• Every day we provide debt advice and guidance to consumers with a range of needs, and a common thread is that “knowing is not owing” – people need to have the facts so they can make informed decisions about their unique situation.
• Even if you don’t consider your debt a problem, it’s important to understand your rights and responsibilities – owing money is stressful, there are many ins and outs when it comes to debt, and unfortunately what you don’t know can hurt you financially.

Read on as we break down 10 of the most common consumer debt myths and misconceptions. 

Myths About Debt You Owe

Myth: Creditors Can Always Sue You Over a Debt Owed

Fact: Canadian law sets out a statute of limitations on debt.

In BC, the Limitations Act caps the period of time a creditor has to take legal action against you (i.e. sue you) for a debt you owe. What this essentially means is that while the debt does remain payable, if it has been two years or more since you made a payment or acknowledged the debt in writing, then your creditor may not have further recourse to collect the debt from you, beyond putting notations on your credit history and sending you mail.

Myth: Co-signing Debt Makes You Responsible for Half

Fact: By co-signing a debt, you become equally responsible for repaying 100% of the unpaid balance to the lender.

When you co-sign a debt, if the original borrower doesn’t pay back the debt the lender can demand that anyone listed in the loan or agreement (i.e. the co-signer/co-borrower) repay the entire balance – not half. This type of liability is known as ‘joint and several’.

• Read your applications and lending agreements carefully to understand the terms of borrowing and who is responsible for what – these can change depending on the lender and whether they are considering an application/account for “additional cardholders” or “co-borrowers/co-applicants.” Always check the fine print!

Myth: Marrying Someone Makes You Responsible for Paying Their Debt

Fact: One spouse is not responsible for repaying the debts of the other spouse solely by virtue of marriage or cohabitation.

You are responsible for repaying debts you’ve co-signed for or taken on jointly (as discussed above), or debts triggered as marital debts by the act of separation under the Family Law Act. You cannot be suddenly made liable for a debt owed solely by your spouse just because you got married. Essentially, there is no way to “marry into” a debt.

Am I Responsible for my Spouse’s Debts? Learn More

Myth: You Should Always Buy Insurance Protection

Fact: Credit card balance protection insurance often isn’t “worth” its cost.

Some banks are quick to sell and aggressively promote various insurance products, and while some are worthwhile considerations, like life insurance for a young family, others provide little value in most circumstances – one of these Licensed Insolvency Trustees often caution against is ‘balance protection insurance’.

• Even if you don’t carry a balance each month you pay fees into this product, which can be as high as 1% of the purchases on the card. Over the course of one year, this could take a 20% credit card interest rate to more than 32%.
• The other issue is that in most instances where you’d expect the insurance to help, it does very little. For example, if you lose your job, it may cover the minimum payments for the period you are unemployed – but very little of these payments will reduce the balance you owe on the card.

Myth: Incorporating Your Business Fully Protects Owners Personally

Fact: While corporations may protect owners from their debts to some degree, there is still a personal liability created for certain debts that cannot be avoided.

This personal liability can include debts such as:

• Wages; GST and payroll remittances
• Debts you have signed a personal guarantee for

Many business owners are aware that essentially any debts a sole proprietor or partnership business accumulate are payable by their owners, since there is no distinction between business and owner, but unfortunately, some business owners have a false sense of security when it comes to protecting their personal assets and liabilities if they incorporate their business.

Myths About Managing Debt

Myth: There’s No Forgiveness or Renegotiation Option for Government Debts

Fact: You can have government debts reduced and cleared by filing a Consumer Proposal (or forgiven through bankruptcy).

A Consumer Proposal is a legal debt consolidation remedy that can be used to stop all interest, reduce amounts owing by up to 50-80%, and work out a payment plan for what you can afford to repay. Government debts like taxes, business GST, student loans, benefit overpayments and more – plus debts like credit cards, payday loans, lines of credit, etc. can all be dealt with using this powerful tool, which will also halt a wage seizure or bank account freeze.

Myth: Minimum Payments on Credit Cards are Enough

Fact: Making just minimum monthly payments may keep your account in good standing, but it’s not enough to get debt paid off without incurring considerable interest costs.

Many individuals fall into a trap of just making the minimum payments on their credit cards and assuming that they are making progress towards getting their debt paid off. The reality is that at 20% interest, making minimum monthly payments on a $10,000 debt could take more than 25 years to clear and will cost more than $12,000 in additional – and avoidable –  interest charges.

• Banks must disclose exactly how long it will take to pay off a debt if you make only the minimum payments, so you can see this breakdown on your own bill.
• If you can only afford minimum payments each month, you very likely have a debt problem and should talk with a Licensed Insolvency Trustee as soon as possible.

Compare Your Debt Options

Enter your total amount of debt (excluding mortgage and car loan) and we’ll show you a list of options.

Myth: Your Credit Score is a Reliable Indicator of ‘Financial Health’

Fact: A credit score is essentially a numeric rating used by lenders to determine whether they will loan money, and at what cost.

Part of the problem with taking a ‘good’ credit score as an indication of financial and debt health is that habits that drive a high rating are often at odds with habits that lead to financial success. Since a credit rating mostly measures whether you pay your bills on time it considers nothing about whether those bills are too high or if you have any savings or assets at all.

Myth: Debt Consolidation Must be Done by Borrowing

Fact: You can consolidate your debt without borrowing or interest by making a Consumer Proposal.

Many people considering how to manage their debts believe their options amount to consolidation loans, credit counselling programs, or bankruptcy – but these are not your only options!

• Consumer Proposals are an effective debt solution that allows you to consolidate your debts, repaying what you can afford, with the unpaid balance being forgiven by your creditors.
• This consolidation option requires no borrowing and interest charges (such as a consolidation loan), nor require you to pay added professional fees (such as credit counselling).

Myth: Canada has Government-Sponsored Debt Relief Programs

Fact: The Canadian government does not offer grants or programs for personal debt repayment other than the options provided by a Licensed Insolvency Trustee.

The Canadian government does not have government grants or debt programs available, but it does regulate legitimate legal debt relief options that are available through Canada’s designated debt help professionals – Licensed Insolvency Trustees – namely Consumer Proposals (to consolidate and cut debt) and bankruptcy (to get debt forgiveness), as well as some student loan relief administered through Canada Student Loans.

Get Information and Advice About Your Debt and Debt Options 

The best and safest way to get accurate information about debt, and your debt options and resources, is to reach out directly to a Licensed Insolvency Trustee local to your province and ask to have a free consultation – you don’t need a referral to talk confidentially with us.

• Sands & Associates is available for help seven days a week and we have options for in-person appointments, as well as full support over the phone and online videos.
• In about 30 minutes you should have a clear understanding of your situation and next steps in the debt solution you decide best fits your needs. Knowing is not owing! 

Get solutions, support, and a debt-free plan that’s right for you.

The post Debunking Common Consumer Debt Myths appeared first on Sands & Associates.

• Virtually all your debts can be included in a Consumer Proposal, everything from credit cards to payday loans, outstanding taxes to student loans and more.
• Typically creditors will agree to accept repayment of 20-50% of your balance to consider the debt fully settled, and interest charges are automatically frozen.
• You’ll have up to five years to pay off the agreed amount of debt, usually via monthly payments.
  • For example, if you owe debts totalling $25,000 you might offer to pay $210 a month for three years (36 months), repaying a total of around $7,500 to cut your debt by 70%. The balance of the debt is legally eliminated at the end of the Proposal.

Filing a Consumer Proposal can be a great way to streamline your debt repayment, and despite being a legal solution, the process is generally straightforward. Read on to learn details around how a Consumer Proposal works, and some of the ways a Consumer Proposal does and doesn’t impact you.

Key Ways a Consumer Proposal Will Affect You 

A Consumer Proposal Provides Protection from Creditors

When your Consumer Proposal is filed it acts as a shield to protect you and your assets from your creditors. This Consumer Proposal effect is an especially welcome relief to anyone worried about overdue payments or outstanding accounts since a Consumer Proposal will:

• Stop creditors from contacting you for money, and stop all collection activities that may have been happening.
• Halt legal action creditors may have been taking against you.
• Immediately remove wage garnishments or account freezes (even from the government).

A Consumer Proposal Restructures Your Debt Payments

Because a Consumer Proposal will consolidate (and cut) virtually all your debts, rather than juggling multiple accounts and payments, you’ll have one simple (usually monthly) payment to make to your Licensed Insolvency Trustee.

• Since your debt may be cut by up to 50-80% with no interest charges or added fees, Consumer Proposals usually save people paying off debt a considerable amount of money and time.
• Most people opt to handle payments for ‘secured debts’ that are in good standing outside their Consumer Proposal, so normally a Consumer Proposal won’t include secured debt agreements you’ve decided to continue paying, such as your mortgage or vehicle financing.
  • Many clients find themselves in a much better position to continue to make payments on their home mortgage or car loan after they have significantly reduced their other consumer debts through a Consumer Proposal.

Book Your Free Consultation

A Consumer Proposal Temporarily Affects Your Credit Rating

Like other types of debt consolidation or settlement, filing a Consumer Proposal does temporarily reduce your credit score. Here’s what you should know:

• Your Consumer Proposal will be noted on your credit history for three years after the debts included in your Proposal are paid off – or – for six years from the date your Proposal started, whichever is soonest. This is often considerably less time than it would take you to pay off your debt on your own.
• You can seek new credit any time, even while your Proposal is active, and most people are able to get basic things like a credit card shortly after filing their Proposal.
  • Secured or prepaid cards can also be good alternatives to have the convenience of a credit card but enjoy the break from debt accounts.
    • Keep in mind that a secured card, rather than a prepaid card, will normally provide updates to credit bureaus to help you rebuild your credit after filing the Consumer Proposal.
  • If your mortgage comes up for renewal during your Consumer Proposal this shouldn’t be an issue, provided it is paid up to date.

