Read on to learn more about who we are, what makes Sands & Associates different from other debt help professionals, and some of our proudest achievements over the past 35 years.

Sands & Associates – Founded in 1990

Sands & Associates was founded in BC’s lower mainland in 1990 by Bankruptcy Trustee Earl Sands and later expanded to include six offices throughout the greater Vancouver area. In the coming years Sands & Associates would grow to an extensive network of local offices across the province, recognized as BC’s best, award-winning Licensed Insolvency Trustees.

BC-Wide Debt Help Services

Unlike many large national debt relief organizations, Sands & Associates focuses solely on debt help services for consumers and small business owners. We are the largest firm in BC to take this specialized approach, offering our services and advice with respect and understanding – we know that debt-stress can deeply impact people, and a debt problem can happen to anyone at any time.

• Sands & Associates is proud to be able to help people complete their debt-free journey, from consultation to debt-free, whether from the comfort of their own home, or in-person at a local Sands & Associates office near them.
• By embracing the connection technologies available we are helping to ensure that debt relief services are accessible to everyone, removing in-office service barriers and constraints.

What to Expect

Sands & Associates Clients

Our team values the trust people place in us when they look to our professionals for support and solutions to take control of their finances and move towards brighter, debt-free days.

Many people worry there are no solutions to their debt problem, and we are exceptionally grateful for our clients who have chosen to come forward over the years and share their words of reassurance and encouragement to others who may be facing a similar situation, and those who share their deeply personal stories about how they found a financial fresh start.

Read Client Reviews

Whether you are seeking information about a debt resource, or exploring specific debt solutions, we aim to provide a “five star” experience from start to finish, treating everyone with dignity and respect.

The post We Help with Debt – 35 Years and Counting appeared first on Sands & Associates.

Having polled over 2,100 people from around the province who recently made an insolvency filing, the 2024 BC Consumer Debt Study offers unique insights into consumer debt issues across the province, exposing the realities of dealing with a personal debt problem and the serious impacts of debt issues on consumers’ health.

Sands & Associates President and Licensed Insolvency Trustee Blair Mantin joined CTV News to share key findings from the 2024 BC Consumer Debt Study.

Watch the clips here and learn more below:

• The 2024 BC Consumer Debt Study’s largest cohort (36%) said they had $25,000-$49,999 of debt (excluding vehicle loans/mortgages) when they started their debt relief process.
• Over half of individuals polled (56%) said credit card debt was the main type of debt they had – 4.5 times more than the next leading type of debt.
• Payday (or instalment) loans were the second-most reported (12%) type of problem debt for consumers, as well as tax debt (12%).
  • Payday loan usage has almost doubled as the main type of problem debt for BC Consumer Debt Study participants since 2020’s study (6.3% of respondents attributed their main type of debt to payday loans in the 2020 BC Consumer Debt Study).
• 72% of people surveyed said overwhelming stress was how they knew their debts were becoming a problem.

Common Issues Driving Consumer Debt in BC

Four of the five top-reported causes of problem debt for consumers polled in the 2024 BC Consumer Debt Study may be related to issues outside the individual’s immediate control:

• Almost 1 in 4 people surveyed said the direct main cause of their debt was using credit for essential costs of living income could not cover (24%).
• Illness, injury or health-related problems (11%), marital or relationship breakdown (7%) and job-related issues (7%) were also direct main causes of debt identified by survey participants.
• 27% of British Columbians polled in the study attributed the direct main cause of their debt to overextended credit due to general financial mismanagement.

Debt Problem Warning Signs

An emotional cue was the top warning sign of a debt problem for most people:

• Over 7 in 10 individuals surveyed (72%) said overwhelming stress was how they knew their debts were becoming a problem.
• Other top signs of a debt problem reported by consumers included: Only making minimum payments (58%) and seeing debt balances remain almost the same every month, despite making payments (55%).

4 Budget Issues That Point to a Debt Problem

Impacts of Problem Debt on Consumers

The BC Consumer Debt Study series reveals the devastating effects that money problems can cause consumers, with impacts experienced far beyond financial transactions. The effects of dealing with problem debt as reported by individuals polled included:

• Almost 4 in 5 people (79%) said their mental health suffered because of being in debt, and 3 in 5 individuals (60%) said their self-esteem suffered by being in debt.
• Over 4 in 5 people (84%) said they had a constant worry about debt.
• 78% had anxiety, 69% feelings of helplessness or hopelessness, and 61% had depression because of debt stress.
• Close to half (48%) of respondents said being in debt caused their physical health to suffer.
• Roughly 1 in 7 individuals said they experienced suicidal ideation because of their debt-stress.

Consumers Delaying Seeking Debt Help

Almost 4 in 5 people (79%) said their mental health suffered because of being in debt and despite this, only 6% of individuals said they sought help as soon as they knew they had a problem.

