You might consider a credit "counselling" program now which will stop creditors from harassing you.
You can then investigate a formal consumer proposal or bankruptcy.
Consumer Proposals permit you to make a proposal to your creditors to pay off your debts.
Consider that a formal consumer proposal or bankruptcy may well permit you to recover a good credit rating much faster than credit "counselling". Negative credit items remain on your credit report for to seven years. This would include the records of your credit "counselling" and a list of your "bad debts."
Bankruptcy will "cancel" your debts with strict provisions. It also remains on your record for up to seven years, but you may well be able to re-establish credit after a couple years.
Know that the banks and credit card companies fund most credit "counselling" agencies. This makes economic sense since it helps save the banks the high costs of collections.
There have been frauds where consumers gave the credit counselling service their payments and the payments were never sent on to the debtor.See More . . .