CanLaw Credit Problem Answers
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2 00.00 Credit Problems What To Do If You Can't Pay Your Bills
Product description: How to solve your debt problems Get your life back Help Yourself You cannot run or hide from your debts. They will not go away. Deal with your problem


Credit Problems?

Current as of




  • If you recognize yourself here, you need financial counselling and assistance
  • Are you constantly receiving past-due notices on charges or bills?
  • Are you borrowing money between pay cheques?
  • Are you taking out new loans to pay off old ones?
  • Are you behind in rent or mortgage payments?
  • Are you frequently relying on automatic overdraft protection on your chequing Account?
  • Are you using credit to meet monthly necessities?
  • Are you only making minimum monthly payments on credit card accounts?
  • Are you fully drawn on your credit facilities and unable to meet monthly payments, or pay down principal?
  • Are you being sued by any of your creditors?
  • Are your wages being garnisheed?
  • Do you and members of your household frequently argue about money?
  • Do you frequently worry about money and money problems?

Know you are not alone.

Some 125,000 Canadians declare bankruptcy and get a fresh start and a clean slate every year. Where do you start? Right here. Right now.

Keep in mind that your credit rating is probably already ruined so any of the steps above will not hurt it. In fact, in time, these steps will improve your credit rating.

Help Yourself Now

  • You cannot run or hide from your debts.
  • You cannot ignore them They will not go away.
  • It is far better to face the music and deal with your problem head on.
  • You will feel better and live better if you do.

CanLaw helps with solid information on

credit, debt consolidation, credit counselling, consumer proposals or bankruptcy

You Cannot Out Run Your Debts


CanLaw guide to the law on money problems shows you many ways to end them legally


You have five basic options available:

Negotiate with your creditors

The first step in trying to resolve your debt problem is to pick up the phone and contact your creditors and try to work out a payment plan. Explain your situation and reiterate your willingness to work with the creditor to catch up on your overdue bills. More . . .

Consolidation Loans

Use only if you are able to control your spending. If you can get a consolidation loan, this may solve your problem. However many people who consolidate just run up their credit cards again and are worse off than before the loan.  More . . .

Credit Counselling Services

Credit Counselling services can work out a lower payment plan with your creditors for you. They charge fees despite their touted "non profit" status. The fees are usually hidden and deducted from your payments. Credit counselling plans will take years to pay off your debts. More . . .

Consumer Proposals

A Consumer Proposal is a means to negotiate with your creditors for the reduction of you debts and/or extension of time for payment of their debts. The payment schedule that is created in consultation with a your advisor is based on your income, living expenses and family creditors. It prevents your creditors from taking legal actions to seize assets or garnishee wages. More . . .

Personal Bankruptcy

The best way to get detailed information about filing an assignment in bankruptcy or a proposal is to contact a  Trustee in Bankruptcy. There is no cost for this and there is no obligation to proceed with bankruptcy. More . . .

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