• 41% of consumers polled in the 2024 BC Consumer Debt Study said they waited more than two years before seeking help – a 51% increase since the 2018 BC Consumer Debt Study.
• Most survey respondents (62%) say they waited to seek professional debt help because they wanted to manage debt on their own.
• More than half (54% and 51% respectively) said they waited because they felt ashamed they couldn’t handle the debts they incurred or were embarrassed to ask for help.

Misinformation remains a concerning barrier for individuals dealing with overwhelming debt:

• More than 1 in 4 consumers surveyed (27%) said they delayed seeking help for their debts because they didn’t know where to seek help.
• Nearly a third of individuals polled (32%) said they waited to seek professional debt help because they thought there was no solution to their situation. 

Learn About Debts You Can Include in a Consumer Proposal 

Solving Debt Problems

• Roughly 1 in 3 people surveyed (34%) tried to deal with their debts by applying to extend credit limits on existing debts.
• 26% of consumers said they applied for consolidation financing, while 25% used payday or instalment loans, and 5% asked family or friends to co-sign a consolidation loan (5.2%).
  • 33% of people said they borrowed from family or friends to make debt payments.

Individuals who recently used a legal debt relief process were surveyed for the 2024 BC Consumer Debt Study, with 85% of respondents who ultimately reorganized their debts using a Consumer Proposal, and 15% who sought debt forgiveness through Personal Bankruptcy.  The debt relief option of choice for consumers has changed remarkably in recent years, with Consumer Proposals now far outpacing bankruptcy.

• Over 90% of individuals polled in the 2024 BC Consumer Debt Study expressed satisfaction with their choice to file a Consumer Proposal or Personal Bankruptcy to deal with their debts.

Real Stories – Learn More from BC Consumer Sharing their Personal Stories

Where to Get Safe, Professional Debt Help

Blair Mantin, President of Sands & Associates, the firm of Licensed Insolvency Trustees who perform the debt study series, says that solving a debt problem independently can be nearly impossible for many people, and that unfortunately many consumers become overwhelmed and are unaware of the support available to them.

As Blair explains, BC residents are encouraged to seek support and solutions from a Licensed Insolvency Trustee at the onset of a debt problem, and consumers should know that:

• You can connect directly with a Licensed Insolvency Trustee local to your area to seek free, confidential debt advice and explore all your options for dealing with debt.
  • No referral or payment is necessary to have a free consultation, and there are no pre-qualifiers to meet.
• Consumers should be on guard against debt settlement agents and third-party referral sources that attempt to sell inferior or unregulated debt help services.
  • Licensed Insolvency Trustees are Canada’s only official debt help experts, fully qualified and endorsed to provide guidance on dealing with your debt, and a range of debt management services.
• You don’t need to be facing an extreme financial situation to seek information from a Licensed Insolvency Trustee – anyone can get free, confidential advice about their situation and options.

Sands & Associates believes that open conversations and non-judgmental support are key to removing barriers for people struggling with debt. If you are feeling worried or stressed about your debt, or want to explore debt management solutions and resources, connect directly with a Licensed Insolvency Trustee local to your area for a free confidential consultation.

Sands & Associates is BC’s largest firm of Licensed Insolvency Trustees focused exclusively on non-judgmental debt help for consumers and our full suite of services is available by phone, video, or in person at a local BC office near you.

The post New Debt Study Uncovers How Debt Problems Impact BC Consumers appeared first on Sands & Associates.

Findings from Sands & Associates’ 2024 BC Consumer Debt Study were released today, offering insights into consumer debt issues across the province. The twelfth annual study polled over 2,100 people from around British Columbia who recently made an insolvency (formal debt relief) filing, inviting individuals to share their personal insights and journey when dealing with a debt problem.

As Blair Mantin President of Sands & Associates, BC’s largest firm of Licensed Insolvency Trustees focused on consumer debt help explains, the annual study series aims to highlight the causes and effects of problem debt on British Columbians:

“Consumers are waiting longer than ever before to seek help, and as leaders in BC’s debt management sector, we feel it’s one of our key responsibilities to bring these issues – and solutions – to light.

Licensed Insolvency Trustees see firsthand how deeply financial challenges impact people, in virtually every aspect of their lives – and one of the most frustrating things is that so many consumers feel they are alone and don’t know they have resources available to help them solve these issues and move forward with their lives.”

Click here to read the full 2024 BC Consumer Debt Study report.

Click here to view and download the 2024 BC Consumer Debt Study infographic.

Key Takeaways from the 2024 BC Consumer Debt Study

• 79% of British Columbians polled in the 2024 BC Consumer Debt Study said their mental health suffered because of being in debt.
• Debt-stress resulted in: constant worry about debt (reported by 84% of consumers); anxiety (78%); poor sleep (70%); alienation from family or friends (30%).
• 72% of individuals surveyed said overwhelming stress was how they knew their debts were becoming a problem.
• 41% of survey participants waited more than 2 years before seeking help with their problem debt.
• 56% of people said credit card debt was the main type of debt they had, and the top two direct main causes of debt reported by all consumers were: overextended credit due to financial mismanagement (27%) and using credit for essential costs of living income could not cover (24%).