Many people worry about whether consolidating their debt with a Consumer Proposal will have a long-term (or even permanent) impact on their credit score, but the reality is that the effect is generally far less severe than they fear, and for most people the benefits far outweigh the temporary inconvenience.

• It’s also important to know that despite a ‘good’ credit score, many people dealing with a debt problem can’t get help from their bank to deal with their debt, notwithstanding that they may have a high credit score and are not missing payments.

Key Ways a Consumer Proposal Will Not Affect You 

A Consumer Proposal Doesn’t Make Your Spouse Pay Your Debt

Filing a Consumer Proposal should not affect your spouse in any way unless they have co-signed or guaranteed debt together with you.

• Having a spouse or common-law partner does not on its own trigger a shared liability with the other spouse/partner, nor does it give your creditors recourse to ask them for payments, nor mean they must do a Consumer Proposal too.
• Unless you’ve given your creditor means to collect from both of you by taking on joint debt or triggered a division of “family debts” by separating or divorcing, your spouse isn’t responsible for repaying your debt.
• Your financial responsibilities are in fact so separate that where there is no co-signer, guarantor, or co-cardholder, it is possible for one spouse to file a Consumer Proposal without the other one being aware, as typically only creditors are notified of your Proposal.

Book Your Free Consultation

A Consumer Proposal Doesn’t Affect Your Employment

For most people a Consumer Proposal in no way affects their job and you can change jobs or switch careers at any point.

• Overall, the Consumer Proposal process is very private and in normal circumstances your employer is not notified about your Proposal unless your wages are being seized – this is because your Licensed Insolvency Trustee will contact your payroll department to halt the garnishment when your Proposal starts.
• If you still need reassurance that a Consumer Proposal won’t impact your employment, know that the federal Bankruptcy and Insolvency Act, which governs Consumer Proposals, specifically states “No employer shall dismiss, suspend, lay off or otherwise discipline a consumer debtor on the sole ground that a consumer proposal has been filed in respect of that consumer debtor.” (S. 66.36)
• Also, for business owners – you can be self-employed during a Consumer Proposal, including being the director of a corporation.

A Consumer Proposal Doesn’t Take Away Your Tax Refunds

A Consumer Proposal doesn’t impact how you file your tax returns or cause you to ‘lose’ your tax refund or other tax credits you may be eligible for, even if you included a prior income tax (and/or business GST) balance owing to Canada Revenue Agency in your Consumer Proposal.

• While your Consumer Proposal is active you’ll need to ensure your tax returns are filed up to date and that any balances owing from these new returns are paid.
• If you regularly owe money to Canada Revenue Agency a clause may be added to your Proposal that allows you to include the exact amount you owe for income taxes up to the date you start your Consumer Proposal, even if that tax return isn’t yet due.

Book Your Free Consultation

A Consumer Proposal Doesn’t Prevent Immigration Sponsorship 

If you have a Consumer Proposal you can still apply to sponsor someone to immigrate to Canada, bearing in mind that you should always refer to the Government of Canada for the latest rules and guidelines. This is an important distinction between Consumer Proposals and bankruptcy, as a person who has not yet been discharged from bankruptcy will need to wait until their bankruptcy is finished before making an application to sponsor immigration to Canada.

• Neither a Consumer Proposal nor bankruptcy prevent you from applying for citizenship in Canada, nor from leaving the country (for vacation or permanent relocation) – just be sure to keep your Trustee informed as to your address if you move before your Proposal or bankruptcy are complete.

Is a Consumer Proposal a Good Solution for Me? 

For people who owe debt totalling less than $250,000 (excluding their mortgage), and want to make their debt payments more manageable, a Consumer Proposal is one of the best debt consolidation options available.

If you’ve been wondering about a Consumer Proposal but worried about navigating any aspects of the process, be sure to talk with a Licensed Insolvency Trustee about your concerns. It’s vital that you have all the facts about how to deal with your debt and the opportunity to explore all your options together with a qualified professional.

• A Consumer Proposal can only be filed by working with a Licensed Insolvency Trustee. We are Canada’s only official debt help professionals and Licensed Insolvency Trustees alone are qualified and endorsed to help you make a Consumer Proposal.
• Consumer Proposals are a unique debt solution – they are not the same as bankruptcy, nor are they the same as credit counselling or other types of informal debt settlement plans.
• If you’ve been advised against a Consumer Proposal by anyone besides a Licensed Insolvency Trustee, it is recommended you contact a Licensed Insolvency Trustee for a second opinion.

You can connect directly with a Licensed Insolvency Trustee local to your province and ask to have a free, confidential consultation to talk about your situation and options.

• Sands & Associates serves all of BC and our Licensed Insolvency Trustees and Insolvency Estate Managers are available to talk with you seven days a week. In just half an hour we can help you better understand your situation and choose the debt-free plan that’s right for you.
• You’re welcome to talk with us confidentially over the phone, by online video, or in person at a local office near you – whatever you find most comfortable and convenient.

You are not alone in finding a way to move forward – we’re here for you with support and solutions.

Talk with a local Sands & Associates Licensed Insolvency Trustee today and find your best debt solution.

Book Your Free Consultation

The post How Does a Consumer Proposal Affect You? appeared first on Sands & Associates.

If you’ve been turned down for a consolidation loan you may feel discouraged and as though you don’t have any other options, but there’s good news – what many Canadians don’t know is that it is possible to consolidate your debt without borrowing. Read on to learn about some common reasons individuals are denied consolidation financing, and what you can do instead.

Why Debt Consolidation is Helpful in Paying Off Debt 

Often people who want to consolidate their debt are looking to get a handle on a financial situation that may be getting stressful or overwhelming, and gain better control over growing balances and payments. There are usually several benefits people try to achieve in consolidating their debts, such as:

• Making one monthly payment to cover all debt instead of trying to manage multiple payments.
• Having a clear plan to pay off debt rather than making inconsistent payments.
• Getting a lower interest rate on the balance owing, reducing the overall cost of carrying debt.

Debt consolidation with a lender means you’re taking out a new loan, not just changing an existing debt, and this means you must meet the lender’s qualifiers. Many consumers first turn to their bank or another lender when they want to consolidate their debt, and, as many discover, getting a consolidation loan can be a lot more difficult than they thought.

Reasons You Might be Denied a Consolidation Loan 

There can be several reasons you might have an application for credit rejected by a lender, and while not all lenders will have the same checks and qualifiers in place, here are some of the common reasons why you might not be able to get a consolidation loan (or other financing):

1. You have a low credit score due to a credit history that shows difficulty maintaining your payments, or a lack of credit history.

Your credit score is an ever-changing number ranging from 300 (low) to 900 (high). To get a consolidation loan with good terms, borrowers generally want you to have a credit score in at least the mid-600’s. Higher scores can qualify for you for ‘best terms’; less than this and you might only qualify for borrowing with a sub-prime lender, which typically comes at a higher cost.

2. You don’t have a major asset to use as security against your loan.

A lender may deny you a consolidation loan if you don’t have a significant asset such as home equity or a vehicle to pledge as collateral for the loan. Lenders will often ask to have an asset as security for borrowing so they have additional means to recover their money – if you stop paying they can seize and sell the asset.

Lenders may also ask you to bring in a co-signer to back up your loan. Much like using an asset as collateral, this gives your creditor other avenues to collect their debt, but carries significant financial risks to your co-signer, not to mention any relationship risks, if you have difficulty making your payments.

What You Should Know About Co-Signing Debts

3. Your income is deemed too low or inconsistent to meet the lender’s threshold.

Lenders want to be assured that you can afford to repay your loan within the amortization period and, from their perspective, the higher your payments are compared to your income, the riskier it becomes that you’ll default on your loan. This can be particularly problematic if you have a lot of debt, have seasonal or part-time income, are self-employed, or lack employment history.

4. Your debt load is too high to qualify for borrowing.

If your debts are high in comparison to your income lenders are likely to deny you a consolidation loan. Lenders may interpret a lot of debt as symptomatic of you having issues controlling spending or they may consider your debt-to-income ratio simply too unbalanced for you to be able to reliably repay a new loan.

How Much Debt is Too Much?

What Are the Alternatives to a Consolidation Loan?

Fortunately, borrowing isn’t the only way to consolidate your debt to get relief from accumulating interest and never-ending payments. In Canada consumers have a few options to consider that can serve to streamline multiple payments, ease interest charges and relieve pressure on your monthly budget.

Consumer Proposals – Consolidate and Cut Debt (up to 80%)

A Consumer Proposal is a unique option in Canadian law and is one of the best ways to consolidate – and cut – your debt, without borrowing, interest, or added fees. This is a legal debt consolidation solution you can access only through working with a Licensed Insolvency Trustee.

• A Consumer Proposal can be used to consolidate virtually all types of debt – credit cards, payday loans, lines of credit, government debts such as income tax balances, business GST, CERB overpayments and more.
• You’ll offer to repay your creditors the portion of your balance you can reasonably afford to pay over a period of up to five years, and they will agree to forgive the rest. It’s not uncommon in a Consumer Proposal for debts to be cut by up to 50-80%.
• Your debts are frozen and because there is no borrowing needed, there are no interest charges.
• A Consumer Proposal will stop interest charges as well as collection actions, even government wage garnishments or bank account freezes.
• The administrative costs for your Licensed Insolvency Trustee are calculated by government-set tariff and are paid from the funds your creditors receive – there is no added or out-of-pocket cost for you – you simply pay what you’re offering your creditors.

