canadians find that they simply don’t make enough money to pay off what they owe. And the amount they owe just keeps on growing.
In an overwhelming majority of cases, it’s not that we’re overspending to live particularly lavish lifestyles.
The real truth is that most Canadian debtors are caught in a never-ending cycle of debt.
The more debt we take on, the more interest we pay. The more interest we pay, the less income we have to live off of. So we go ahead and take on more debt, and the cycle continues.
You may have tried to find a solution to your debt problems on your own.
But without a finance background, getting your debt under control can be difficult for the average Canadian debtor.
At some point, it becomes clear that we cannot eliminate our debt problems on our own.
So what are the warning signs that you may require outside assistance with finding a solution to your debt problems?
Answering yes to any of the below questions means you ought to seek out professional help immediately.
- Are you missing mortgage or loan payments?
- Are you maxing out your credit cards every month?
- Are you taking out cash advances or payday loans to make ends meet?
- Are you borrowing money from friends and family to get by every month?
- Are you receiving collection calls?
- Are your utilities being shut off?
- Are your wages being garnished?
- Has a creditor started a lawsuit against you to recover the debt you owe?
- Are you simply tired of feeling bogged down by your debt?
In order to find solutions to your financial problems, you need to acknowledge that you have a problem – and recognize you can’t resolve it on your own.
But where should you go to figure out how to solve your financial problems?
In Canada, the most logical place to start on the journey toward financial wellness is with a Licensed Insolvency Trustee (LIT).
LITs are arguably the best financial advisors in the nation.
That’s because LITs undergo years of study, must pass difficult examinations, and are required to obtain practical experience as part of their education. During their professional careers, they are also required to take continuing education courses.
Furthermore, these professionals are licensed and regulated by the federal government and must adhere to strict ethical rules and regulations.
When it comes to LITs, you can be certain you are getting the best, unbiased advice possible from a financial advisor.
Add to this the fact that those LITs that are seasoned have decades of experience dealing with all types of financial crises that Canadian debtors face, and you know you are in good hands.
Licensed Insolvency Trustees offer a full range of debt relief solutions.
Not only are LITs the only professionals authorized by the Canadian government to assist debtors with filing bankruptcy or submitting Consumer Proposals…
They can also assist with budgeting, credit counselling, debt consolidation, and more.
Think of it as a one-stop-shop for all your debt relief needs. By seeing an LIT, you will be apprised of all the debt relief options available to you. And your LIT will be able to help you get started right away.
Why not go to a debt consultant?
Unlike LITs, debt consultants are not required to have any education, experience, or licensing qualifications of any kind. They also can’t really do anything for you except take payment as a middleman.
Here’s how it works. You go in to see a debt consultant. They typically end up referring you to an LIT – for a fee (when absolutely no referral is required to consult an LIT).
How about a credit counsellor?
Non-profit credit counsellors can be a great option. But keep in mind that a debtor going through a credit counsellor usually ends up having to repay the entirety of his or her debt – even if they don’t have the money to do so.
An LIT, on the other hand, can provide you with other options – such as a Consumer Proposal or bankruptcy.
When it comes to such options, you will stop accumulating interest from the moment you submit your proposal or file for bankruptcy. You will also receive immediate legal protection from your creditors. No more wage garnishments, collection calls, or lawsuits. Your creditors are stopped from trying to collect from you. No other type of informal payment arrangement with your creditors has this power. And recall that only LITs can help you submit a proposal or file for bankruptcy.
How does it work with a Licensed Insolvency Trustee?
Your initial consultation with an LIT is free.
At this consultation, your LIT will review your financial circumstances and advise you of every available debt relief option you have, the pros and cons of each, and even provide you their expert opinion on which may be best for you and your family.
You will never be pressured to make a decision or take any action you don’t wish to. The ultimate decision on how to proceed is yours. And your LIT has no financial interest in swaying you one way or another. Our mission is to help you obtain the debt relief you seek.
When should you consult with a Licensed Insolvency Trustee?
Without question, the sooner you seek out help, the more options you may have available. It may be easier to nip your money troubles in the bud early on, before your debt spirals out of control.
But even if your debt has grown substantially and you’re concerned that bankruptcy may be your only option, you should not let that stop you from getting the help you need.
It is never too late to get started on the journey toward financial wellness. Armed with the right assistance and knowledge, you can turn your finances around.
Your financial predicament doesn’t have to be permanent, nor is it personal. It’s a short-term problem that can be overcome. It’s an element that you can fix and improve. You just need to get started right away – and get help from the right source.
Looking for solutions to your financial problems?
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