How British Columbians Are Accumulating Debt

Consistent with past BC Consumer Debt Study statistics, the largest cohort (36%) of 2024’s study participants had between $25,000-$49,999 of debt (excluding vehicle loans/mortgages) when they started their debt relief process, and 29% of consumers polled described their credit rating as ranging between ‘good’ to ‘excellent’ at the time of their insolvency filing.

Four of the five top-reported causes of problem debt may be connected to conditions or events outside consumers’ immediate control:

• Almost 1 in 4 people surveyed said the direct main cause of their debt was using credit for essential costs of living income could not cover (24%).
• Illness, injury or health-related problems (11%), marital or relationship breakdown (7%) and job-related issues (7%) were also direct main causes of debt identified by survey participants.
• 27% of British Columbians polled attributed the direct main cause of their debt to overextended credit due to general financial mismanagement.

Three types of debt that Licensed Insolvency Trustees often categorize as high-risk due to the costs of borrowing and likelihood of balances becoming unmanageable were highlighted in the 2024 BC Consumer Debt Study:

• Over half of individuals polled (56%) indicated credit card debt was the main type of debt they had – 4.5 times more than the next leading type of debt.
• Payday (or instalment) loans were the second-most reported (12%) type of problem debt for consumers, as well as tax debt (12%).

Most participants in the 2024 BC Consumer Debt Study (94%) said their household has been impacted by recent inflation increases:

• The largest cohort (85%) said inflation has their household now spending more on necessities such as food and gas.
• 53% of participants said their household is now spending more on shelter and utilities, and 51% said their household is no longer able to accumulate as much savings.

How Problem Debt is Affecting British Columbians

Individuals who participated in the 2024 BC Consumer Debt Study reported a devastating range of impacts from debt, affecting virtually all aspects of everyday life:

• Over 7 in 10 people surveyed (72%) said overwhelming stress was how they knew their debts were becoming a problem.
• Other top-reported signs of a debt problem that consumers identified included: Only making minimum payments (58%); seeing debt balances remain almost the same every month, despite making payments (55%).

Close to 4 in 5 people (79%) said their mental health suffered because of being in debt and 84% of individuals surveyed said they had a constant worry about debt:

• 3 in 5 of all individuals polled (60%) said their self-esteem suffered by being in debt; 78% had anxiety, 69% feelings of helplessness or hopelessness, and 61% depression because of debt stress.
• Roughly 1 in 7 people said they experienced suicidal ideation because of their debt-stress.

Nearly half (48%) of individuals polled also said being in debt caused their physical health to suffer, while close to one-third (32%) of consumers said their relationships suffered as a result of being in debt, and 29% said they had to put life events on hold being in debt.

What Consumers Did to Solve Problem Debt

Prior to seeking professional debt help from a Licensed Insolvency Trustee, consumers attempted to manage their debt with a range of actions, including many that required additional borrowing:

• Over 1 in 3 people surveyed (34%) tried to deal with their debts by applying to extend credit limits on existing debts.
• 26% of individuals said they applied for consolidation financing, while 25% used payday or instalment loans, and 5% asked family or friends to co-sign a consolidation loan.
  • Over a third (33%) said they borrowed from family or friends to make debt payments.
• 10% of British Columbians polled said they attempted to deal with their debt by working with a credit counsellor, and 7% by working with a debt repayment agent.

Individuals who recently made a formal insolvency (debt relief) filing were surveyed for the 2024 BC Consumer Debt Study, with 85% of respondents who ultimately reorganized their debts using a Consumer Proposal, and 15% who sought debt forgiveness through Personal Bankruptcy, reflecting that debt relief for consumers has changed remarkably, with Consumer Proposals now far outpacing bankruptcies as the debt solution of choice.

Why People Are Waiting to Seek Debt Help

Only 6% of consumers polled in the 2024 BC Consumer Debt Study said they sought help as soon as they knew they had a problem, and sadly the largest portion of individuals (41%) waited for more than 2 years before seeking help – a 51% increase since the 2018 BC Consumer Debt Study.

• Most survey participants (62%) say they waited to seek professional debt help because they wanted to manage debt on their own.
• More than half of consumers polled (54% and 51% respectively) said they waited because they felt ashamed they couldn’t handle the debts they incurred or were embarrassed to ask for help.

Misinformation remains a significant issue in reaching individuals to offer support and solutions:

• Over 1 in 4 BC consumers surveyed (27%) say they delayed seeking help for their debts because they didn’t know where to seek help and 15% said they delayed because they had misinformation about how the Consumer Proposal and/or Bankruptcy process worked.
• Nearly a third of people (32%) said they waited to seek professional debt help because they thought there was no solution to their situation.

How Insolvency Has Influenced Financial Outlooks

Over 90% of the individuals polled in the 2024 BC Consumer Debt Study expressed satisfaction with their choice to file a Consumer Proposal or Personal Bankruptcy to deal with their debts, and most individuals say that their experience receiving professional debt help also improved their finances and overall financial literacy:

• Two-thirds of survey respondents (67%) said getting professional debt help allowed them to improve their budgeting and/or savings skills.
• More than half of individuals polled (55% and 53% respectively) say they are now more confident in day-to-day financial management and have a better understanding about credit and borrowing.

