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You Can Reduce

Your Debts


CanLaw Will Find You a Consumer Protection

 or Money Problems  Lawyer


Negotiate a new payment plan

with your creditors


Contact your creditors

Refinance your payments


One way to lower your debt is make new arrangements with your creditors. Make a list of your creditors and contact each one with a proposal for one or more of the following:

  • Lower monthly payments
  • Longer time period to make your payments
  • Lower rate of interest

Consolidation loan


Debt Consolidation            Combine your debts


A debt consolidation loan is a loan (usually from a bank) that lets you repay your debts to all your creditors at once.

This means that you only have one monthly payment, often at a lower interest rate than you are paying now.

This saves you money on interest fees and lets you pay off your loan faster.

The risk is that you may run up your credit cards again and be worse off than before.

Use a Credit Counselling service to negotiate a payment plan with your creditors

Credit Counselling services can work out a lower payment plan with your creditors for you. They charge fees despite their touted "non profit" status. The fees are usually hidden and deducted from your payments. Credit counselling plans will take years to pay off your debts.

Use a Trustee in Bankruptcy to make a consumer proposal to your creditors.

A Consumer Proposal is a means to negotiate with your creditors for the reduction of you debts and/or extension of time for payment of their debts. The payment schedule that is created in consultation with a your advisor is based on your income, living expenses and family creditors. It prevents your creditors from taking legal actions to seize assets or garnishee wages.

Declare Bankruptcy wiping out most of your debts

The best way to get detailed information about filing an assignment in bankruptcy or a proposal is to contact a  Trustee in Bankruptcy. There is no cost for this and there is no obligation to proceed with bankruptcy.

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