A Licensed Insolvency Trustee can talk with you about your situation and whether a Consumer Proposal is your best option. For many people a Consumer Proposal is the ideal solution, allowing you to repay what is affordable and giving you a clear debt-free date.

Credit Counselling – Repay 100% of Your Debt

These informal debt repayment plans are coordinated by a credit counsellor who will try to negotiate an interest reduction or freeze with your eligible creditors, and you’ll make your consolidated monthly payment to the credit counsellor.

• Credit counselling doesn’t reduce your debt and can only consolidate basic debts.
• Because you’re not reducing your debt and will pay a fee to the credit counsellor on top of what you pay to your creditors, credit counselling plans can have high monthly payments, making them an unaffordable and unreliable option in many cases.

Unqualified Debt Advisors – What Consumers Need to Know

Can I Afford a Consolidation Loan? 

It’s important to understand that if you’re considering a consolidation loan or have been turned down for one, your debts may have already reached a point where simply combining them into one new loan is not going to be a significant enough solution to allow you to get out of debt without considerable cost or time.

• If you add up all your debts, divide this number by 60 and couldn’t afford the resulting number as a realistic monthly payment, this is a very simple way to know that a consolidation loan would likely only delay a later cash-crunch and prolong debt-stress you may be experiencing.

If you think you have a debt problem, are worried about managing your debts, or want to find a better way to pay off your debt within five years, the best thing to do is talk with a Licensed Insolvency Trustee to get qualified expert advice about your situation and all your options.

Get Help with Debt Consolidation – Talk with a Licensed Insolvency Trustee About

Licensed Insolvency Trustees are Canada’s only designated debt help professionals, and we are the only experts qualified to offer debt advice to consumers, including solutions that can help you get forgiveness for virtually all types of debts.

• If you live in BC you can talk with a Licensed Insolvency Trustee from Sands & Associates, we serve the entire province from local offices and you can also access our full suite of debt help services over the phone or online – whatever is most comfortable and convenient for you.

When you need guidance on dealing with debt, a Licensed Insolvency Trustee is your best resource, and all Licensed Insolvency Trustees should offer you a free, confidential debt consultation. This is your opportunity to get specific advice about your unique situation and explore all your options, including debt consolidation financing, Consumer Proposals, credit counselling plans and more.

• We’ll spend the time to understand your concerns, needs, and goals and at the end of your consultation you should have all the information you need to make an informed decision about how you want to move forward – and a clear outline of your next steps.
• You don’t need any to get a referral to talk with a Trustee, and there are no qualifiers for you to meet. Just reach out to a Licensed Insolvency Trustee local to your province directly.

You owe it to yourself to get debt help, and we’re here to support you. No judgment, just solutions!

Talk with a non-judgmental debt help expert at Sands & Associates to get a debt-free plan that works for you, and move forward with your life.

The post Turned Down for a Consolidation Loan? Here’s What You Can Do appeared first on Sands & Associates.

Where Your Credit Score Comes From

Your credit score is a constantly changing number (between 300 and 900, with 900 being the best) that is calculated based on your credit history, and you’ll gain or lose points depending on your actions.

• Credit scores are intended to help a lender decide whether they will offer you credit, how risky it may be to do so, and the borrowing terms they will offer you.
• Because Canada’s two credit bureaus have access to different information and use their own formulas to calculate your score, you probably won’t have the same rating with both agencies.

Credit bureaus don’t disclose the exact algorithms they use to calculate your score, but some of the factors from your credit history they use include:

• Payment history: This is the most important factor. Do you pay all your bills on time, every time?
  • Note that ‘non-credit’ accounts such as your cellphone plan and special accounts like your mortgage can provide information to credit bureaus. If you’re keeping your account paid up to date this may not offer you any benefit, but, if left unpaid, these accounts are likely to reflect negatively on your credit history and score.
• Credit usage: How much credit do you have, and what types of accounts? How much of your available credit are you using? Have you gone over your limit?
• Length of history: How established are your accounts?
• Credit seeking: How many ‘hard’ credit checks are noted in your report within the last three years? Have you been seeking a lot of credit in a short period of time?
  • Credit checks are categorized as ‘hard’ or ‘soft’ hits. Hard hits may refer to checks done as you apply for credit, and soft hits may happen when a business wants your report to update a record, or when you ask for a copy of your report.

By having a general idea as to what influences your credit score, you can understand some of the actions that you’ll want to take, and which to try to avoid.

Learn More About Credit Reports (and How and Why to Check Yours)

Common Causes of Low Credit Scores

By understanding that your credit score is largely influenced by your payment history, you can consider why your score might be low. Do any of the following scenarios sound familiar?

• Making payments late, not making the full payment required, or having a payment bounce.
• Going over your borrowing limit.
• Using a high proportion of your available credit, which lenders may view as risky (even when your payments are being made as required).
• Having unpaid accounts passed to collections.
• A lot of credit checks being done, which lenders often interpret as urgent credit seeking.
• Not having enough credit history established, or closing a longstanding account which results in losing the credit history, resulting in too little information for potential lenders to consider your credit use.

Difficulty in managing debts and payments may not be the only cause of a low credit score. On the contrary, steps you may take to keep control of your finances can cause a lower credit score, such as:

• Having minimal credit history, or only having one type of credit account: This means lenders have less credit history to consider in assessing your lendability.
• Closing a credit account you are no longer using: You will lose any positive payment and credit history associated with this account.

Can I Do Anything About my ‘Bad’ Credit?

Any time you don’t pay your debts as agreed your credit score will be impacted in some way, but, if you’ve had trouble with this, know that while positive information for active accounts can be kept on your credit report indefinitely – negative information does expire.

Timing for common ‘negative information’ to expire in BC is as follows, and this can vary depending on the province / territory and credit bureau:

• Late payments and NSFs both show for up to six years from the date reported (even if you pay the past-due balance).
• Collections accounts will be removed six years from the date of your last payment.
• Judgments from court action show for six years as well.
• Bankruptcy is only shown on your credit report temporarily, for just six years after you are discharged (released).
• Credit counselling plans show for two years after your debts included in the plan are paid off.
• A Consumer Proposal will show for only three years from the date you finish it, or six years from the date it was filed (whichever is soonest).

Fortunately, as your credit history is constantly being updated, you have opportunity to take the right steps in establishing a good payment history – the combination of a strong payment history and time are the main keys to a good credit score. People who have trouble making payments, experience debt collections or judgments, and even file for personal bankruptcy can and do move on to establish a fresh credit history sufficient for new mortgages, vehicle financing, credit cards, etc. often within a quicker timeframe than they thought possible.

Consumer Proposal VS. Credit Counselling – Understand the Key Differences

Tips to Improve Your Credit Score

To create a positive payment and credit history that will grow your credit score, aim for the following, and remember to give yourself time:

• Build an account history with consistently positive credit use:
  • Make your full payments as required on time – every single time – even if your account is in dispute.
  • Reach out to your lender right away if you think you’re going to have trouble making your required payment.
• Don’t have too many credit accounts and use less than half (under a third is even better!) of the credit limit you have available on your accounts.
• Limit your hard credit checks to only what is necessary (i.e. rather than applying for many credit products, do deep research and apply only for the products that suit you best).
• Establish a consistent employment history.
• Accumulate some savings.
• Request a copy of your credit report from each credit bureau and check them for errors and fraudulent activity once a year.
  • If you find any errors or fraud, take the steps to have these issues flagged and corrected.

For many people focused on establishing a positive credit history and score, the single best thing you can do is get your debt paid off as soon as possible. Once your debt is cleared you can a) reset your debt-income balance and b) focus on establishing a new, positive credit history that is manageable and not costing you interest.

Consumers should understand there is no way to ‘fast track’ repairing your credit history. Companies that advertise such services are likely a scam, seriously misrepresenting their abilities, or trying to sell you a service or even financing that is unnecessary and/or very expensive. Watch out for anyone who:

• Makes promises or guarantees about what they can do for your credit score.
• Tries to pressure you into purchasing services or high-interest financing.
• Asks for upfront fees for their services, or who wants to charge you a referral or administrative fee to connect you with another professional.

Unqualified Debt Advisors – What Consumers Need to Know

The Number One Way to Improve Your Credit – Focus on Paying Off Your Debt

If your current debt repayment plan would require more than five years for you to pay off your non-mortgage debts, connect with a local Licensed Insolvency Trustee for some free advice.

• You can get professional insights and advice into solutions to help you get debt under control so you can move forward and bring your other financial goals into focus.
• There is no cost to talk confidentially to learn about your options, and no referral required.

BC Licensed Insolvency Trustee and President of Sands & Associates Blair Mantin shares credit rating tips and insights with Global News.

How Can a Licensed Insolvency Trustee Help?

Licensed Insolvency Trustees are Canada’s only officially designated professionals dedicated to helping people solve debt problems, and we can support you in this in a few different ways, including (but not limited to):

• Assessing your financial situation and exploring your options to deal with your debt, including refinancing, focused do-it-yourself payment plans, credit counselling, Consumer Proposals and more.
• Helping you understand your rights and remedies with regards to a debt or creditor, as well as resources and legislation that can aid you in your specific situation.
• Working together on a debt solution such as a Consumer Proposal.
  • Formal debt solutions allow many people to get their debts paid off and establish a solid credit score faster than if they were to continue trying to pay down their debt at their current pace. What’s more, you can potentially save thousands of dollars in interest charges.