Click here to read the full 2024 BC Consumer Debt Study report.

Click here to view and download the 2024 BC Consumer Debt Study infographic.

View the BC Consumer Debt Study series here.

For further details about BC Consumer Debt Studies or media inquiries contact Sands & Associates President Blair Mantin.

About Sands & Associates and the BC Consumer Debt Study Series

Since founding in 1990 Sands & Associates has grown to become a leader in BC’s debt help industry, now the province’s largest firm of Licensed Insolvency Trustees dedicated to debt services for consumers and small business owners. Sands & Associates’ “debt smart with heart” approach is at the core of our award-winning service, and we believe this is crucial to providing support to individuals in need.

It is our goal to promote open, honest conversations and increase awareness and support for consumers experiencing financial challenges and the BC Consumer Debt Study series offers a unique opportunity for understanding these deeply personal and often private struggles.

You are not alone in dealing with a debt problem, and you have options to clear debt and move forward with a financial fresh start. Connect with a local Sands & Associates expert today to take back control of your finances – book your free, non-judgmental debt consultation now.

The post Consumers Delay Seeking Debt Help Despite Drain on Mental Health – Latest BC Consumer Debt Study appeared first on Sands & Associates.

We understand it can feel difficult to take the first step of reaching out for professional advice with a personal debt issue and believe that our supportive, non-judgmental approach to providing debt help is a key component not only of our success, but the success of our clients. Everyone deserves the opportunity to get a financial fresh start, and to be treated with respect and dignity.

“Sands & Associates helped me navigate a way through my debt. I thought I had run out of options, but they offered me several. Sands & Associates relieved so much of my stress, and the financial counselling was extremely beneficial to my family and our budgeting plan.” – Skyla

“Sands & Associates made an incredibly difficult thing looming above my family’s financial future into something with hope and with a light at the end of the tunnel. Every team member made a tremendous amount of effort for my sake and cared enough to ensure a smooth, fast, and efficient transition to eventually having a debt-free life. …it made an incredible difference in our lives!” – Dylan

Debt-stress can be overwhelming and the sooner you confront a growing debt problem, the better. Without intervening action issues almost always get worse, and situations can escalate quickly.

Connect with Sands & Associates in person or from the comfort of home and get non-judgmental debt advice a debt-free plan that’s right for you – book your free, confidential consultation today. 

Consumer Debt Help – Advice & Services 

Most people never expect to find themselves in a position where they are struggling to pay off their debts, and few individuals are aware of their rights and remedies when it comes to dealing with debt. A debt problem can happen to anyone at any time, and the ideal time to address these issues is in the early stages. A Licensed Insolvency Trustee is your best ally to help you find a solution to clear debt and move forward.

Although there are a wide range of individuals offering debt help services to Canadians, Licensed Insolvency Trustees are Canada’s only official debt help providers and consumers can safely get qualified, free, impartial advice about their situation and explore all their options for managing debt, including debt consolidation and debt relief.

Connect with Sands & Associates’ award-winning Licensed Insolvency Trustees 

Solutions to Manage Personal Debt 

Many people mistakenly believe that when they are having difficulty managing their debt filing for personal bankruptcy is their only recourse – but you may in fact have several options that will help resolve your situation, including but not limited to:

• Consolidating and cutting your debt with a Consumer Proposal, a special type of legal consolidation that can reduce the debt you must repay by up to 50-80%, without any borrowing or interest charges.
• Working with a lender to refinance your debt through products such as a consolidation loan, mortgage or balance transfer.
• Repaying basic consumer debts through a credit counselling repayment plan.
• Prioritizing debt payments to focus on high-priority balances.
• Declaring bankruptcy to get up to 100% of your debt forgiven.

In some cases, people can solve their debt problem using self-directed resources or strategies that a Licensed Insolvency Trustee can help explore. Or, if you decide that a Consumer Proposal or bankruptcy are the best solution for you and your situation, your Licensed Insolvency Trustee will be there to support you through these processes.

Learn More About Comparing Debt Management Plans

Talking with a Licensed Insolvency Trustee

Anyone can talk with a Licensed Insolvency Trustee to get free, confidential debt advice, and your credit score and history are not qualifiers to getting debt help. A confidential consultation is an opportunity for you to start moving forward, and this conversation should address your concerns, goals – and solutions – to manage your debt.

• When you connect with a debt expert at Sands & Associates, we will take the time to understand your unique situation, and walk you through all your available solutions in clear, understandable terms, answering all of your questions so you can make fully informed decisions about your future.
• At the end of this conversation, you should have a clear outline of the next steps in the plan you choose, and many of our clients tell us that knowing that they could move forward, and how they would do so, lifted a burden from their shoulders.

Sands & Associates’ full suite of debt help services is available seven days a week, with options for in-person meetings, as well as telephone and video conferencing – whatever is most comfortable and convenient for you.

