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Graduate’s Nightmare - Student Loan Repayments

Graduate’s Nightmare - Student Loan Repayments
I recently met with a young lady in Barrie who was concerned as her student loan payments were falling behind and so were her credit cards and line of credit. The minimum payments alone were not being paid. The young woman thought she had done all the right things; finished high school, went to university and graduated with honors. She had worked all through school to help pay her bills and at the end of school owed very little on her credit card...
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Look at All the Options Before You Take Out a Loan to Pay Off Debt

Look at All the Options Before You Take Out a Loan to Pay Off Debt
I met with a man whose spouse had recently passed away. During his grieving, the creditors were calling him and harassing him that he was now responsible for her debt. There was no life insurance and she had no assets. The man took out a loan through his bank hoping to pay her outstanding creditors off. He was looking for a solution to his problem as he was now realizing that he could not afford to pay the debt he took out in his name. When he fo...
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What’s Right for my Financial Future?

What’s Right for my Financial Future?
Financial Planning & Your Future Deciding what to do with your finances and financial planning for the future can seem complicated, confusing and even scary. However, having a plan for your finances is important. Research shows that people who have financial plans for the future not only end up with more wealth than those who do not, but they are also happier. However, for many people, the concept of financial planning is intimidating. The go...
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Canadian Household Debt is Now Larger than the Overall Economy

Canadian Household Debt is Now Larger than the Overall Economy
Household Debt Continues to Grow to Record Levels in Canada For the first time ever, Canadian consumers’ debt is worth more than the entire economy. According to Statistics Canada data, total household debt amounted to 100.6 percent of Canada’s gross domestic product in the second quarter of 2016. Canadians now carry more debt than any of the G7 countries which include Canada, the USA, Britain and Germany. Reasons for the Increase in Household De...
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Common Concerns People Have About Getting Help with Their Debts

Common Concerns People Have About Getting Help with Their Debts
“I have good credit right now and don’t want it affected.” “I don’t want to lose my house or my other assets that I have worked hard to get.” “I don’t want my family or my employer to find out that I may have financial difficulties.” These are common concerns people have when looking at their debt options. If you’re having any of these concerns they can be addressed during a free consultation with a debt professional at A. Farber & Partners I...
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Collateral Mortgages Becoming More Popular

Collateral Mortgages Becoming More Popular
Collateral mortgages are becoming more popular, even in conventional residential settings. In fact, some mortgage experts believe that all the major Canadian banks will eventually use only collateral mortgages and cease using conventional residential mortgages. Currently several banks offer collateral mortgages and at least a couple banks offer only collateral mortgages. Therefore, it’s important to understand the differences between conventional...
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The Hardest Part Is Coming To Your Consultation

The Hardest Part Is Coming To Your Consultation
I recently met with a woman who had been struggling to make payments on all her debts for the past year or so. Although she had heard of consumer proposal and bankruptcy, she was unsure of exactly what each meant. She would call and book an appointment and not show up! I would always call and leave her a message, that should she want to rebook, to just give me a call. One day when I called she answered her phone. When I asked if she would like to...
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Will the filing of a bankruptcy or consumer proposal stop a garnishment against wages?

Will the filing of a bankruptcy or consumer proposal stop a garnishment against wages?
I recently met with a lady who has a wage garnishment against her salary. About a year ago a wage garnishment was placed on her pay by a creditor who had been awarded a judgment against her through Small Claims Court. She was in a relationship with an individual who erroneously told her that if she filed for bankruptcy or a consumer proposal she would never be able to buy a house or purchase a new vehicle so she had struggled financially because ...
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Filing a Consumer Proposal and Being Self Employed

Filing a Consumer Proposal and Being Self Employed
When you are considering filing a consumer proposal with A. Farber & Partners and you are self employed, it is important to remember a few key points. If you are required to file GST/HST returns with Canada Revenue Agency, the returns need to be up to date upon filing the proposal. The same applies to any personal/business income tax returns that may be outstanding and also any summaries for source deductions if you have any employees working...
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Adult Daughter has a Judgment Removed from her Mother’s Bank Account by Filing a Consumer Proposal

Adult Daughter has a Judgment Removed from her Mother’s Bank Account by Filing a Consumer Proposal
I recently helped an elderly woman in Barrie stop the seizure of her bank account, through the filing of a consumer proposal. I met with the elderly woman’s daughter, who had Power of Attorney for both property and health issues regarding her mother’s affairs. The daughter had received documents from the bank where her mother had her account, that they were seizing her mother’s bank account for an outstanding credit card debt with them. The bank ...
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When Does a Garnishment Get Lifted in a Consumer Proposal?