Pay Off Debt Faster with a Consumer Proposal

A Consumer Proposal for example, can be used to consolidate virtually all your debt (everything from consumer credit cards, payday loans, lines of credit, etc. to government debts like CERB overpayments, tax balances and more) and cut the amount of debt you need to repay down to an amount that is affordable for you.

You’ll have up to five years to pay this reduced balance off, which is often as little as 20% of your balance, with zero interest or added fees. This can offer you advantage in several ways, short and long-term, allowing you to:

• Improve your cashflow and household budget immediately by significantly reducing your debt payment to one consolidated monthly payment that you can afford.
  • With a reduced debt payment, what else could use your financial attention? Savings, retirement, or simply more breathing room to meet your day-to-day living costs?
• Stop ongoing interest charges and/or penalties.
• Ease financial anxiety and debt-stress.
• Gain peace of mind by having a clear plan to pay off your debt and a definite debt-free date.
  • Consider what goals you have – or could have – once you’re debt-free!

In less than an hour a Licensed Insolvency Trustee can help you assess your situation and put together a customized debt-free plan, solutions, and resources to help you better manage your debt so you can move forward with your life. Your debt-free future could be closer than you think!

Take charge of your debt – book your free, non-judgmental debt consultation with a local Sands & Associates debt help expert now.

The post Bad Credit? Here’s What You Can Do appeared first on Sands & Associates.

Having polled over 1,700 participants who recently restructured their debts using a legal debt solution, the 2023 BC Consumer Debt Study offers a unique view into consumer debt issues in the province. Blair Mantin, President of Sands & Associates, the firm of Licensed Insolvency Trustees who undertook the study, joined CTV News to discuss the study’s findings.

Watch the clips here and learn more below:

Recent BC Consumer Debt Problems – by the Numbers

• The 2023 BC Consumer Debt Study’s largest proportion of participants (36%) said they had $25,000-$49,999 of debt (excluding vehicle loans/mortgages) when they started a formal debt relief process.
• Almost 3 in 5 people (58%) said credit card debt was the main type of debt they had, nearly five times higher than the next debt type.
• Close to 1 in 8 individuals (12%) claimed payday or instalment loans was their main type of debt, and tax debt (personal income tax, GST, etc.) took the third spot at 11%.

Credit cards and payday loans can be considered interest-heavy credit, and consumers can easily develop a borrow-repay-borrow cycle that is often impossible to break with interest rapidly accumulating. 

Dos and Don’ts for Credit Cards and Managing Your Credit Card Debt – Read More

What Are Some Common Causes of Personal Debt Problems?

The common causes of debt revealed in the 2023 BC Consumer Debt Study expose the vulnerability of many consumers when it comes to their ability to financially weather personal and economic challenges. Five of the top six common causes of debt as reported by insolvent consumers relate to triggering events or circumstances that are likely beyond an individual’s clear control:

• Just over a quarter of BC consumers polled (27%) said their debt was caused by overextended credit due to general financial mismanagement.
• Closely following, the second-most reported cause of debt for 1 in 4 consumers (25%) was using credit for essential costs of living income could not cover.
• Following these, the remaining top six causes of individuals’ debt were attributed to: Illness, injury, or health-related problems (11%); Marital or relationship breakdown (7%); Job related issue (5%) and Pandemic-related job loss or reduction in work hours (5%).

95% of individuals participating in the 2023 BC Consumer Debt Study said their household has been impacted by recent inflation increases, with the largest proportion (88%) noting inflation has their household now spending more on necessities such as food and gas.

• Half (50%) also say their household is no longer able to accumulate as much savings, leaving consumers further exposed to difficulties in meeting unanticipated financial needs.

There was a bright spot in the findings; however, with over 4 in 5 people (87%) saying their insolvency filing (making a Consumer Proposal or declaring Personal Bankruptcy) has helped them manage day-to-day finances despite noticeable rising costs.

What Happens When You Can’t Pay Your Debt? Learn More

Steep Costs of Unmanageable Debt – Coping with a Debt Problem

Individuals participating in the 2023 BC Consumer Debt Study reported a range of ‘symptoms’ brought on by their unmanageable debt, including:

• 4 in 5 people (83%) said they had a constant worry about debt.
• Nearly 4 in 5 people (79%) said their mental health suffered by being in debt, and 3 in 5 (61%) said their self-esteem suffered because of being in debt. Almost half of respondents (49%) said debt caused their physical health to suffer.
• Over three-quarters of individuals surveyed (77%) said they experienced anxiety from the stress of debt; also 66% feelings of helplessness or hopelessness, and 61% depression.
• Almost 1 in 6 people (16%) said they experienced suicidal ideation because of their debt-stress.

Debt Warning Signs and Delays Seeking Debt Help

Over 7 in 10 people polled (71%) said overwhelming stress was how they knew their debts were becoming a problem – and despite this, more than 96% of survey respondents did not seek professional help right away. 

• Most respondents (64%) said they waited to seek professional debt help because I wanted to manage my debt on my own.
• Further top reasons individuals said they waited to seek professional support were: I felt ashamed I couldn’t handle the debts I had incurred (56%) and I was embarrassed to ask for help (51%).

Other top-identified signs of a debt problem reported by consumers were more transactional:

• Only making minimum payments (60%).
• Seeing debt balances remain almost the same every month, despite making payments (55%).

A lack of visibility around legal debt help resources was also a significant barrier that contributed to individuals postponing seeking professional support, with a third of survey respondents (34%) saying I thought there was no solution to my situation; more than 1 in 4 (27%) I didn’t know where to seek help and 17% I had misinformation about how the Consumer Proposal and/or Bankruptcy process worked.

Debt Forgiveness with Personal Bankruptcy: Step-by-Step

How Did People Attempt to Solve Their Debt Problems?

Despite the significant personal impacts of their debt issues, fewer than 4% of people polled said they sought help right away from a debt help professional, and, in this time, individuals attempted a variety of different tactics to solve their debt problems.

• Many people turned to more borrowing to try to manage their debt, with over a third of survey participants (36%) saying they applied to extend credit limits on existing debts and 34% who borrowed from family or friends to make debt payments.
• More than 1 in 4 individuals (26%) applied for consolidation financing; 25% used payday or instalment loans, and 4% asked family or friends to co-sign a consolidation loan.

Participants in the 2023 BC Consumer Debt Study overwhelmingly used a Consumer Proposal to legally consolidate and cut their debt (81% of study respondents), and over 90% of all individuals surveyed said they were satisfied with their decision to eliminate their debts with an insolvency process.

More people than ever before are choosing to use a Consumer Proposal to consolidate and cut their debt, rather than file for bankruptcy. 

Learn More About Consumer Proposals

Getting Debt Help – Where Consumers Can Get Qualified Support

Blair Mantin, President of Sands & Associates, says that, unfortunately, it can be frustrating and discouraging for consumers who attempt to self-manage their debt for too long, and that overwhelmed consumers are highly vulnerable to inferior, unregulated, and even illegal services sold by debt settlement agents or debt advisors.

• Consumers are encouraged to get impartial and accurate advice from a Licensed Insolvency Trustee at the onset of a debt problem.
  • Licensed Insolvency Trustees are Canada’s only established debt help professionals and are fully regulated, qualified, and endorsed to serve Canadians with a range of debt management services and advice.
  • You do not need to be dealing with an extreme situation to seek support from a Licensed Insolvency Trustee, and consumers can get free, confidential advice at any point.
• Connect directly with a local Licensed Insolvency Trustee to better understand your situation, get accurate information, and explore all possible options in a free, confidential debt consultation.
  • No referral, payments, or third-party agents are necessary. 

Non-judgmental debt support for individuals and a full suite of debt help services is available to you. Connect with a caring local debt expert by phone, video, or in-person – book your free, confidential consultation today.

The post New BC Study Explores Personal Debt Problems in the Province appeared first on Sands & Associates.

Read on to learn about the credit counselling and financial literacy resources available to individuals working with a Licensed Insolvency Trustee on a personalized debt-free plan.

Goals of Financial Counselling Sessions with a Qualified Insolvency Counsellor 

Licensed Insolvency Trustees help people deal with their debt, and if you’ve decided to work with a Licensed Insolvency Trustee on a debt solution like a Consumer Proposal (a special type of debt consolidation) or personal bankruptcy (a legal debt forgiveness solution), you’ll complete two one-on-one financial counselling sessions as part of either insolvency process – and there is no added cost to you for this service.

The “Insolvency Counselling Program” is intended to help people boost their financial literacy, gaining confidence in their ability to manage their personal finances, and provide tools and resources for ongoing future success in money matters. After completing a Consumer Proposal, or exiting personal bankruptcy, people have a financial fresh start and can move forward with their lives – debt-free.

Who is a Qualified Insolvency Counsellor?

The Licensed Insolvency Trustee who is ultimately responsible for your Consumer Proposal, bankruptcy, and related counselling sessions may lead your counselling sessions themself, but most often these private, one-on-one sessions are led by a Qualified Insolvency Counsellor who works closely alongside your Licensed Insolvency Trustee. This is a registered professional financial counsellor who has:

• Successfully completed a practical course for this unique type of counselling.
• Proven to and been registered by your Licensed Insolvency Trustee as possessing the necessary training, experience, knowledge, skills, and competencies to lead insolvency counselling.
• Completed ongoing professional development training every two years.
• Demonstrated that they are of good character.

