Payday Loan Debt
We can help with Payday Loan debt.
You didn’t have a choice. You needed the money, and couldn’t wait until your next payday. It was a small loan; you thought you could pay it off. Months, or even years have passed. Perhaps you’ve taken payday loans from different payday loan stores and used one loan to pay another. The problem has snowballed out of control, and you’re not getting anywhere. Perhaps some or all of the loans have even been sent to collections, and you’re getting called about them daily.
You don’t have to live like this.
If you only have a single payday loan, and very little other debt, your first plan of attack may be to review your budget, and make some short term sacrifices to repay the high interest payday loan, and get back on solid ground.
If you have multiple payday loans, or a combination of payday loans and other debt, then a Consumer Proposal may be your solution.
- Stops Interest – zip, zero, nada – Interest free. This is life changing when struggling with payday loans.
- Consolidates your debt into one single payment
- Protects you from your creditors meaning no more collection calls
- Allows you to repay less than you owe
- Costs nothing to start
- Doesn’t require any minimum credit score, and is therefore easy to qualify for
Contact a Licensed Insolvency Trustee
Some of us face personal financial crisis during our lives. We may be able to solve some money problems ourselves, but sometimes we need professional help. The situation may have gradually worsened over time, or happened suddenly because of a job loss, serious illness, divorce, or other major life event.
Whatever the cause, if you’re struggling with debt, you have options. Recognize the danger signals.
You may have a debt problem if:
- You’re relying on payday loans to balance your monthly budget
- You’re taking out a new loan each payday after repaying your last loan
- You’ve been struggling with payday loans for more than three (3) months
- You have other debts, that when combined with your payday loans, are unmanageable
- Payday loan, credit card or collection companies call you, threaten to sue, or have obtained a wage garnishment
Meet with a Licensed Insolvency Trustee to go over all of your options
If you are facing serious financial difficulties, you will want to meet with a Licensed Insolvency Trustee. When you meet with a Licensed Insolvency Trustee, try to assemble as much information about your financial situation as possible including: credit card statements, bank statements, pay stubs, mortgage records, loan documents, etc. A Licensed Insolvency Trustee will explain your options and the advantages and disadvantages of each option. The consultation is free, and it does not cost anything to start working with a Licensed Insolvency Trustee. If you are asked by for money up front it is a red flag; call us instead.
What is a Licensed Insolvency Trustee?
A Licensed Insolvency Trustee is an officer of the court who balances the interests of you and your creditors. In addition to helping you assess your situation, a Licensed Insolvency Trustee will inform and advise you about both the proposal and bankruptcy processes and play an impartial role in ensuring your rights, as well as those of the creditors, are respected.
A Licensed Insolvency Trustee is the only professional authorized to administer government-regulated insolvency proceedings that allow you to be discharged from your debt, such as a consumer proposal or a bankruptcy.
When you work with a Licensed Insolvency Trustee, you can rest assured that you are dealing with someone who has demonstrated that they have the knowledge, experience and skills to be granted a license from the Office of the Superintendent of Bankruptcy, and is overseen by federal regulators.
A Licensed Insolvency Trustee:
- Reviews your unique personal financial situation and explains all options available to you
- Answers all of your questions
- Assists you in filing the required government forms
- Guides you through the entire insolvency process from beginning to end
- Deals with all of your creditors on your behalf
- Collects payments from you, holds them in trust, and legally distributes them to your creditors as required by law
- Provides two free credit counselling sessions to you
- Reports the completion of your insolvency process to the Federal Government who in turn reports your completion to both Canadian Credit Bureaus
Not sure what to do next?
- Request a Free Consultation
- Give us five (5) minutes on the phone
- Let us give you some free advice, explain your options, and do our best to guide you in the right direction
We don’t sell our services. We simply assist you to understand your options and support you in deciding what path is best for you.