When Does a Garnishment Get Lifted in a Consumer Proposal?
I met with a lady in Barrie who had just started a new job after being out of work for nine months. During the time she was out of work she had accumulated a lot of credit card debt as she was using them to survive and cover her daily cost of living. It got to the point where there was no more room to use on any of her four credit cards and although she just started a job, her income was not enough to make ends meet. We met and went over some num...
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Alan Farber Drive to Thrive: Raising Money for Kids Help Phone and Toys for SickKids

alan farberWow, what an amazing experience yesterday, delivering almost $15,000 worth of donated Mattel toys to SickKids and raising $13,077 for Kids Help Phone. Alan Farber the joint managing partner of the Farber Finacial Group extremely excited and thankful to all the people who spent the time to raise the money for this Drive to Thrive campaign. Twenty Elves from Farber (and Farber McLay) loaded a 17 foot U-Haul truck full of toys and delivered them to ...
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The Importance of Knowing Who You Owe Money To

The Importance of Knowing Who You Owe Money To
I often see situations where people come into our office and they are not exactly sure who they owe money to or anything in relation to their credit rating score. It's a very stressful time in their lives and they’re coming in looking for a clearer picture in order to deal with their debt problems. One way to solve that burden is to do a credit check before coming in to see us at A. Farber & Partners Inc. The two credit agencies where we sugg...
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An Unexpected Relationship Breakup Jeopardizes a Retiree’s New Car Lease

An Unexpected Relationship Breakup Jeopardizes a Retiree’s New Car Lease
I met with a retired lady who recently separated from her common law spouse. She was quite distraught over the break up and was wondering how she was going to manage to pay her debts and a vehicle lease she had just recently entered into. After reviewing her situation it was clear that she could not afford her vehicle lease payment now that she would have only her pension income to rely on. We discussed that she could give up her current leased v...
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Wage Garnishment by Canada Revenue Agency

Wage Garnishment by Canada Revenue Agency
Garnishment is a court order directing that money or property of a third party (usually wages paid by an employer) be seized to satisfy a debt owed by a debtor to a creditor. When you fail to pay creditors the money you owe them, they may apply to court to seek a “garnishment” against you. This allows them to seize part of your salary, funds in your bank account, or other money and savings you own to repay your debt. Garnishment cannot be stopped...
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It’s Never Too Late to Take Control of Your Finances

It’s Never Too Late to Take Control of Your Finances
There are some couples out there where only one of them looks after the finances. This was the case for a client of mine whose husband passed away suddenly. She had no idea of the joint debt they had, as her husband paid all the bills, took care of the mortgage and took care of her. She was at a loss as to where to turn when she started getting calls from creditors asking and demanding payments, and sometimes wanting the balance to be paid in ful...
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Protecting Your Rights Against Creditor Harassment

Protecting Your Rights Against Creditor Harassment
I recently met with a husband and wife. The wife had filed for bankruptcy in the past and was now being told that she had co-signed on one of her husband’s debts. He knew the debt was in his name only. They both questioned whether or not she had co-signed for it. They went to the lending institution and asked for proof that her signature was on the contract accepting responsibility. In the meantime she has been receiving numerous phone calls from...
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Overwhelming Credit Card Debt?

Overwhelming Credit Card Debt?
So many people are completely overwhelmed when they find themselves unable to make their monthly payments on time. Does it mean you are on the verge of bankruptcy when you fall behind in payments? Not necessarily! Life happens! Ill health, relationship breakdown or loss of employment can result in the inability to meet our monthly financial obligations! With all the different debt settlement companies out there how does one know who they can trus...
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How to Stop a Garnishment, Requirement to Pay, or Wage Assignment

How to Stop a Garnishment, Requirement to Pay, or Wage Assignment
One of the most powerful collection tools that a creditor has is the ability to seize a person’s wages using a garnishment or wage assignment. Most people want to repay their debts and would happily do so if they could. Therefore, as much as these collection tools may be legal and proper, they make people feel powerless and humiliated as their already troubled financial situation is thrown into a tailspin. These feelings of stress and helplessnes...
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Debt to Income Ratio: What does it mean and why is it important to know?

Debt to Income Ratio: What does it mean and why is it important to know?
Its not surprising that Canadian household debt is on the rise. The low cost of borrowing has made it so much easier for consumers to service their debt. Some experts have gone on to say that Canada’s household debt ratio has hit an all-time high. But what does that mean to you? To answer that, you need to understand what debt load is. Debt load is used to describe a consumer’s amount of debt. Lenders and creditors will compare your income with y...
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