Solutions for individuals
YOU HAVE MORE OPTIONS THAN YOU THINK
You are not alone.
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Quite the contrary. Each year, thousands of Canadians and Quebeckers find themselves in a precarious financial situation.
You will find below, a list of warning signs and main causes linked to financial problems, followed by a selection of solutions that could be proposed to you.
HERE ARE SOME WARNING SIGNS.
DO YOU RECOGNIZE THEM IN YOUR SITUATION?
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You always spend more than your budget allows you and you use your credit cards out of necessity and not because it is convenient.
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To make ends meet, you always borrow money, one payday to another.
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Your salary was seized to pay off your debts.
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Over a period of several months, you pay interest and monthly administration fees without reducing the capital borrowed.
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Your creditors are constantly after you to reimburse them, threaten you of prosecution or to seize your properties and use the services of a debt collection agency.
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The utility companies are blocking their services because you are not paying your bills.
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The first step in confronting these difficulties is to admit their existence.
Then, it is to let us help you.
NOTE THAT YOUR FINANCIAL CONDITION IS NOT A FINALITY.
HERE ARE THE REAL CAUSES OF FINANCIAL PROBLEMS:
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Separation or divorce
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Immigration
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Student loan
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Job Loss
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Tax
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Starting a business
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Health problems
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Drug addiction, alcoholism, gambling
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Death
IT CAN HAPPEN TO ANYBODY.
ARE YOU IN ANY OF THE FOLLOWING SITUATION?
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You are recently separated / divorced.
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You are self-employed.
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You have an illness.
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You recently lost your job.
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You have poorly planned your retirement.
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You have been the victim of an uninsured motor vehicle accident.
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We will listen to you without judging and we will come to your aid without any constraint.
CONTACT CREDITORS
You will first contact your creditors to explain to them why you are unable to make your payments. Thereafter, you can offer them to make payments that are appropriate to your budget over a longer period of time. Several creditors accept this kind of proposal.
BUDGET CONSULTATION
Regarding credit, as in many other areas there exist counseling services. You will find these in family or community counseling offices, or an association working in this field.
Advisers will be able to inform you and give you tools such as budget, to better cope with your financial obligations.
CONSOLIDATION LOAN
You can request a consolidation loan from a bank or a financial institution. In other words, you will take a single loan to pay off all your debts. This also means only one monthly payment.
The interest rate of each financial institution may vary. It is thus advised to check with several institutions.
VOLUNTARY DEPOSIT
In Quebec, there is the voluntary deposit act (better known as Lacombe Law), which is similar to a consolidation order. The courthouse in your locality administers this program.
Moreover, it is to this same court that you will make your monthly payment, which would have been established according to your income and family responsibilities.
CONSUMER PROPOSAL
According to the Bankruptcy and Insolvency Act, you can make a consumer proposal to your creditors to reduce the amount of your debt and extend the debt repayment period or a combination of the two.
BANKRUPTCY
If none of the above steps resolve your problem, you may wish to go for this option. But bankruptcy should be the your resort when you cannot fulfill your financial responsibilities with reasonable installments over a period of time.
Bankruptcy is a legal process administered under the Bankruptcy and Insolvency Act. Because you can no longer pay off your debts, you put all your attachable assets to a trustee in bankruptcy. This process frees you from most of your debts, and any action brought against you by your creditors should cease.
Source : Office of the Superintendent of Bankruptcy Canada.
Fortunately, several solutions can be suggested to you by your financial adviser.
Here are a few exemples :
OUR MAIN ADVANTAGES:
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25 ans years of experience
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Attentive listening
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United team, trained and certified