One option for dealing with out-of-control debt is to try and negotiate with your individual creditors. This can be good if you have very low debt or very few creditors to manage.
You can have yourself, or a party you trust, contact the creditor and try to make a deal or lower payments to make the debt more affordable. Creditors are often reasonable if you talk to them before you get too far behind in your payments. However, when negotiating with creditors you must be careful as some agreements can be informal or non-binding which means they could change their mind and you could again be stuck with the original terms. Also be careful if dealing with any negotiating company who makes promises about negotiating with your creditors if they are not a licensed insolvency trustee. These negotiations are again often information and are not bound by federal law.
For a licensed insolvency trustee negotiation happens in the form of a consumer proposal. Trustee’s are licensed by the Federal Government to follow their rules regarding creditor negotiation. With the assistance of a licensed insolvency trustee you can make an offer to your creditors, based on your situation, to possibly lower the debt or at least remove the high interest rates and consolidate it into one payment. If your creditors do not feel your initial offer is reasonable then additional negotiations may occur.
For more information, please see our section on Consumer Proposals or contact one of our licensed counsellors.
Extremely professional service by Mr. Thatcher and his team. Mr. Thatcher and his team were always available and quick to answer any questions concerning bankruptcy. I would highly recommend this company to anyone that would require his services!
I have worked with Kevin and his office for many years and would recommend his services to anyone who is having financial difficulties. He is very professional and has spent many years helping people get out of tough debt situation.
The staff at Kevin Thatcher & Associates are incredibly understanding, non-judgmental people who honestly advised me of all my options before I chose to go bankrupt. I was surprised at how easily they broke down the process for me step-by-step so I was able to meet all the requirements.
I just wanted to thank everyone at Kevin Thatcher and Associates for their help. I was at wit's end and couldn't cover most of my bills. I was afraid to answer the phone ever as it might be another collector calling! I was so depressed.
I was looking for a bankruptcy firm and was recommended Kevin Thatcher and Associates. I initially spoke with his pleasant and knowledgable staff(Anna) over the phone. I was very impressed by her and her soft approach being in a difficult situation.
Very kind, caring and helpful group at Kevin Thatcher and Associates.
I was in a real bind with a lot of debt from credit cards and payday loans but I met with Kevin and his staff were very understanding of my difficulties paying. I paid for 21 months under these federal income rules, but was way cheaper than if I did nothing.
Staff is extremely kind and knowledgeable! They took a stressful situation and made it more manageable, so thankful for their expertise.