By Jasmin Brown

BDO Debt Solutions

Say Goodbye to Debt

Apr 30, 2024 | 9:41 AM

“The views and opinions expressed in this article are those of the author and do not necessarily reflect the position of Pattison Media and this site.”

As we entered 2024, the high cost of living and interest rates continued to be the leading financial concerns of Canadians. Insolvency filings are on the rise, and people are really struggling right now to manage their debt and finances

Our Debt Stigma Survey showed that many people find talking about their debt extremely difficult.

Even just the thought of reaching out for help is daunting.

It is normal to feel uneasy about the unknown, but you don’t have to live with the overwhelming stress that goes hand-in-hand with an unmanageable debt load.

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Financial Difficulty Can Happen to Anyone

It is important to know that anyone can become financially vulnerable – regardless of income, background, or education. All it takes is a life event to leave people in financial difficulty. Some of the most common causes are the breakdown of a relationship that results in divorce or separation, the high interest rates we’re all struggling with right now, the loss of a job or physical and mental health issues. The good news is that there are options available.

The Initial Consultation

At the initial consultation, you meet with a member of our team to discuss your specific situation. Everyone has their own story, and they are able to tell it in a non-judgmental, empathetic and understanding environment. Our team will gather information from you, including:

* the number of family members in your household;

* the assets you own;

* the creditors to whom you owe money;

* your household income; and

* an idea of your basic monthly expenses.

Your information, your story, and your expectations, allows us to provide a solution tailored to your needs. The initial consultation is free and confidential.

How we can help

Licensed Insolvency Trustees (LIT) are the only professionals in Canada who can legally offer debt relief options like a bankruptcy and a consumer proposal.

While many haven’t heard of it, a consumer proposal is the most common solution to insolvencies in Canada. Bankruptcy is now only used for about 20% of consumer insolvencies in Canada.

Consumer proposals make up the other 80%, making it the most common legally binding debt relief solution in the country.

A consumer proposal means that an LIT will negotiate with your creditors to lower the amount of unsecured debt you owe. This could lower your monthly payments by 30% to 80% rather than trying to pay back the full amount.

When you meet with us, we’ll help you figure out your income, assets, liabilities, and expenses. This will determine how much of your total debt you can afford to pay. With this information, consumer proposal will be created. It will outline your monthly payments and your repayment period, which can be as long as five years. Once you pay it off and attend two debt counselling sessions, the rest of your debt will be forgiven.

A consumer proposal is customized to fit your situation. Your information, your story, and your expectations, allow us to provide a solution tailored to your needs.

The initial consultation with a Licensed Insolvency Trustee is free and confidential.

If you are having trouble making ends meet each month, finding the right debt solution can help. Visit the BDO Debt Solutions website for more information, or call 1 855 BDO DEBT to book a free, no obligation consultation.

Jasmin Brown is a Senior Vice President overseeing the insolvency practice in Saskatchewan. She is committed to providing creative and practical debt solutions with empathy, understanding and professionalism to help people overcome their financial difficulties.