Get non-judgmental advice and debt solutions that work. Book your free, confidential consultation with Sands & Associates now.

The post Office Spotlight: Sands & Associates Revelstoke appeared first on Sands & Associates.

Sands & Associates is committed to providing support and debt solutions with a caring, non-judgmental “debt smart with heart” approach and we are excited to announce we have expanded our BC office network with the opening of Sands & Associates’ office in North Vancouver.

We believe that a debt problem can happen to anyone at any time, and that everyone deserves to live free from the overwhelming stress of debt.

“I am extremely grateful for the services provided by Sands & Associates. Their deep knowledge of finances helped create a sound financial plan that substantially reduced my debt by half. 

They mediated with my creditors in a timely and professional manner and were available even on Sundays to address my concerns. Their insights have fundamentally changed the way I manage my finances. They were generous with their knowledge and empathetic to my situation. 

Sands & Associates helped me overcome this burden, addressing the issues at hand which also helped my well-being … I wholeheartedly recommend their services to anyone…”

– Sands & Associates Client

Talk with a local Sands & Associates debt help expert and get a debt-free plan that’s right for you. Book your free, non-judgmental consultation today.

Get Qualified Debt Advice at No Cost 

Debt can feel like an impossible problem, and many Canadians don’t know where to turn for guidance in how to deal with debt issues. A Licensed Insolvency Trustee is the best professional to turn to, and we are Canada’s only official debt help experts, fully endorsed and qualified to help consumers and business owners explore their options to manage, settle, and have debts forgiven.

To get free, qualified debt advice reach out to a Licensed Insolvency Trustee local to your province – there are no qualifiers to get confidential support, and no referral is needed.

British Columbians can connect with Sands & Associates’ Licensed Insolvency Trustees seven days a week, with our full suite of debt help services available over the phone, online, or in person from a local office near you.

Warning Signs of a Debt Problem 

If you’re experiencing any of the following debt warning signs, or simply want to learn about debt management options that can help you pay off your debt faster and at less cost, talk with a Licensed Insolvency Trustee. Without taking action a growing debt problem will almost always escalate, and you owe it to yourself to get debt help and move forward with your life.

• Anxiety or stress about your finances and paying your debts
• Only being able to afford making minimum monthly payments on your credit card debt
• Debt balances that don’t change, despite making regular payments
• Reliance on credit to pay your regular monthly living expenses
• A debt repayment plan that would take more than five years to clear your (non-mortgage) debts

Learn More About Signs of a Debt Problem You Shouldn’t Ignore

Solutions to Pay Off Credit Card Debt and More 

Credit card debt is a top problem debt among BC consumers and fortunately, there are options to help you get control over these and other common consumer debts including (but not limited to) payday loans and overdrafts, as well as government debts such as outstanding income tax and business GST balances, CERB overpayment, student loans and more. Solutions can include:

• Filing a Consumer Proposal, one of the fastest growing debt solutions for Canadians, and this specialized legal debt tool can consolidate and cut your debt by up to 50-80%, allowing you to clear your debt within five years.
  • A Consumer Proposal is not a loan, so there is no credit check required, and no interest or professional fees are charged on top of what you repay to your creditors.
• Repaying your debt through a credit counsellor can help manage your debt if your balances are low and you have only basic consumer debts that are eligible for an informal repayment plan.
• Personal bankruptcy may be an alternative for debt relief where your income is limited and you are unlikely to be able to afford to repay a meaningful portion of your debt.

Explore these and other BC debt resources together with a Licensed Insolvency Trustee. In under an hour you can get a debt-free plan tailored to your situation, and come away with a clear outline of your next steps. You are not alone in solving a debt problem, and you have options!

Book your free, confidential debt consultation with Sands & Associates today – our caring, non-judgmental team of Licensed Insolvency Trustees, Estate Manager, and Qualified Insolvency Counsellors are here to help you.

The post Office Spotlight: Sands & Associates North Vancouver 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.

The team of professionals at Sands & Associates is deeply committed to making a positive difference in communities across the province, providing resources, guidance, and expertise in a non-judgmental space and communicating with kindness in a straightforward approach. We believe that everyone deserves to make informed decisions and receive the necessary support to manage their finances confidently.

Our concept of supportive and empowering debt help services has been described as “Debt Smart with Heart” and it is our privilege to provide a safe space for people to talk about their financial challenges and help solve those issues. You owe it to yourself to get debt help – connect with a local Sands & Associates debt expert now.

Learn About Your Options with a Qualified Professional

Licensed Insolvency Trustees are Canada’s only debt help professionals fully qualified and federally endorsed to assist and guide consumers and business owners in assessing all their options to deal with debt, from debt consolidation services to debt relief solutions and more.

By connecting with a Licensed Insolvency Trustee local to your province you can safely get accurate advice about your situation and solutions to deal with your debt and move forward with your life.

• No referral is required to speak confidentially with a Licensed Insolvency Trustee and get advice about your situation, and information about solutions and resources to help you manage your debt.
• All Licensed Insolvency Trustees offer a free one-hour consultation for you to get one-on-one support and answers to your questions.

