Understanding the roles of the trustee, the credit counsellor, and the debt negotiator

February 27, 2013 by · Leave a Comment
Filed under: Bankruptcy, Debt Management, debt relief, Videos 

I work as a debt counsellor, which means that I help people who are dealing with debt. One of the biggest services I provide is information. The following videos details the roles of the three main debt managers in Canada: The trustee, the credit counsellor, and the debt negotiator.

Please note that one is not “better” than the other. They are different. Which means that each provides a good service to someone. As a debt counsellor, I can help you identify which solution would work best for you.

What a debt counsellor does for you

We understand that many people who are in financial crisis struggle with getting the right information. Not because they lack intelligence, but rather because they lack experience and simply don’t know where to begin looking for help. After all, financial crisis is not a common occurrence in one’s life: it’s an anomaly, an unusual, one-time event. Read more

How To Qualify For A Mortgage After Going Bankrupt

March 28, 2012 by · Leave a Comment
Filed under: Bankruptcy, rebuilding credit 

Bankruptcy is often perceived as the “nuclear winter” of debt relief options. Declaring yourself bankrupt basically says that you can no longer handle your debt. Naturally, lenders can be wary of lending to someone who has declared bankruptcy. But, it’s often possible to rebuild your credit so you can qualify for a mortgage again. Read more

What are my debt-relief choices?

Below are some of the debt-relief choices that are available to you. While we cater to Vancouver Island and the Greater Victoria area, this information is applicable Canada-side. We do strongly recommend that you consult and independent debt counsellor for debt-relief advice, be it through this website or elsewhere, to get the information that best applies to you. Read more

Bankruptcy and the big question: Other debt-relief options

February 7, 2012 by · Leave a Comment
Filed under: Bankruptcy, Debt Management, debt relief 

Though it is true that bankruptcy provides you with that fresh start, you should consider the other debt relief options before filing bankruptcy. Bankruptcy can help you discharge almost all of your debts but at the same time it hurts your credit too. As a result, it becomes hard for you to get any form of new credit after the discharge of bankruptcy. So, it would be best for you to consider how to become debt free without you having to file bankruptcy. Read more

The truth about unsecured debt

December 20, 2011 by · Leave a Comment
Filed under: Bankruptcy, Debt Management, debt relief 

There are (technically) two types of loans you can make. Understanding the difference is quite important if you want to achieve relief from debt. One is “secured”, meaning that you’ve put up a major asset (like your house) as a security against the loan. This means that if you default on that debt, the creditor can then cash in against that security.

Read more

While the Canadian economy struggles, the Big Five Banks see a profit of $22 Billion

December 6, 2011 by · Leave a Comment
Filed under: Bank's Profits, Bankruptcy, Statistics 

In the news today: “Big banks made $22.4B in 2011.” In a nutshell:

  • Canadian Bank profit in 2011 was  $22.4 billion, 15% more than the last year.
  • Last years profit was “only” $19.5 billion.
  • One of the predominant contributors to growth was loans; the other was retail growth.

Read more