Quality of care and service is of the utmost importance in these matters, and your Licensed Insolvency Trustee cannot register anyone as a Qualified Insolvency Counsellor who is involved with activities that may be a potential conflict of interest, or could potentially negatively impact the people they are counselling.

4 Questions to Ask When Choosing a Credit Counsellor

Financial Counselling Topics – Stage 1: Budgeting and Planning

Your first confidential counselling session with a Qualified Insolvency Counsellor will usually take place shortly after you file your Consumer Proposal or declare bankruptcy (somewhere between ten and 90 days), and this one-on-one session might be done in-person, or remotely via videoconference (or over the phone).

Budgeting is the focus of this conversation, and the goal here is that you’ll come away with information and support to help you create and maintain a functional household budget realistic for your personal situation.

• A balanced budget is an important financial tool, and every consumer should have one. Budgeting isn’t about restricting what you can and can’t do, it’s about making confident and thoughtful decisions about how you will use your income.
• No two situations are the same, and it’s important to consider and strategize the different components of your budget to find what works best for you and your household.
• In a Consumer Proposal your debt will be combined then cut into one consolidated (usually) monthly payment, (or in a bankruptcy most people pay a minimal administration fee), and this is typically a substantial reduction from the multiple payments you may have previously been trying to manage in your budget.

How Much Debt will a Consumer Proposal Eliminate? Learn More

This first financial counselling session is a great opportunity to work with a professional to fine-tune your new spending and saving plans, and maybe even learn some new tips and best practices. Your Counsellor will plan to review your budget together with you, and offer support such as:

• Mapping out a plan for record-keeping, and how you will track and check-in and evaluate your estimated VS actual income, expenses, and general budgeting in future.
• Developing strategies to adjust your budget, and for managing unexpected changes to your budget or impacts to your income.
• Addressing any other circumstances or financial difficulties you may want extra guidance on or support / resources for.

Financial skills take time for everyone to learn, and there are often some trials and errors along the way. Once you’ve got a solid understanding, you’ll be in that much better a position to make well-informed and confident decisions about money matters that impact you and your family.

Consolidating Debt with a Consumer Proposal: Step-by-Step

• As well as these two credit counselling sessions that are done as part of completing your Consumer Proposal or bankruptcy, there is an optional self-directed online learning program available to help you get the most out of this opportunity for individual learning and support.
• The online modules offer an introduction to the topics that will be covered in depth during these private sessions, and if you’re able to become comfortable with some of these materials before your sessions, you’ll have more time for tailored resources and support with your Counsellor.

Financial Counselling Topics – Stage 2: Goals, Spending and Credit 

Your second one-on-one session with a Qualified Insolvency Counsellor is done at least 30 days after the first, and again may be done in-person, or remotely. While the first session was all about budgeting stages, strategies, and tools, this second session focuses on your future planning and providing you support to continue moving forward with (debt-free!) success.

Your Counsellor will check in with you about how you’re doing with your Consumer Proposal (or bankruptcy), your new budget, and together you’ll review several other key financial literacy topics, which include:

• Financial goal setting
  • Why, and how to set SMART (specific, measurable, achievable, relevant, time-bound) goals.
  • Specific support in creating a plan to achieve these goals.
  • Strategies to help you meet your spending and savings goals.
  • Identifying, avoiding, and mitigating potential financial risks that could get in the way of your future financial success.
• Spending habits
  • Practical ways to prioritize spending, and spending systems.
• Using and managing credit as a tool
  • Best practices for using credit well.
  • Considerations and questions to ask lenders before borrowing.
  • Breaking down and comparing the costs of borrowing.
  • Types of credit that are considered high-risk.
• Understanding credit scores and reports
  • Establishing a responsible credit history and habits.
  • How and when to check your credit history reports.
  • Steps you will want to take after your Consumer Proposal (or bankruptcy) is complete.

A lot of people worry they have no way to get out of debt – or that by working with a Licensed Insolvency Trustee they may compromise their future financial goals or ability to get credit in future, but the reality is that with options like Consumer Proposals, or even bankruptcy, most people are able to get to debt-free much sooner than if they were to continue trying to chip away at their debt on their own.

The financial fresh start of these processes allows individuals a means to take back control of their finances and make the most of their income. Without the constant nag and weight of burdensome debt, not only to personal finances, but wellbeing, there is much more space to look to the future with optimism.

Meet some of the people whose lives have been changed working with Sands & Associates

More About Debt Help Services from BC Licensed Insolvency Trustees 

Getting confidential debt advice from a qualified expert couldn’t be easier – simply reach out and contact a Licensed Insolvency Trustee local to your area. All Licensed Insolvency Trustees offer a free confidential consultation where you’ll have opportunity to better understand your situation and explore ALL your options.

Sands & Associates serves all of BC and offers our full suite of debt help services in person at local offices throughout the province, as well as over the phone or video conferencing.

• Take an hour and talk with a Licensed Insolvency Trustee; we can give you a debt-free plan that works for you and your unique situation, and, as Canada’s only appointed debt help professionals, offer you additional resources and insights you may not otherwise be aware of.
• No referral is necessary to connect with a Licensed Insolvency Trustee. If you are asked to pay any referral fee this should be a warning you are not talking with a Licensed Insolvency Trustee.

You Are Not Alone in Dealing with Debt – We Are Here to Help You 

You do not need to be behind in your debt payments to seek professional debt solutions or use a Consumer Proposal to consolidate your debt. In fact, many people we work with have never missed a payment and hold a good credit rating, but realize that at their current rate of repayment, they will be facing years or decades of debt payments.

If, however, you are dealing with a serious or urgent financial issue such as a creditor who is threatening you with legal action for a debt, or already garnishing your wages, we can work with you to quickly implement a solution that will stop these collections immediately.

Learn More About Wage Garnishment

Some questions or concerns we commonly address include (but are certainly not limited to):

• Debts are generally worrying you, or your household is being negatively impacted by debt.
• Your monthly debt payments aren’t enough to pay off your (non-mortgage) debt within five years.
• Ways to consolidate and/or cut debt.
• What options exist to deal with a specific creditor or whether a debt is collectable?
• How you can get debt relief or forgiveness by your creditors.

You don’t have to try to interpret all your rights and remedies to deal with your debt, a Licensed Insolvency Trustee is your go-to resource, and we provide safe accurate advice and information to consumers every day.

Many people feel embarrassed about their financial situation, or worried about being judged or even scolded about having difficulty managing their debt; please, know that Sands & Associates is a judgment-free zone.

We believe that a money problem can happen to anyone at any time, and that everyone deserves the opportunity for help and a financial fresh start to move forward and live their best life! You owe it to yourself to get debt help, and we are here for you.

Connect with local debt experts who care – book your free, confidential debt consultation with Sands & Associates today.

The post Financial and Credit Counselling with a Qualified Insolvency Counsellor appeared first on Sands & Associates.

Watch the clip here, and read more below:

What is a Reasonable Amount of Personal Debt?

There’s no ‘magic number’ when it comes to understanding how much debt is too much; for some people their debt problem shows up as $20,000, for another $5,000 – or even $100,000 for someone else – and much depends on each person’s unique situation.

Rather than relying on a specific number, consider not just your ‘on paper’ finances, but also how well you are coping with managing your debt and whether you are making clear progress towards paying your debts off.

If you are experiencing any of the following, consider this a sign your debt may be reaching a problem stage, or is potentially on its way to an urgent crisis:

• Often feeling stressed or worried about your debt.
• Making only (or slightly more than) minimum monthly payments on your credit card debt.
• Carrying debts with payments that use up a large portion of your regular income or that would take more than five years to pay off (non-mortgage debt).
• Regularly relying on credit cards (or using payday loans) to meet costs of living, or taking on more debt. (This could be increasing credit limits or considering a consolidation loan to manage debt.)
• Owing a government creditor such as Canada Revenue Agency a balance you can’t afford to pay off.
• Having multiple years of unfiled tax returns, especially if you are self-employed.
• Uncertainty as to who you owe debt to and how much is owed or just avoiding account balances altogether.
• Having borrowed against most of your home equity to consolidate or manage debts.
• Receiving collection action, including calls, wage garnishments or pending court dates.

Debt can snowball over time and because people get used to adapting to cope and manage the situation, dealing with a debt problem daily can all too easily start to feel ‘normal’. It’s important for each of us to do a financial check-in periodically and be honest in how we’re doing.

Identifying and cutting off a debt problem before it’s severe can save you untold amounts of time, stress – and of course money! Take an hour to connect with a Licensed Insolvency Trustee and get some qualified advice about managing your debt, and a personalized debt-free plan.

Debt Options Calculator – Compare Four Ways to Pay Off Your Debt

I Think I Have a Debt Problem – What Should I Do?

The first thing to understand is that if you think you have a debt problem – you’re almost always right. And if this is the case, the second thing to know is that the problem is almost always going to get worse if you don’t take some action.

Talking with a local Licensed Insolvency Trustee in your province is the first and best thing to do.

• Avoid trying to ignore the problem, or assuming you don’t qualify for help.
  • Consumers can access a Licensed Insolvency Trustee directly for support any time at no cost, there are no eligibility requirements to seek advice.
• Be cautious about where else you seek debt advice. Licensed Insolvency Trustees are the only government-qualified debt help professionals.
  • Advertisements from debt consultants and credit counsellors can be misleading and may imply a company is part of a ‘government program’, which is not the case. The only ‘government programs’ to deal with debt are those accessible by working with a Licensed Insolvency Trustee.
  • Be on guard for high-pressure sales tactics, up-front fees, high-interest loans, and unrealistic promises.