Many people struggle with asking for help, or don’t know where to turn for support, and we believe that normalizing conversations about debt and money problems is an important piece of taking the shame and stigma away from debt-stress. If you are feeling the strain or stress of debt – know that you are not alone, and that there are solutions.

Meet people who changed their lives working with Sands & Associates and hear their real stories

Who Do Licensed Insolvency Trustees Help?

Your financial situation does not need to be ‘bad’ to qualify for help from a Licensed Insolvency Trustee. Sands & Associates helps people across BC – any BC resident can have a free, confidential consultation to talk about their situation, needs, and get a plan to become debt-free.

Some common situations we help people resolve include, but aren’t limited to:

• You’d like general information about how you can pay off your debt.
• You need guidance about your legal rights or remedies in dealing with a specific debt or creditor.
• You are concerned about escalating collections or legal action by a creditor, such as a wage garnishment or bank account seizure.
• You feel trapped in a debt cycle or can’t make substantial progress in paying down your debt.
• You think you may need debt forgiveness or formal debt relief.
• You’re considering debt consolidation or some type of debt restructuring solution.

If you decide to move forward with a Consumer Proposal or personal bankruptcy, we can work with you throughout these processes, and if you prefer to work on a self-directed plan, we will provide you with information on any additional resources that can help you be successful.

What to Expect at a Debt Consultation with Sands & Associates

Whether you have a specific goal, concern, or general questions – your meeting will focus on reviewing your financial situation together and providing you with all the information you need to make a fully informed decision about a range of options to deal with your debt.

At Sands & Associates our goal is for you to understand the options that are available, assess which feels like the best fit for your situation, and together build your plan to get out of debt. Some of the possible debt management solutions we’ll discuss will include, but are not limited to:

• Focused do-it-yourself approaches such as: budgeting, prioritizing specific debts, utilizing available assets, resources such as BC’s statute of limitations, etc.
• Refinancing solutions and strategies.
• Debt repayment plans offered by credit counsellors and other types of informal debt agents.
• Consolidating and cutting debt with a Consumer Proposal.
• Personal bankruptcy, where full debt forgiveness is appropriate or other options unsuitable.

In under an hour you’ll get a personalized debt-free plan and have a clear outline of your next steps.

Debt doesn’t have to last forever – move forward with a debt-free plan that works for you. Book your free debt consultation today.

The post Office Spotlight: Sands & Associates Prince Rupert appeared first on Sands & Associates.

Blair Mantin, Sands & Associates President and Licensed Insolvency Trustee shares more about helping consumers deal with a debt problem:

“Debt is a problem like many others in that it does have a solution – and we’re here to help you understand all of your options and move forward with the plan that’s right for you and your situation. We believe that financial issues can happen to anyone, and that you owe it to yourself to get debt help.

For over 35 years Sands & Associates has been a part of our local communities, supporting BC consumers facing debt challenges. Our team of Licensed Insolvency Trustees, Insolvency Estate Managers and Qualified Counsellors is made up of professionals who are not only qualified and experienced in helping people get out of debt, but committed to doing so in a way that makes everyone feel respected, heard, and valued.

Whether you are facing an urgent debt issue or looking for a better way to pay off your debt, Sands & Associates is here for you with support, solutions – and no judgment.”

Sands & Associates offers complete debt relief services at local offices throughout the province, as well as over the phone and online. Book a free, confidential and non-judgmental consultation today to get advice and a plan to be debt-free.

Do I Qualify for Debt Help? 

If you need debt advice or think you might have a debt problem, a Licensed Insolvency Trustee is the right professional to help you. Simply get in touch with a local Licensed Insolvency Trustee directly to request a free one-on-one consultation to talk about your situation and get confidential advice.

You don’t need to meet any qualifiers or be facing an extreme situation, such as being sued by a creditor, to seek debt help from a Licensed Insolvency Trustee. Some common situations that we help with include, but are not limited to:

• You’re experiencing stress about your debt and ability to make your monthly payments.
• You’ve been looking for ways to manage your debt more effectively.
• You worry about escalating creditor action or increasing account balances.
• You’re not able to pay much more than the required minimum monthly payments on your credit card or other balances.
• You make payments each month but are then forced to use your credit again to pay regular bills or household expenses.
• You’ve consolidated your debt but still feel financially squeezed.
• You feel prevented from moving forward because of old debts, or debts that are taking you a long time to pay off.
• Your current pace of debt repayment will have you making (non-mortgage) debt payments for more than five years.

In less than an hour we can help you understand your situation, explore all your options to deal with your debt, and help you take the next steps in the plan you choose. Get started today with a free, confidential debt consultation. 

