Campbell River Bankruptcy, Consumer Proposal and Other Debt Solutions / Campbell River Debt Consolidation
A fixture on the Campbell River waterfront is the Big Rock. First Nations legend has it that a bear tried to jump across the strait from the mainland to Vancouver Island. Unfortunately, the bear’s paw touched the water and turned it into a giant rock. The Big Rock looks to be impossible to move.
As life unfolds, sometimes our finances can get to a place where it seems impossible to move them. You can get stuck in a cycle of making minimum payments on multiple debts. One way to change that is to find someone to help you with debt consolidation in Campbell River.
Whether it is job loss, relationship break up or some other factor like health problems, people often turn to debt to bridge the gap. But what happens if you are unable to repay the debts and they just get bigger? Somehow you have to stop the momentum in order for the balance to go down.
One possible way to do that is to find debt consolidation services in BC. We often suggest this to people as an option to explore to improve their finances. If successful, your finances will improve because of several factors:
Debt consolidation services can be useful in grouping together a number of different types of debts such as:
Unfortunately, qualifying for a debt consolidation loan is not always so easy. We suggest that you try first with the bank or credit union that you are currently dealing with as they are familiar with you.
Pro tip: Someone will always loan to you. However, you may not want to deal with them because the interest rate might be too high. Really focus on what the interest rate will be on the new loan and the amount of your monthly payment. If you are not comfortable with the amount of the interest rate, or the size of your payment, then do not proceed.
Some of the reasons we hear from people as to why they could not qualify include:
If you are turned down for a debt consolidation you may be wondering what you can do next.
The internet can be a murky place filled with false promises. There is no restriction as to who can hold out the promise to help you reorganize your finances. Who can you trust? Here are a few factors to consider about the organization you are dealing with:
The most popular way to consolidate debt in Canada is by using a Consumer Proposal. This is a Federal Government program available from coast to coast that must be administered by a Licensed Insolvency Trustee (that’s us!) We are also CPAs who are available to meet with you via phone or face to face. There is no cost to our initial meeting where we can help analyze your finances and let you know if a Consumer Proposal is right for YOU!