Debt can be scary, getting answers shouldn’t be

In this article, the first of a four-part series on solving debt problems, we show you why taking that first step doesn’t have to be scary.

Contrary to popular opinion, Ostriches don’t actually place their heads in sand to ‘hide’ from danger. Although flightless, they are VERY fast runners, and cover up to 16 feet in a single stride. Their legs can also deliver a fatal blow by kicking, or using their claws to seriously injure a predator. The head down posture is often seen when the bird is rolling eggs in a shallow underground nest, or when lying on the ground in an attempt to hide from a passing predator.-source: National Geographic

At some point in their life almost everyone is faced with debt problems. Knowing where to turn for answers is key. Read on if you find yourself intimidated by a stack of unopened mail or the ringing of your phone. Find out why your first step is actually much easier that you think!

It can be very intimidating to admit that it’s time to bring in professional help, especially when you have been trying for quite some time to improve your financial situation. You might have tried consolidation, or even credit counseling, but just can’t seem to make progress. Maybe your payments aren’t late (yet) but you can see that it will be difficult to ever actually get ahead on your debt.

It can be tempting to stick your ‘head in the sand’ and hope that the problem will resolve itself or that your situation will change.

However, ignoring your debt does not make it go away. In fact, when not addressed, debt tends to grow and cause stress, anxiety and has even been linked to depression. Rather than avoiding your debt a wise option is to consult with a Licensed Insolvency Trustee, who is specially trained to know exactly what your options are, and what the creditors can and will do, once the payments start to be missed.

FAQ:
Q: Does it cost to meet with a Licensed Insolvency Trustee?
A: No – our financial consultations are FREE

Q: I can’t afford take any more time off work – what are your hours?
A: All our consultations are by appointment and the timing is very flexible, we work with your schedule. The consultations can be done in person if you like, in Brandon and Yellowknife, or by phone for persons living anywhere in Manitoba or the Northwest Territories.
Contact us to book your appointment today!

Q: My credit is already bad – does it show on my credit score if I meet with you?
A: Consultations with us do not show on your credit bureau, and will not impact your credit score.

Q: Do I have to pay for your time if I decide not to file bankruptcy?
A: No – the consultation is entirely free. After hearing about all options available to you, given your situation, you will be advised as to the costs of each option. If you feel those options are not what you are looking for, that is ok. We appreciate spending time with you, and will never pressure you into filing anything.

Q: I don’t want to file bankruptcy. What are my other options?
A: Every situation is different, but a complete assessment by a Licensed Insolvency Trustee involves considering everything available – consolidation, expense modification, liquidation of assets, updating outstanding income taxes, informal discussions, legal action, as well as options available using bankruptcy law, such as a Consumer Proposal, or a bankruptcy. LIT’s are regulated and must ensure you understand all your options – be sure you are dealing with an LIT to make sure this is the information you are being presented.
Have a question that’s not listed? Check out our website, or text our Trustee directly at 204-809-8946