Call toll free in BC
1-866-317-8331

Derek L Chase & Associates Ltd home page image
 

Blogs

Payday loans

Payday loans can be placed in the category of too good to be true. It is easy to find a lender, they are fast to get, and it is easy to qualify. A casual search on the internet reveals a surprising amount of different places where you can get a payday loan ranging from online offers to local storefronts. We admit that it is very tempting.  If you currently have a payday loan you are not alone. 

mortgage in foreclosure

Your financial institution has sent you a letter stating that they are taking legal action to foreclose on your home. What should you expect?

Foreclosures occur when homeowners are unable to pay back the lender of their mortgage, whether it be a financial institution, bank, or credit union. The institution who you defaulted with takes steps to gain control of the property in order to sell their collateral and recover their loan.

5 Debt Warning Signs

Accumulating too much debt typically does not happen overnight. It is more often a gradual process that builds up over many months and even years. As you go along making minimum payments everything appears to be just fine and life is good. However, if making those minimum debt payments is causing a monthly cash flow deficit, you are in trouble. Eventually, this will cause a critical mass of debt to build up. This will likely soon develop a momentum of its own with interest rates so high it will prevent you from being able to efficiently pay down the debt.

 

Eat your way to Healthy Finances

The majority of Licensed Insolvency Trustees across Canada have an accounting background and many, such as our office, are Chartered Professional Accountants (CPAs). That means we like numbers and have a keen eye for how changing numbers can make an impact on your bottom line. We are also trained and certified by the Federal Government as Financial Counsellors.

How to get Tax Debt Relief from CRA

There are no shortage of ways that you can end up owing taxes to Canada Revenue Agency (formerly Revenue Canada) and there are several different types of taxes that you can owe.

Over the years, we have seen people get into tax debt mostly because they are self-employed. However, there are also other times we have seen tax debt build up, such as:

Is a Consumer Proposal Right for Me?

A consumer proposal is a Government of Canada federally approved program that allows an individual to make an offer, or proposal, to their creditors to pay back a portion of the debt they owe. This method of debt consolidation must be made via a Licensed Insolvency Trustee as there is no other way to file a consumer proposal. A consumer proposal has become the most popular way to obtain debt relief in Canada.

Benefits

There are several positive factors that occur when a consumer proposal is made.

Dog wonders if car will be lost

As a federally Licensed Insolvency Trustee, we often meet with individuals looking to get relief from their debts and obtain a fresh start. However, in many cases, people have a vehicle that is critical to their future employment or business interests. As a result, there is an obvious concern as to whether their car would be lost to them if they proceeded to get protection from their creditors. The common answer is no, usually you can keep your vehicle, but there are a variety of different scenarios. Let’s take a closer look at a couple of them:

 

Improve your Quarantine Finances

As we collectively seek to flatten the curve of the coronavirus pandemic, one of the top recommendations of Dr. Bonnie Henry and the Provincial Government is to stay at home. Many people have been forced off work while others are staying home because of immune system deficiencies. Still others have faced a mandatory quarantine after returning to BC after a trip abroad. This has created an eerie atmosphere with a majority of the population in their homes instead of out and about.

Stockpiling Debt During the Coronavirus

As a Licensed Insolvency Trustee, we are uniquely equipped to communicate with individuals and businesses that are under financial stress. Each day we provide financial counselling and advise people how to acquire help with their debts. After helping thousands of people obtain a fresh start, we understand the best practices for how to deal with debt during a crisis. Obtaining good debt help advice from a debt expert such as a Licensed Insolvency Trustee is critical if you are facing more debt than you can handle.