Talking with a Licensed Insolvency Trustee

Every day Licensed Insolvency Trustees provide advice to people who are dealing with problem debt or looking to pay off their debt with less interest and/or in less time.

• There is no cost to talk confidentially with a Licensed Insolvency Trustee and get guidance on the options available to you.

When you connect with a Licensed Insolvency Trustee it is our responsibility to ensure you are aware of and understand all your options. We help people make informed decisions on how to address their financial difficulties and move forward. We’ll review potential solutions such as:

• Credit counselling programs, and negotiating directly with your creditors.
• Consolidation loans, and consolidation without borrowing using a Consumer Proposal.
• Bankruptcy, and other laws or resources that may help you resolve your situation.

Many people have a difficult time asking for help or feel embarrassed or ashamed to be struggling with their finances. Please know, you owe it to yourself to get debt help and you are not alone. Licensed Insolvency Trustees are your best allies – here for you with solutions and support, not judgment.

What would your life look like, without debt? Take an hour to learn about your options and get a debt-free plan that’s right for you. Book your free, confidential consultation with a non-judgmental expert at Sands & Associates.

The post How Much Debt is Too Much? appeared first on Sands & Associates.

What is the Bank of Canada, and What Do They Do?

The Bank of Canada is the country’s central bank; it is a special type of Crown corporation belonging to the federal government that exists “to regulate credit and currency in the best interest of the economic life of the nation” with their primary role being “to promote the economic and financial welfare of Canada”.

Monetary policy is a core Bank of Canada function, and two main instruments used in this are its inflation-control target and the key policy rate:

• Inflation is the persistent rise in average price levels over time, and the Bank of Canada aims to maintain a stable price environment – a low, stable, predictable inflation is their goal. With price stability and low inflation, prices change so slowly there’s no major effect to how people spend, save, or invest.
• The Bank of Canada adjusts its key policy interest rate up or down as needed to achieve its inflation target. Doing so influences financial institutions’ interest rates, borrowing and spending, and pressure on prices.

What Does the Bank of Canada’s Interest Rate Mean for Other Banks?

Financial institutions borrow from each other and can also use the Bank of Canada, and by setting their policy rate the Bank of Canada encourages financial institutions to borrow and lend amongst themselves near the policy interest rate too. What this means is that although the public doesn’t borrow with the Bank of Canada, their policy rate affects interest rates on products such as:

• The prime rate for loans and lines of credit
• Mortgage rates
• Interest on savings and deposits

When the Bank of Canada changes their rate, lenders will generally adjust their prime rates shortly after.

• Prime rate is the annual interest rate our major banks and financial institutions use to set their interest rates for variable credit products, including loans, lines of credit and mortgages with a variable rate.

How Interest Rate Increases Impact Common Consumer Credit Products

Depending on which products (types of debts) you have, and whether your debts have fixed or variable interest rates, the impact of an interest rate increase can vary widely, from very significant to having no impact at all.

• When you have a fixed-rate debt you agree to pay the same interest rate over the course of your repayment term, regardless of shifts in the economic market.
  • One benefit with this type of borrowing is that you’ve got stability in paying the same interest rate (until you need to renew, such as with a mortgage at the end of a set term).
• With variable interest rates, as the prime rate goes up or down, so does the interest you’re being charged on your debt. When you apply for credit with a variable interest rate the lender will offer you an annual interest rate tied to the bank’s prime rate.

Below is a breakdown of different types of common consumer debts, and how they may be impacted (or not) by interest rate changes:

Mortgages

The biggest impact of interest rate increases is likely to be felt by homeowners who are carrying variable interest rate mortgages.

• On a variable rate mortgage, quite simply, most payments will see an increase because of rate hikes. Most banks adjust quite quickly – people might see the impact even by the next month.
• Just a small interest rate hike can be very impactful. For someone with a variable mortgage of 2-3%, even a 1% increase in interest rates can translate up to a 50% increase in the interest being charged on the mortgage.

Conversely, on a fixed rate mortgage, your payments will not increase as you have ‘locked in’ the rate you will be charged over the term of the mortgage. At renewal time however, you can expect that the rates you locked in at previously may no longer be available and your new interest rate upon renewal could be significantly higher.

Can I Get a Mortgage After a Bankruptcy or Consumer Proposal?

Lines of Credit and Home Equity Loans

Most lines of credit (whether secured against your home or not) are offered with a variable rate, which means there is a direct impact of an interest rate increase.

• Higher payments will be required immediately, and this can be very significant – especially if you are financially stretched and are capable of paying just interest only on your line of credit.

Vehicle Financing

Most vehicle loans are structured with a fixed interest rate, meaning that payments wouldn’t change at all.

Although an interest rate hike won’t cause a direct increase on your monthly vehicle financing payment with a fixed interest rate, individuals with vehicle financing should be aware that:

• If you decide to trade-in your vehicle before the end of your financing contract, you may absorb the ‘negative equity’ (i.e., the value of your vehicle, less the amount you still have to pay on the original loan contract).
• New loans applied for following an interest rate hike will most likely have higher interest rates, and as a result will come with an increased cost to borrow.

If you do have a vehicle financing contract with a variable interest rate component, normally a rate-hike will mean extending the time you’ll make payments so that the additional interest rate costs are paid. 

An Overview of ‘Seize or Sue’ and Vehicle Loans in BC – Learn More

Student Loans

If you have a fixed-rate student loan you won’t be impacted with increases in your interest rate or monthly payments, but following increases in prime rates, future student loans can become more expensive.

However, if your student financing is using variable rates, both your interest rate and minimum payments will increase with interest rate hikes.

Are Credit Cards Impacted by Interest Rate Changes?

Most credit card terms are set without regard for prime interest rates and if your only debt is on credit cards then your monthly payment requirements are unlikely to be impacted by an interest rate increase.

With standard credit card interest rates hovering near 20%, the very real danger of interest when it comes to credit card debt is that the interest charged is always expensive, regardless of fluctuations in the Bank of Canada rate.

• If you’re not paying off your credit card in full each month you accrue interest charges – a cost of borrowing – and then only a portion of your payment goes towards paying down the amount you actually charged on the card.
  • In some cases, just $10 of what you pay each month goes to reduce the balance; the remainder covers interest and finance charges that reoccur each month.
  • Check your monthly credit card statement to see a breakdown of how long it will take you to pay off your credit card balance if you only pay the minimum payments each month. The number might surprise you!
• If you miss a payment, you could find your bank raises your credit card interest rate because of the ‘delinquency’. Increases of up to 5-10% are not unheard of.

Dos and Don’ts for Credit Cards and Managing Credit Card Debt

What Can I Do About Rising Interest Rates?

The single biggest and best thing you can do to prevent or mitigate being impacted by interest rate increases is to pay down as much of your debt as possible – and even if you’re mainly carrying debts not likely to be impacted by rate hikes, the sooner you get out of debt the better.

• Calculate your “Rule of 60 Math”: Add up your total (non-mortgage) debt then divide that number by 60.
  • Is that figure a monthly payment you could afford to pay so that you’ll have your debt paid off in five years (60 months)?
  • If that hypothetical payment is not affordable for you, or you think it would be difficult to consistently manage, connect with a Licensed Insolvency Trustee about your options for dealing with debt – especially if you’re already in (or are approaching) a position of being over-extended.
• If you’re a mortgage holder, you may want to research options for locking in your mortgage to a fixed rate. Though often more expensive in the long-term, a fixed rate mortgage can give you certainty for your budget.
  • Be sure to shop around for the best rates and consider using a mortgage broker.
• Proceed with caution if you’re considering restructuring your debts with consolidation loans or balance transfers – it’s important to fully understand the full costs of borrowing before signing any documents.
  • If your credit history has been impacted by an unfavourable debt to income ratio you may find it difficult to qualify for a line of credit or consolidation loan at a low interest rate, or at all.
  • Make sure you can realistically stick to the budget needed to get your debt paid off and are not simply delaying an inevitable cash-crunch.

Learn More About Credit Reports and Scores in Canada

Consolidate and Cut Your Debt – Without Borrowing

Although you might consider a new loan or line of credit, a Consumer Proposal provides a welcome alternative to consolidate your debt without turning to more borrowing and paying interest charges:

• A Consumer Proposal allows you to pay off your consolidated debts without any further interest charges, and your creditors will agree to accept repayment of typically as little as 20-50% of your balance due, in full settlement of your accounts.
  • Virtually all types of debts can be consolidated and reduced with a Consumer Proposal – from credit cards to lines of credit, overdrafts, income tax debt, CERB overpayments, student loans and more.
• Your credit history or credit score are not factors for eligibility, and no co-signer is needed.
• You can pay off a Consumer Proposal early at any time without penalty.

Connect with a local BC Licensed Insolvency Trustee to learn more about Consumer Proposals and explore your options.

Licensed Insolvency Trustee Blair Mantin Talks Interest Rates and Debt Solutions

Sands & Associates President and Licensed Insolvency Trustee Blair Mantin joined Global News and Breakfast Television Vancouver to discuss what Canadian consumers should know about interest rates and debts, including what you can do to deal with problem debt. Watch the clips here:

Sands & Associates’ local office network serves communities across BC, and our full suite of debt help services is available online, by phone, or in-person. Connect today at no cost to discuss your situation and learn about your options.

The post Understanding Interest Rates – and Why They Matter if You Have Debt appeared first on Sands & Associates.

