“Dealing with your Debt” what does that really mean?

by Brian McIlmoyle on July 11, 2014

As a Trustee I often say that I help people deal with their debt. But the truth is there are a lot of ways in which someone can attempt deal with their debt. Sadly most of them don’t work because the underlying problems are not resolved as part of the solution.

Often by the time that people get to see me, the dreaded “bankruptcy Trustee” they have already tried a number of solutions.
Many have already refinanced their homes and consolidated some of their debt ( or all of it, and have re-borrowed , effectively doubling their debt) Some have cashed in their RRSPs compromising their future, others have cashed in their children’s RESPs compromising their children’s futures.

Even worse, some people have engaged “debt consultants or counselors” who have charged them thousands of dollars and done nothing for them, driving them deeper into debt. Usually people don’t find out that their money has been wasted until one of their creditors ( who they have been told not to talk to) sues them and garnishes their wages.

Finally, as an absolute last resort, they call me. We meet and we talk about solutions to deal with their debt, but the difference is when you engage a trustee to help you they will really deal with your debt, as in they will help you eliminate it for good. The principle is to provide people overwhelmed by debt with a fresh start, debt free.

Only a trustee can stop the collections actions, stop wage garnishments, and ensure that all of your debt is dealt with all at once and finally for good. Only a trustee can really “deal with your debt” It really does beg the question why people are so afraid to come see me if I am actually the only one who can protect their homes and cars, permit them to keep their RRSPS and RESPS, preserving their future for them and there children. Only a trustee can put in place a legally binding settlement of all of your debt and ensure that you emerge debt free and ready to rebuild. There never was anything to fear in dealing with a trustee despite what fear mongering debt consultants may tell you.

If you are struggling with debt, if you are thinking about refinancing your home, or cashing in RRSPs or RESPs to pay down debt STOP! Call a trustee and go see them for a free no obligation consultation. If you come see me, I’ll review your situation with you, and present solutions for you to deal with your debt. You decide what you will do . You remain in control of the process start to finish.

As a final recommendation, if you call a trustee and make an appointment ask if the person you are seeing will be a licensed trustee. If not, then be wary of extra charges and fees for meeting with a consultant before you meet with the trustee.  If you call Hoyes Michalos, you will always see a trustee, and you will never pay extra fees, in fact you will pay nothing until we file your papers if you choose to proceed.

Call today, I can help. 905-848-3649

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