debt relief Archives - Page 3 of 5

Are You A Debt Burnout?

Credit Counselling, Debt Relief, Debt Repayment Agency, Knowledge Blog

Throughout my career, I have seen a lot of clients go through a range of emotions relating to experiencing debt relief. Obviously, at first, clients are ‘gung ho’ to get their debt paid off – excited, anxious, motivated. They have many questions relating to the process of debt repayment and how being on a debt management program will impact their lives. Usually clients expect big changes to happen quickly and the turnaround to be immediate.

As the debt repayment program continues on (with a maximum length of 60 months, or 5 years, unless there are student loans involved), clients usually settle into a steady momentum of payments every month. They get used to the money being allocated to their debt and reconfigure their budgets accordingly. Months, then years, go by.

What happens in the interim? Sometimes, unfortunately, people experience debt fatigue during the debt repayment process. What is debt fatigue and how can you manage it?

Gambling and Payday Loans

Knowledge Blog, Credit Counselling, Debt Relief, Debt Repayment Agency, Payroll Loans

Recently a new casino (aka ‘gaming facility’) opened up in my area. Since it’s opening, new payday lending stores have been popping up all around the vicinity. Coincidence? I think not.

Payday loans provide the quick cash that fuels a gambling addiction. When the gambler is losing, they can simply head next door to the payday lender, get some instant cash, and head back to the casino to win back their loan and the rest of the money lost, right?

Payday Loan Help

Payroll Loans, Bankruptcy, Debt Consolidation, Debt Help, Knowledge Blog

Do you need relief from payday loans? Many people like you get caught in what’s known as the “payday loan cycle”, a ‘borrowing from Peter to pay Paul’ situation where you are juggling payday loans from multiple lenders, trying to keep all of the balls in the air. The sweat begins to trickle down your forehead because you can’t see when it will end, and if you stumble, all the balls will come crashing down, leading to collection calls and wage garnishment. The problem is you don’t know where to turn, and you don’t have the money to pay back everyone on top of your regular costs of living.

Lottery Winners, More Money, More Problems?

Knowledge Blog, Financial Literacy, Financial Wellness, Fraud

We find comfort in the belief that more money would solve all of our problems (or at least most of them). It gives us something to work for (more money), hope for (winning the lottery!), and dream about (what would I do with all of my money?). When it comes to having more money, the possibilities seem endless – you could finally travel, spend more time with your children, buy that fancy car that you deserve, or purchase that lakeside cottage you’ve always wanted. You could go on shopping sprees, jet set to exotic destinations, spoil your family and friends with lavish gifts. All of your debt would be paid off and you could finally quit your soul sucking job.

Contrary to popular belief, more money doesn’t guarantee more happiness. Obviously too little can make us miserable; however, research has shown that once you reach a certain earning point (between $50,000 to $75,000 are the figures that I have read here), you are not more happy than an individual with a salary in the six figures or more. It seems confusing, right? We are constantly inundated with advertisements and other media and insists that we would be happier with more – more of everything! So how is it possible that more money wouldn’t make us happier?

The Culture of Harassment and Credit Counselling

Debt Relief, Debt Repayment Agency, Financial Health, Knowledge Blog

April 30, 2013

By D. P. Welbanks

The distance between unlicensed and licensed credit counsellors is far too short. The need is even greater to regulate activities that purport to counsel people. Counselling is a specialized term that implies a wide variety of benefits including trust being given to those who call themselves counsellors to act like counsellors. The following is an excerpt from Almost Empty www.chateaulanepublishing.com

Debt Management Program and Car Q&As

Consumer Proposals, COVID Debt Help, Knowledge Blog

February 19, 2013

When I start a DMP, can I keep my car? Yes.

In order to qualify for our special Debt Management Program (DMP) there is no obligation to sell your car. Unlike bankruptcy, you are not required to forfeit your non-exempt assets in order to consolidate your debts.

Can I put my car loan on the program? Maybe.

If you have an auto loan and you still own that vehicle, it is considered a secured debt and cannot be added to a DMP. Only unsecured debts qualify for debt consolidation. However, if you no longer possess the vehicle, or the value of the vehicle is so low compared to the amount owing on the loan, then the auto loan may be actually unsecured and it is possible to be added to your debt repayment program.