If you are struggling financially in Winnipeg or Manitoba you have several solutions that might assist. You situation is unique, so explore all of your options with us before making a decision. At Grant Thornton, we are understanding, respectful and here to help.
Debt consolidation repays your multiple creditors with a single loan that you have one monthly payment for. The interest rate is usually lower than on your existing debt, and you have the simplicity of just one payment.
With an informal debt settlement, you negotiate a settlement with each creditor individually. They expect you to go to them showing how you can pay them back. Be aware that there are many considerations, variables and potential challenges involved with this.
If your debts are relatively small but repayment is still difficult or impossible, assistance from a credit counselling agency may be an option. Non-profit credit counselling organizations can negotiate with creditors on your behalf. They also provide education and counselling on personal budgets and how to use credit wisely.
Depending on the amount of your debt, you may be able to make an offer to your creditors through a Trustee in Bankruptcy, allowing for a repayment schedule that meets your needs.
When your debts are such that you cannot repay them, nor put forward a viable proposal to settle them, this legal option gives you immediate protection from your creditors and allows for a fresh start.