The start of 2018 isn’t only bringing in a new year — for Canadians, it’s also bringing in new mortgage rules. In October of 2017, the Office of the Superintendent of Financial Institutions (OSFI) put new mortgage rules in place. The big one is a new mortgage stress test for uninsured mortgages. Those with a
If the only thing you have in your budget to spend this Valentine’s Day is time with your significant other, you’re in luck. There are plenty of ways to make February 14 the most romantic day ever without spending a dime. If you’re spending Valentine’s Day in Toronto, here are five free activities you can
For those struggling with debt, the struggle just became that much harder. The Bank of Canada interest rate increased again on January 17, 2018, going up to 1.25% — the highest it’s been in nine years. BOC interest rate hikes started in July of 2017 when the rate went from 0.5% to 0.75%. It increased
A common fear about using Bankruptcy services is the effect it will have on your job. If this fear is holding you back from taking action, rest assured: there is no notification sent to your employer (except to terminate existing garnishments being deducted from your wages, if applicable), and therefore, in most cases your boss
When it comes to resolving personal debt, Bankruptcy is not usually the preferred option, but at times, it may be the most prudent. It offers relief from unmanageable debt that may have been growing for years, allowing you a chance to wipe the slate clean and start fresh.
When it comes to pursuing outstanding debt, creditors are given a small amount of leeway. Unfortunately, not all collection companies respect the limitations, and some like to push the boundaries in an attempt to apply additional pressure to their debtors.
Debt consolidation can be a life-saver, particularly when facing a potential Bankruptcy. However, while debt consolidation services can often present a feasible solution for managing debt, it’s not always the best choice for every financial situation.
While Consumer Proposals can be tough on your credit rating, you can start rebuilding your credit almost immediately after filing. Your credit rating is an assessment of risk, and a representation of your record of paying back what you owe. It’s constantly changing to reflect your payments and delinquencies, which means that, by doing these
It’s not always easy to ask for help when we need it. Often, when overwhelming debt threatens to take control, our Torontonian pride compels us to try handling it ourselves. But you’re not alone, and there is no shame in getting professional help to resolve your debt issues, through solutions like debt consolidation, credit counselling,
I was asked an interesting question the other day: “Is there such a thing as an unlicensed Insolvency Trustee?” The short answer is no— the Insolvency Trustee certification is very strictly regulated by the Office of the Superintendent of Bankruptcy (OSB). However, there are unregulated advisors for debt-related issues, known as debt consultants.