How To Consolidate Your Debt

Debt consolidation works by combining multiple different debts that you have into one new balance, and consolidating your debt can be a strategy to consider if you want to:

• Simplify your monthly payments.
• Reduce your interest charges and/or monthly payments.
• Establish a clear repayment schedule.
• Pay down your debt faster.

There are different ways to do debt consolidation. If you’re working with a lender, you could potentially consolidate your debt through a borrowing option such as:

• A new loan that’s used to pay off your existing debts, which you’ll repay over a set term.
• A balance transfer where you move your credit card balances onto one new credit card account, and you’ll manage your own monthly payments to pay off the new total.
• A new personal line of credit, which you’ll pay back through payments you manage.
• A new home equity line of credit or second mortgage, where you may make set payments to pay the balance off – or make minimum interest-only payments.

A Better Way to Consolidate Your Debt

Although you might consider options through a lender, consumers do have an alternative consolidation option that requires no further borrowing – this is called a Consumer Proposal. Here’s how it works:

• A Consumer Proposal will consolidate virtually all your debts (including general consumer debts, personal debts, and government debts) into one repayment plan, and you’ll offer your creditors the portion of your debt you can afford to pay back over a period of up to five years.
  • Your balances will automatically be frozen, and no further interest charges will be added.
  • Your creditors will agree to forgive the unpaid balance (which can often reduce your total debt anywhere from 50-80% or more).
  • You’ll work with a Licensed Insolvency Trustee who will deal with communications with your creditors, collect and distribute your payments, and manage the whole Consumer Proposal.

Learn More About How Much Debt a Consumer Proposal Can Eliminate

What Are the Benefits of Debt Consolidation?

Because there are borrowing and non-borrowing options for debt consolidation, the potential benefits to consolidating your debt will ultimately depend on the type of debt consolidation you choose.

If you’re using a lender to consolidate your debt with a loan or similar option, aim for a financial agreement that offers you advantages that include:

• One simple affordable monthly payment that is smaller than your current monthly payments combined, making your finances easier to manage.
• Paying back your consolidated debt at a lower interest rate than you currently have, and with a repayment term short enough that you’ll save money on the total cost to repay your debt.
• A debt repayment schedule that allows you to clearly plan for when your debt will be paid off.

Added Benefits of Choosing a Consumer Proposal for Debt Consolidation

If you decide to make a Consumer Proposal you could get even more advantages from your debt consolidation, in addition to the benefits of a consolidation loan, including:

• A flexible and customized monthly payment, or other payment terms.
• Paying back only an affordable portion, often as little as 20-50%, of your total debt, in full settlement of your account balances.
  • Because most people cut their debt AND don’t pay new interest charges, monthly Consumer Proposal payments are almost always substantially lower than those of consolidation loans.
• Professional support throughout the process, including financial counselling services are all available to you at no added cost or fee.
• Creditors will be directed to communicate with your Licensed Insolvency Trustee, removing stress or anxiety you may have about speaking with creditors.
• With no upfront cost to get started with a Consumer Proposal you’ll notice an immediate improvement in / boost to your monthly budget and personal finances.

Learn More About Why Borrowing Isn’t Always Best for Consolidating Debt

What Are the Downsides of Debt Consolidation?

If you are considering consolidating your debt by borrowing with a lender, there are several possible ‘cons’ to be aware of, including:

• Qualifying for bank-based debt consolidation can be difficult – both in terms being approved to borrow at all, and for borrowing at ‘best’ rates.
  • Lenders may require you to have a co-signer who will be responsible for repaying the full unpaid balance if you default on your payments, or they may require you to use a major asset as collateral against your loan. Both types of ‘guarantees’ can be highly risky, especially if you’re already struggling to pay down your debts.
  • You may not be able to borrow enough to cover all your existing debts, which can mean still having to manage multiple debt payments and accounts.
  • Long repayment terms can end up costing you more in accrued interest, and there can be even more borrowing costs and fees if you work with a ‘subprime’ lender.
  • If you borrow at a variable interest rate, you’ll be immediately impacted by Bank of Canada interest rate hikes.
• You may find yourself stuck in a borrow-repay-borrow cycle if you don’t stop using your credit.
  • If there are underlying financial issues that you haven’t addressed and you still have access to use your credit accounts, you may end up dealing with an unmanageable debt load again very quickly!
  • Using a line of credit or credit card balance transfer to consolidate your debt can be risky if you’re not able to strictly manage (or afford) your debt payments, since as you pay back your balances the credit will again be available to be used.

Avoid the temptation to borrow more than you need to consolidate your existing debts – and consider closing the accounts you’re paying off, so you’re not tempted to use them.

What Happens When You Can’t Pay Your Debt? Learn More

Avoid Possible ‘Cons’ of Debt Consolidation with a Consumer Proposal

One way to safely avoid many of the potential downsides of debt consolidation is by using a Consumer Proposal to consolidate your debt, rather than relying on refinancing. With a Consumer Proposal:

• You’re not borrowing or paying any interest while you pay off your debt (which will be reduced too).
• Your credit score and history are not qualifying factors.
• You retain control and possession of your assets and don’t need a co-signer.
• You can start fresh and get a new credit card to keep the convenience, but ensure the limit is low enough that it won’t become unmanageable – or better yet, consider a secured or prepaid card!
• You have a clear plan tailored to your situation, and your Consumer Proposal payments won’t go past 60 months.
• Your creditors cannot change their minds, opt-out, or change the terms once your Consumer Proposal has been agreed to.
• You can pay off your Consumer Proposal early at any time, without penalty.

Can I Afford Debt Consolidation?

It’s very important to make sure you can manage the monthly payments required to effectively pay off your debt consolidation. Understand that a lender being willing to grant you credit doesn’t mean you can truly afford it…

As a quick check, try the ‘Rule of 60’ math:

• Add up your total (unsecured) debts and divide that total by 60.
• Is the resulting number a monthly payment you can consistently afford, to pay off your debts in the next 60 months (five years)?

If the affordability is doubtful – or you simply want to make your monthly payment lower – again, consider a Consumer Proposal as an ideal debt consolidation option. The difference in monthly payments and interest savings over the time it takes you to pay off your debt can be substantial.

Debt Consolidation Loan Payments VS Consumer Proposal Payments

Here’s an example to compare the difference of consolidating your debt with a consolidation loan versus consolidating and cutting your debt with a Consumer Proposal:

• To pay off a $20,000 debt consolidation loan in five years with a 12% interest rate, you would need to pay $445 per month – and your total interest costs would be roughly $6,700 over the five-year term.
• If you instead made a Consumer Proposal that offered to repay 30% of your total debt ($20,000 cut down to $6,000) over a period of 60 months (five years), that would require you to pay $100 per month – with no added interest costs or professional fees.

Learn Why Being Debt-Free Should (Almost) Always Be a Top Financial Priority

President of Sands & Associates, BC Licensed Insolvency Trustee Blair Mantin, explains the ins and outs of debt consolidation.

Get Help Assessing Debt Consolidation and Other Options

Whether you’re interested in how you can consolidate your debt, experiencing problems making your monthly payments, or hoping to get a plan to pay off your debt for good – the best thing to do is connect with a Licensed Insolvency Trustee local to your community so you can assess your situation together with a trusted professional.

• Licensed Insolvency Trustees are Canada’s only designated debt help professionals, fully qualified to safely provide you professional advice about your debt and debt solutions available to Canadians.
• All Licensed Insolvency Trustees offer a free one-hour consultation, and there is no referral necessary to connect – simply reach out directly.

Sands & Associates serves all of BC and can offer you our full suite of debt help and supportive services online, over the phone, or in person at the local office nearest you. When you speak with one of our debt help experts you can expect that:

• You will be treated with respect and dignity.
• We will take time to understand your unique situation, your concerns, goals, and needs.
• You’ll be provided information about all your options to deal with your debt, from consolidation to Consumer Proposals, bankruptcy to credit counselling and more.

It is our goal that by the end of your consultation you’ll come away confident, with a better understanding of your situation and options, with clear next steps in the debt solution you choose.

We understand it might feel uncomfortable to talk about your debt and financial challenges you might be experiencing, but please know that we are not here to judge you, your circumstances, or what has brought you to us. You owe it to yourself to get debt help, and we’re here for you with support and solutions that work. You could have your debt paid off years sooner than you think!

Get non-judgmental debt advice and a plan to be debt-free. Book your free, confidential debt consultation today.

The post Is Debt Consolidation Good or Bad? Understand the Pros and Cons of Debt Consolidation appeared first on Sands & Associates.

What is a Consumer Proposal, and How Does it Consolidate my Debt?

A Consumer Proposal is a legal debt relief option that allows you to consolidate your debt and make an agreement with your creditors to settle your debts in full by repaying what’s affordable for you. After you repay the portion of your total consolidated debt as agreed, your creditors will consider the unpaid balance legally forgiven.

Consumer Proposals can be used to consolidate virtually all types of debt – and you can often cut your debt considerably – anywhere from 50% up to 80% or more – including (but not limited to):

• Credit cards, overdrafts, lines of credit, payday loans
• Government debts such as income tax debt, business GST debt, CERB overpayments
• Student loans (government and bank-loaned)

To do a Consumer Proposal you’ll work with a Licensed Insolvency Trustee who will help you come up with a fair Consumer Proposal offer, and will then manage communications with your creditors and facilitate their payments. You’ll also receive guidance and support throughout the Consumer Proposal with two detailed financial counselling sessions forming an integral part of the process.

