Tag

credit counselling
Bankruptcy and mortgage refinance not the answer Recently I received an email from someone complaining she could not get out of debt.This perked my curiosity, but if you read on, you will also understand why. “Dear Ross I am a hard working immigrant living in my own home with my mother and my sister’s family....
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Can Credit Cards be Cheaper Than a Line of Credit? Sometimes people ask me how they can arrange an unsecured personal line of credit. (PLC) Their reasons for a PLC are usually along the lines of a lower interest rate, no annual fees, reasonable repayment conditions, and potentially higher limits. These days it is actually pretty tough for a...
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Spouse Prepaying Joint Debt Before Consumer Proposal Hi Ross, my wife and I have a joint MasterCard with a $25,000 limit, and we are maxed out. I have several other significant debts and I plan to enter into a consumer proposal. My wife is petrified her credit history will be adversely affected by this. In...
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Filing for Bankruptcy While Waiting for Insurance Claim Dear Ross, three years ago we were involved in a serious car crash, and I sustained permanent injuries. I have been unable to work since then. We have exhausted all our financial resources keeping things afloat, and now even my Canada Pension Plan (CPP) is being withheld...
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Talk to Your Creditors, Delay a Lien on Your Home Dear Ross, I owe a ton to CRA and less to a few other creditors.  At present there is no lien on my property by Revenue Canada (CRA) or any other lender. I am thinking about my options, one of which is selling my house...
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Joint Debts and a Spousal Consumer Proposal Dear Ross, my wife and I have a joint line of credit (LOC) for $20,000. I am considering entering into a consumer proposal, and during this process, I will pay back $5,000 or so directly to this LOC via my payments to the trustee. I understand my wife...
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This Bankruptcy Could Lose Home to Power of Sale Dear Ross, I declared personal bankruptcy a year and a half ago, and I am still waiting for a discharge. After a few months I was told to attend a session at the Examiner’s office, and after that I was told my discharge had been opposed,...
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Just released last month, Ellen’s new book Fight Back – 81 ways to help you save money is flying off bookstore shelves. Lots of practical advice to save money and win those battles we always seem to find ourselves in with banks, telecoms, airlines etc. I was very pleased when Ellen asked me to contribute...
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Dear Ross: I am currently looking into doing a consumer proposal, and am seeking information regarding keeping a secured credit card. I know that all cards must be surrendered, but does this also include the secured card? I have found little or conflicting information as to whether you can or not. The insolvency counselor I...
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