You always have options
Faced alone, the stress and pressure of bankruptcy can be crushing. But together, it’s something that can be overcome.
For more than 50 years, Harris and Partners has helped people clearly understand their rights, their obligations and their options in dealing with debt.
Our Licensed Insolvency Trustees will work with you to find all the available and best alternatives for you, to give you more control over your finances.
Frequently Asked Questions
Can I really reduce my debts by that much? Why would my lenders accept that?
Put simply, if a lender looks at your situation and thinks there is a chance you won’t be able to pay any of your debt, they would rather agree to a reduced figure than get nothing. This is the essence of a Consumer Proposal – a qualified Licensed Insolvency Trustee negotiates a settlement figure on your behalf that is structured into a monthly payment you can afford.
In this way the lender still gets something and you get the opportunity to clear your debt. It can’t be done for student loans or if you have a lot of equity in your home that could be used as leverage for a secured loan. Consumer Proposals frequently reduce debts down by up to 75%.
My lenders are constantly chasing me, can you make them stop?
Don’t be fooled in to thinking there is a magic wand to stop lenders chasing. They will stop when they are happy that there is a solution in place that they agree to. The sooner you address the problem and meet with an adviser to put together a plan, the sooner your lenders will stop chasing you.
Will I lose my assets (car, house, etc)?
Most debt solutions will allow you to keep your assets. However, there are some options such as bankruptcy that may require you to give up some or all of your assets. Your adviser will always recommend the best solution for your personal circumstances.
I am on a low income, can I still clear my debts?
Debt solutions do not require you to pay anything more than you can comfortably afford, this is one of the main aims of all debt solutions. We understand your standard of living is more important than what lenders may be demanding you pay. Our aim is getting you debt free in a reasonable time frame at a rate you can afford, this can include getting up to 75% of your debts written off.
What debts can you help with?
We can assist with the following debts: Credit cards, unsecured personal loans, payday loans, overdrafts, catalogue debts, property tax arrears, ICBC arrears, CRA arrears.
What is a Consumer Proposal?
A consumer proposal is essentially an offer you make to all your unsecured creditors. You usually agree to a single, fixed monthly payment. Your overall debt is reduced so you pay back an agreed percentage of your original debt.
Do I have to pay the Trustee as well as the consumer proposal costs?
No. All you have to pay is the monthly fee that your Trustee agreed with your creditors. All admin fees and the Insolvency Trustee fee are, essentially, paid for by the creditors themselves.