Consumer Proposals are very flexible and are tailored to fit each person’s unique circumstances – for example, you might offer a single lump-sum payment, or offer monthly payments for as long as 60 months (five years). Here’s an example of what a Consumer Proposal might look like for you:

If you have various debts that total $25,000 and you’re trying to pay them off in five years with an interest rate of 18%, you would need to make payments of around $635/month for five years…

• Meeting with a Licensed Insolvency Trustee, you decide you can afford to pay around $200/month on your debt, so you offer your creditors a Consumer Proposal where you’ll repay a total of $7,500 – 30% of your debt – by making monthly payments of approximately $210/month for 36 months.
  • Your debts are frozen, with no more interest charges from your creditors, and no borrowing is involved, so you’re not paying any interest costs on the consolidated balance either.
• These payments ($210 per month in this example) are all you need to pay towards your debts being consolidated in your Consumer Proposal – there are no added fees or costs; you make just the one simple monthly payment.
  • If you have a mortgage or vehicle financing agreement that you are going to keep, you can continue to pay these as usual, outside of your Consumer Proposal.
• Once you’ve completed all the terms of your Consumer Proposal – that’s it! Your creditors will be required to legally write-off the unpaid balances and your debts are considered cleared!

Try our Debt Options Calculator to See More Consumer Proposal Examples

Do I Need a Loan to do a Consumer Proposal?

A Consumer Proposal is NOT a loan or borrowing agreement, it is a legal debt solution – and it can only be filed by working with a Licensed Insolvency Trustee; no other professionals or agents are authorized to file a Consumer Proposal for you.

If you are interested in consolidating (and cutting) your debt with a Consumer Proposal and the representative you are working with offers you a loan, this should be a red flag that:

1. You may not be talking with a Licensed Insolvency Trustee, but rather a debt agent or third-party referral source – who may eventually introduce you to a Licensed Insolvency Trustee; and,
2. You may be pressured to pay for financing or other services that you simply don’t need.

Licensed Insolvency Trustees are not lenders, we are Canada’s only officially recognized and qualified debt help professionals:

• You do not need any sort of referral or additional agent working with you to do a Consumer Proposal or connect with a Licensed Insolvency Trustee – just get in touch directly with a Licensed Insolvency Trustee local to your province.
• You do not need to make payments to any agents to ‘build up’ money towards your Consumer Proposal – this suggestion would also be a red flag that you may not be dealing with a Licensed Insolvency Trustee.
  • Most Licensed Insolvency Trustees will recommend either that you make your first monthly Consumer Proposal payment at the time you sign your official Consumer Proposal documents, or shortly after.
  • At Sands & Associates we do not charge any upfront fee to start your Consumer Proposal – you just start paying the proposal once it’s been filed, and you are no longer required to make any payments on the debts consolidated in the Consumer Proposal, which places most clients in a much-improved financial situation right away.

As well as debt agents who charge unnecessary fees for referrals or ‘pre-Proposal’ administrative services, there are also lenders (and their referral agents) who might offer or encourage you to take out a loan to pay off or ‘exit’ your Consumer Proposal. These are unnecessary and, in some ways, un-do some of the key benefits you gained from consolidating your debt with an interest-free Consumer Proposal.

Consumer Proposal ‘Exit’ Loans

Consumer Proposal ‘exit loans’ are often advertised to help you quickly pay off your Consumer Proposal, and in turn, shorten the time it takes until your Consumer Proposal is wiped from your credit history. Many of these ‘exit loan’ providers advertise in a way that creates urgency, over-inflating the importance of fast-tracking a high credit score.

A Consumer Proposal will show on your credit history for three years after you finish paying the Proposal off – OR for six years from the date you started it, whichever comes first. For example:

• If you file your Consumer Proposal in May 2023 and it takes you until April 2026 to pay it off, the Consumer Proposal will be cleared from your credit history in 2029.
• If you file your Consumer Proposal in May 2023 and it takes you until April 2028 to pay it off, the Consumer Proposal would clear from your credit history in 2029.
  • This credit rating impact is similar to the impact of following a credit counselling repayment plan, even though credit counselling debt management plans don’t allow you to reduce your debt.

Learn More About Credit Rebuilding After Your Consumer Proposal

What you need to be aware of is that even though your Consumer Proposal is still showing on you credit history, you are not prevented from seeking new credit. It is still possible to get a new credit card, renew your mortgage, finance a vehicle, etc. during the term of your Consumer Proposal.

• Most people do well to start with a secured credit card with a lower limit that reports payment history to a credit bureau, since this will allow you to have the convenience of a credit card and some credit history benefit – but without the risk of accumulating a big balance.

It’s also very important to understand that there is no real way to instantly boost your credit rating. Your credit rating is tied to your credit history, and building a positive credit history simply takes time, and the right actions. Fortunately, you have control here, with the most important factors being:

• Paying all your bills on time every time
• Demonstrating consistent employment history
• Getting a new credit account and using it responsibly
• Keeping balances under 50% of the total credit limit

These are just a few examples of good credit use habits, and during your Consumer Proposal you’ll have the opportunity to get more resources and tools during your financial counselling sessions with a Qualified Insolvency Counsellor – this is built into the Consumer Proposal process.

Problems with Consumer Proposal ‘Exit’ Loans

While you may be able to take out a loan to pay off your Consumer Proposal early and start rebuilding your credit history sooner, these loans often come at a high cost:

• Using a loan to pay off a Consumer Proposal negates the interest-free perk of a Consumer Proposal.
• Proposal exit loans may be offered at interest rates ranging from as much as 19-32%, or even 40%+.
• Lenders that offer these types of loans are likely to tack on administration and legal fees which might range between $300-$1500, as well as additional (optional) loan protection insurance.
• Loan terms commonly range from 36-84 months and may have minimum terms – so the time it takes you to become debt-free may be even longer than if you had just kept paying your Consumer Proposal as agreed.

Revisiting our prior Consumer Proposal example where you were dealing with $25,000 of debt and had arranged to repay $7,500 in total at $210/month for 36 months – imagine if you’ve paid for one year and have another $5,000 left to pay, then take out an exit loan with a 20% interest rate to finish your Consumer Proposal early. If your loan term was for two years you may be facing:

• Now paying around $255/month for your loan repayment, and the loan’s total interest will cost you $1,100 – PLUS the administration and legal fees – all of which you would have avoided if you’d kept going with your interest-free Consumer Proposal!

Is this worth resetting your credit history two years earlier than planned? For most people – the answer is a clear no!

Whether you’re in a Consumer Proposal or not, the advice of Licensed Insolvency Trustees is often the same: that individuals should prioritize paying off debt and becoming debt-free above a high credit score. Credit scores are always changing, and you may substantially change yours in just a few short years – whereas the costs of carrying debt with interest can take a toll far longer, and can limit how you are able to use your income.

• Carefully consider the costs and reasons for taking out a loan or other financing to pay off your Consumer Proposal before moving forward. In most cases, the high costs of borrowing against the early credit history reset just don’t add up – not to mention that you risk ending up with an unmanageable or long-term debt again!

Some agents will use high-pressure sales tactics to get you into a Consumer Proposal loan, or make unrealistic promises of being able to quickly fix your credit rating. If you still want to work with an agent, be aware that unregulated and unlicensed debt agents often charge individuals thousands of dollars for unnecessary services, or services they are not qualified to provide – both before, during and after a Consumer Proposal. Be on the lookout for tactics such as:

• Offering you financing with high fees and high interest rates.
• Encouraging you to stop making your bill payments to accumulate a lump-sum settlement.
• Suggesting you use your credit to pay their fees.

Also, if anyone besides a Licensed Insolvency Trustee recommends you NOT file a Consumer Proposal, ALWAYS get a second opinion. Remember, only a Licensed Insolvency Trustee is authorized to advise you on a Consumer Proposal, and file one for you. The best thing to do is simply ask “Are you a Licensed Insolvency Trustee?”

What Does it Mean for Me if My Spouse Files a Consumer Proposal? Learn More

How Can I Finish my Consumer Proposal Early, Without a Loan?

With a Consumer Proposal, you’ll have a clear debt-free date in five years or less – and some people complete their Consumer Proposal ahead of schedule. Absolutely – if you can or want to – you can pay off your Consumer Proposal early, at any time, with no penalty or hassle.

If you want to aim to finish your Consumer Proposal sooner than planned, you might:

• Increase your monthly payments or increase your payment frequency – say from monthly to biweekly, so you get in extra payments.
• Make additional payments as you have extra cash available, whether from your regular income, or even from irregular funds like a tax refund.

Get Advice About Consumer Proposals and Other Debt Solutions

If you’re wondering about ways to consolidate or settle your debt or want to learn more about how a Consumer Proposal could work for you the next step is to connect directly with a local Licensed Insolvency Trustee in your province. Remember, there is no cost or commitment required to have a conversation with a qualified professional (a Licensed Insolvency Trustee) about your situation and all the options you have.

• Sands & Associates’ Licensed Insolvency Trustees provide safe, unbiased, and non-judgmental advice and we work with BC residents across the province.
• We will take the time to understand your situation, needs, and goals – our goal is that you have all the information to make the decision about what’s best for YOU and your debt-free plan.
• In under an hour, we can help you better understand your options, and provide you clear next steps – and all of our advice comes at no charge to you.

Get support and solutions – and a debt-free plan that’s right for you. Book your free, confidential consultation with a caring, local Sands & Associates debt expert today.

The post How Do I Get a Consumer Proposal Loan? appeared first on Sands & Associates.