Debt Relief Canada

The Canadian Government licenses Insolvency Trustees to manage debt relief programs in Canada.

Our mandate as trustees is to act as a source of direction and support for individuals and businesses, to take control of their finances.

As you’ve heard before, if you could of done it yourself, you would have done it by now.

Call us today, Get Started, Become Debt Free!

Our role as Insolvency Trustees includes:

• Providing information and education on debt relief options
• Administering debt solutions such as:
  • Consumer Proposals, which are legally binding agreements between you and your creditors where you propose to pay back a portion of your debt over a period of time.
  • Bankruptcies, which can be a viable option when an individual or family is unable to pay their obligations and their assets are insufficient to cover it.

In many cases, the government allows individuals to cancel up to 70% of the money they owe through debt relief programs.

If you have been struggling with your finances and have been unable to find a solution on your own, it may be time to seek professional assistance.

Contact Yanch Dey & Associates today to get started on your journey to becoming debt-free

If you’re a Canadian facing debt, there are several options available to you for relief. These include:

• Credit counseling
• Debt consolidation
• Debt settlements
• consumer proposals
• bankruptcy

It’s important to note that only a consumer proposal or bankruptcy are officially recognized and sanctioned by the government.

Each program has its own set of pros and cons, so it’s essential to consult with a professional before deciding on the best course of action for your situation.

For guidance on which debt relief option may be the most appropriate for you, reach out to our office.

When participating in credit counseling, a non-profit counselor will work to consolidate all of your loans into a more manageable program.

The goal of credit counseling is to prevent any additional interest charges by consolidating all of your loans into a single monthly payment. It’s important to note, however, that you are still responsible for repaying the full amount of the debt.

The program typically lasts for five years and payments are made to the credit counselor, who then distributes the funds to your creditors.

It’s worth noting that credit counseling is not an officially recognized or government-approved solution for debt relief

Debt consolidation is a process in which multiple small loans with high interest rates are combined into a single loan with a lower interest rate.

This can be achieved through different ways, including:

• Secured loan: Using an asset such as a house or a car as collateral for the loan.
• Balance transfer credit card: Moving multiple credit card balances to a card with a lower interest rate.
• Personal loan: Applying for a personal loan to pay off other outstanding debts.

It’s important to note that consolidation does not provide debt relief.

The new loan only helps to reduce the interest charges, and it is a more manageable way to pay off your debts. However, it’s worth noting that many people may not qualify for a debt consolidation loan.

Be sure to consider the advantages and disadvantages before choosing a consolidation option that is right for you.

Many thanks for the help and advice from YanchDey.  I was hopelessly in debt, couldn’t sleep and worried all the time.  When they garnished my wages at work, my foreman at work told me about YanchDey.  I saved thousands, and will be debt free in 2 years.  I can sleep again.  Many thanks, Jeff B. Ajax

Debt settlement in Ontario, Canada refers to the process of negotiating with creditors to pay off a portion of the debt that is owed, rather than the full amount.

It is important to note that debt settlement is not a government-approved or officially recognized form of debt relief in Canada, and it may be offered by private companies.

When considering a debt settlement program, the following steps are often involved:

• Setting up a plan:
  • A company will work with you to set up a plan to pay off a portion of the debt that is owed.
• Stopping payments:
  • you will typically be asked to stop making payments to your creditors
• Paying the debt settlement company:
  • you will instead pay the debt settlement company
• Negotiating with creditors:
  • The company will then use the money that is paid to them to negotiate with your creditors to try to get them to accept a lower payoff amount than the full amount that is owed.

It is important to note that not all creditors will agree to a debt settlement plan, and settling a debt for less than the full amount can have a negative impact on your credit score.

Also, some companies charge high upfront fees and may not be able to deliver on their promises. It is always important to consult a professional and consider all options before making a decision on the best debt relief option for you.

A consumer proposal is a legal agreement that can be made through an insolvency trustee, where they work with your creditors to reduce your debt.

It allows you to pay off a portion of the debt that you owe, rather than the full amount.

This can be done through various ways, such as:

• Reducing the amount you owe:
  • Your creditors agree to accept a lesser amount than is owing on the debt.
• Stop interest accruals:
  • No further interest is added,
• Paying over a set period:
  • The consumer proposal is payable over 3 to 5 years.

It’s important to note that consumer proposals are officially recognized and approved by the Canadian government, but you should Read more about Consumer Proposals before deciding to proceed this way.

This will give you a better understanding about the requirements and process that you need to go through.

When you file for personal bankruptcy, you give your assets (the things you own) to an insolvency trustee, who will then follow a process:

• make a legal application under the Bankruptcy Act and Insolvency Act
• liquidates your property (selling the assets), and applying any money received towards your debts
• balance of your debts and credit obligations are then eliminated
• you are required to pay about $200/month for the bankruptcy plus 50% of any surplus income that is assessed to you
• have two sessions for counseling on debt
• At the end of 9 months, a bankruptcy discharge is issued and your debts are canceled

It’s important to note that, bankruptcy is a debt relief solution that is officially recognized and approved by the Canadian government.

Learn more about the process of before deciding if this is the best option for you.

Many debt relief companies only offer counseling services and then refer you, the consumer, to an insolvency trustee for a consumer proposal, often for an additional fee.

It’s important to note that under Canadian law, these companies are not authorized to provide consumer proposals or to give advice on bankruptcy options for consumers.

YanchDey and Associates, are licensed insolvency trustees and we have the legal authority to provide debt relief through consumer proposals.

We do not charge any fees for counseling services, unlike other companies. Our goal is to provide our clients with affordable solutions that are accepted by their creditors.

If filing for bankruptcy is determined to be the best option after evaluating all other options, we only recommend it as the last resort for debt relief. We specialize in providing debt relief options and are licensed, authorized, and well-equipped to assist you. For more information and guidance, please contact us today at 905‑721-7506.

Debt Relief in Ontario