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Is A Payday Loan A Good Idea?

Posted on Jun 26, 2017 in Consolidation Loans, Credit Rating, Debt Counseling, Financial Advice |

In this video, Richard Killen, a Scarborough-based Licensed Insolvency Trustee talks about whether a Payday loan is worth considering. I guess one can say that going into debt, any kind of debt, is hardly ever a good idea. Usually, the cost of the debt outweighs whatever benefits you may get from borrowing the money. However, sometimes debts make a good case for making some worthwhile. For instance, is a mortgage worthwhile? Because you borrow...

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The Role of a Licensed Insolvency Trustee in Mississauga

Posted on Apr 7, 2017 in Bankruptcy, Consolidation Loans, Consumer Proposals, Debt, Finances, Financial Advice |

The role of a Licensed Insolvency Trustee in Mississauga is critical in helping consumers who choose to go through the process of filing for bankruptcy to solve their overwhelming debt problems. Not only do they play a very big part in helping to minimize confusion, but they are present from beginning to end to make sure that every step of the process gets done as quickly and efficiently as possible. Licensed Insolvency Trustees (LITs) are the...

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Bankruptcy Counselors Toronto vs Licensed Insolvency Trustee

Posted on Oct 10, 2016 in Bankruptcy, Consolidation Loans, Consumer Proposals |

It almost sounds funny, doesn’t it? Bankruptcy Counselors Toronto – somebody who counsels people, presumably in Toronto, on how to go bankrupt? Perhaps the term is misleading? I think so. Real Bankruptcy Counselors, in Toronto or elsewhere, don’t counsel people to go bankrupt. In fact a Bankruptcy Counselor would probably spend more time trying to figure out how the person seeking advice could stay out of bankruptcy rather than go in it. The...

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Who Does a Bankruptcy Trustee Work For?

Posted on Nov 17, 2014 in Bankruptcy, Consolidation Loans, Consumer Proposals |

We’re often asked by people who consult us: “Whom do you work for, the creditors or me?” The answer is: neither and both. To do our job properly, we need to work with both parties. To be clear, a bankruptcy trustee is an officer of the court. We are licensed by the the Superintendent of Bankruptcy to act in a fiduciary capacity for all the participants, whether in a bankruptcy or a proposal. Fancy words, but what it means is...

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Long Car Loans Drive us into Debt

Posted on Aug 29, 2014 in Consolidation Loans |

Canadians are driving into fast debt with slow repayment car loans. Taking advantage of low interest rates and small-to-zero down payments, they are buying cars in record numbers. According to an August 2014 Financial Post article, rather than four to five years, many of us are taking car loans out for periods of five to eight years. While this may lower monthly payments, it leaves us in debt longer and puts off the time the vehicle’s...

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10 Signs of Debt Trouble

Posted on Jul 25, 2014 in Consolidation Loans, Consumer Proposals, Credit, Debt |

If you don’t live in Egypt, being in denial is a bad thing. Most of us carry some form of debt, whether it’s a car loan or a credit card balance that we just can’t manage to pay off this month. But when does debt load become dangerous? Well, one sign is when you don’t want to think about it and are kept up nights with stomach-twisting anxiety. The problem scares you so much you put your head in the sand and keep spending...

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