Debt Relief for Canadians

In Canada, consumers have two different options for debt relief that will allow you to have some – or all – of your debts completely forgiven and legally extinguished. These options are:

Filing a Consumer Proposal: This legal consolidation solution offers consumers debt relief with a plan that will:

• Consolidate virtually all your debt without borrowing, interest charges or added fees.
• Allow you to repay your creditors the portion of your debt that you can afford, in full and final settlement (cutting up to 50-80% of your total consolidated debt is common).
• Prohibit creditors from pursuing you for payment, collections, or ongoing interest.
• Provide a debt restructuring plan of up to five years, with a clear debt-free end date.

Declaring Bankruptcy: Where an individual can’t afford to repay a portion of their debt through a Consumer Proposal, personal bankruptcy is an alternative option for debt relief that can allow you to have up to 100% of your debts forgiven (even government debts):

• You do not need to ask your creditors’ permission to file for bankruptcy, and you will get immediate protection from your creditors.
• Most bankruptcies in Canada take only nine months to complete, and you only pay an administrative cost which is usually broken into payments over this time.
• Bankruptcy does not permanently impact your credit history, and you can usually re-establish a positive credit history within two or three years.

These two debt relief solutions are only available through working with a Licensed Insolvency Trustee and are the only options available for consumers to legally have their debts forgiven. Don’t be fooled by other agents or advertisements! Ask “Are you a Licensed Insolvency Trustee?” 

You don’t have to solve your debt problem alone – everyone deserves to live with dignity, and without the overwhelming stress of debt. Speak with a Licensed Insolvency Trustee about your concerns and get guidance and a personalized debt-free plan so you can move forward and live your best life – without debt.

Connect with a friendly, local debt expert who cares and get started with the debt-free plan that’s right for you – Book your free, confidential debt consultation today.

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As consumers face tough financial demands, Sands & Associates, BC’s largest firm of Licensed Insolvency Trustees focused exclusively on providing debt help services to individuals, is seeing a substantial increase in the number of BC residents seeking professional debt advice and debt relief support. President of Sands & Associates, Licensed Insolvency Trustee Blair Mantin joined Global News to share more on consumers’ growing financial concerns, and what you should know if you’re a BC resident facing a debt problem.

Watch the clip here and read on to learn more about what to watch for across the province.

Carrying Consumer Debt? Here’s the Latest You Should Be Aware Of

Creditors Are Significantly Ramping Up Collection Tactics

In 2020 BC courts were closed and many creditors were extending payment deferrals to their customers.  It’s safe to say that this leniency has now passed and it’s back to ‘business as usual’. In 2023 so far, creditors seem to be taking a noticeably more aggressive approach to collections, with legal actions increasing even for relatively low account balances.

• Individuals owing as little as $5,000 are now finding themselves being sued for payments; in previous years this was generally a risk only where a debt exceeded $20,000.
• Local Sands & Associates Licensed Insolvency Trustees are noticing a trend of individuals seeking urgent debt help because creditors owed these smaller balances have taken them to court and obtained wage seizure orders which often make it impossible for an individual to cover their regular monthly costs of living.

What Consumers Should Know: If you are facing a wage garnishment (or the threat of one) by a creditor, a Licensed Insolvency Trustee can help you make a Consumer Proposal or alternatively file personal bankruptcy, both of which will immediately stop this creditor action. 

Learn more about Wage Garnishments and How to Stop a Creditor with a Garnishment Order

The Number of Consumers Turning to Consumer Proposals is Growing Substantially

A Consumer Proposal is a unique type of legal debt consolidation and an alternative to both personal bankruptcy and debt consolidation loans. Working with a Licensed Insolvency Trustee, an individual will make an offer to their creditors to repay the portion of their debt they can afford (often as little as 20-30 cents on the dollar), with no interest charges and no added administration costs.

The Office of the Superintendent of Bankruptcy (the Federal branch that oversees all insolvency filings) released recent statistics which illustrate how popular Consumer Proposals are becoming for cash-strapped consumers seeking to consolidate and cut their debt:

• The number of Consumer Proposals filed in BC in February 2023 compared to February 2022 increased by a whopping 38%. (And the number of bankruptcies filed over the same period declined by 8%.)
  • A Consumer Proposal is now the option chosen by 84% of people who file formal insolvency proceedings, which is a huge jump from 62% of customers choosing this option in February of 2020
• Overall, there was a year-over-year increase of 28% in the total number of BC residents filing formal insolvency proceedings to deal with their debts, which indicates that although many people are struggling, they are increasingly finding relief by restructuring their debts to offer partial repayment, instead of filing for bankruptcy.

What Consumers Should Know: You do not need to be delinquent on your payments to consider a debt restructuring solution like a Consumer Proposal – also, know that bankruptcy is not your only option for debt relief!

Learn more about Consumer Proposals and Whether a Consumer Proposal Could Be Right for You

Canada Revenue Agency (CRA) is Offering More Time to Pay Balances

Prior to 2020, CRA would typically accommodate a six-month payment plan for individuals to repay a balance owing in full, and it was rare for leniency to extend beyond that time, or in getting relief from penalties and interest charges. Now in 2023 CRA has extended this period to as long as 12 months in cases where they believe the six-month plan would create hardship for the individual.

• Despite this increased repayment timeline, however, for many individuals this is still not enough, especially as another trend contributes to the significant growth in Consumer Proposals – people being pursued for a CERB overpayment, with no means to afford to repay the debt within 12 months, even if the interest and penalties are waived.

What Consumers Should Know: If you have an unmanageable balance owing to CRA a Consumer Proposal is the only means of negotiating your debt to CRA (or having it forgiven with bankruptcy). Also, if CRA has begun collections against you, other than paying the debt in full, only a Licensed Insolvency Trustee can help you with options to get them to stop.

Learn more about What Happens if You Can’t Afford Your CERB Repayment

“Buyer Beware” – Impact of Unlicensed Debt Consultants Increasing in BC

Consumer warnings are being echoed by many Licensed Insolvency Trustees as a resurging presence of unlicensed ‘debt advisory’ firms have begun attracting BC consumers. These unlicensed and largely unregulated agents typically take advantage of vulnerable consumers, collecting money from people seeking debt help these agencies simply can’t provide. Here’s how it often works:

• An individual reaches out for help and is charged fees in the range of 1-2% of their total debt. The advisor explains how a Consumer Proposal can work to help them, and after they’ve collected their fee (often over two or three months) the consumer is eventually introduced to a Licensed Insolvency Trustee – the only professional who can actually file a Consumer Proposal.
  • This is completely unethical as every Licensed Insolvency Trustee in Canada offers a free, confidential consultation to review your financial options – and most, including Sands & Associates – will file a Consumer Proposal for you with no up-front payments whatsoever!

Despite advertising promises and even A+ BBB ratings and positive reviews, there is no such thing as ‘government debt grants’ or ‘programs’ beyond what is available to consumers by working with a Licensed Insolvency Trustee.

• When seeking debt advice, you should always ask “Are you a Licensed Insolvency Trustee?”
• If you’re not dealing with a Licensed Insolvency Trustee, it’s highly likely you are unnecessarily paying money that is providing no value, and you may be the victim of a growing scam in BC.

What Consumers Should Know: Licensed Insolvency Trustees are Canada’s ONLY regulated, endorsed, and qualified debt help professionals. You do not need a referral to get safe, free, and confidential advice from a Licensed Insolvency Trustee – simply contact a Licensed Insolvency Trustee local to your province. It should never cost you money to find out what your options are!

Learn about resources and options to help you become debt-free faster – book your free, confidential consultation with a non-judgmental debt expert today.

The post British Columbians Struggling with Unmanageable Debt as Personal Insolvencies Surge appeared first on Sands & Associates.

From strained mental health, to fractured relationships and more – the toll of debt is often much more than a financial one, and despite these overwhelming impacts of dealing with problem debt, only 5% of people polled in the 2022 BC Consumer Debt Study said they sought help right away from a debt professional.

BC Licensed Insolvency Trustee Blair Mantin, President of Sands & Associates, says “You owe it to yourself to seek debt help,” and suggests that more open conversations and access to non-judgmental support are key to removing hurdles for people who may be struggling with debt and its devastating impacts.

Does Debt Impact Mental Health? Latest BC Consumer Debt Study Says Emotional Burden Can Be Substantial

Debt Solutions and a Financial Fresh Start

Meet Pratap, Dan, and Heidi. They each have first-hand experience in dealing with – and resolving – problem debt, and in a bid to help others seek support and solutions, spoke with Global News about some of their own personal experience in dealing with debt.

Meet Pratap and learn how his financial struggles escalated during the COVID-19 pandemic:

Meet Dan and learn about his journey through recovery and managing overwhelming debt:

Meet Heidi and learn how she overcame her financial difficulties to create new habits and healthy boundaries:

The individuals surveyed in the 2022 BC Consumer Debt Study ultimately chose to manage their debts with a legal debt relief solution, either by consolidating their debt with a Consumer Proposal or by filing personal bankruptcy. Over 90% felt satisfied, if not extremely satisfied by their choice, and expressed positive outcomes from their decision to get professional debt help, including:

• Over 7 in 10 people said their experience receiving professional debt help allowed them to improve their budgeting and/or savings skills, and 57% reported being more confident in day-to-day financial management because of their experience.
• 53% of participants said they have a better understanding about credit and borrowing.
• 39% said they are more open in discussing finances and general money matters with others.

Get Debt Help Today – You Owe it to Yourself 

If you are struggling with debt, know that you are not alone, and that there are solutions to help you live your best life – without debt.

To explore your legal and informal options for dealing with debt, and get trustworthy advice, a Licensed Insolvency Trustee is the right professional to help you.

• Licensed Insolvency Trustees are Canada’s only fully regulated and endorsed debt help experts, empowered to serve Canadians with a range of debt management services.
• You do not need to be dealing with an extreme situation to seek support from a Licensed Insolvency Trustee, and BC consumers can request a free confidential consultation with Sands & Associates by phone or video, or in person from a local office.

Move forward with confidence and optimism for what the future holds. Book your free, non-judgmental debt consultation today – you owe it to yourself to get debt help.

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