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You don’t have to be embarrassed about your debt. Just by getting to this page, you’ve taken a huge step towards regaining control of your debt. At Farber, we’re here to make sure the next steps toward reducing debt are straightforward, judgement free, and will save you money.
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Debt doesn’t come with instructions. That’s where we come in.
Are you in trouble with debt or do you have a manageable amount? Most people have some debt, usually in the form of a mortgage or a car loan or a line of credit. But how do you know when it’s too much?
There is no easy answer that works for everyone. However, here are a few ways to tell if you have too much debt.
- You are unable to pay your monthly expenses without using a credit card or line of credit
- You’re only making the minimum payments on your debt
- You’re receiving calls from creditors
- You’ve missed payments
- You’re not sure how much debt you have
- You regularly use overdraft protection on your bank account
- You’re feeling stressed or worried about your debt
- You hide your debt or your spending from friends and family
These are just some of the warning signs. Each person is different, and every situation is unique. However, if you are struggling with debt, you can book a free consultation with our team to learn more about your options. Because you do have options.
If you have a lot of debt, you’ll quickly find that repaying it is difficult. This is often because many debts have very high interest rates. Even if you make your payments each month, it will take a very long time to reduce your debt and it will cost you quite a lot to do so. Interest charges can make each of your monthly payments higher, which can make it more difficult to repay your debt.
If this is the situation that you are in, you may wish to consider debt consolidation services. Traditional debt consolidation services provide loans that you can use to repay your existing debts. If you have many different high interest debts and you take out a new loan with a lower interest rate than the debts you have, you’ll save money on interest charges. This will mean lower monthly payments and you’ll be able to repay your debt more quickly.
If this sounds like a situation that could benefit you, you’ll want to find the best debt consolidation loan available. Speaking with a debt consolidation service like a traditional bank may help you understand what you may need.
Overall, remember that there are many different options available and that the best debt consolidation option is the one that works for you and your financial situation.
To be eligible to file a Consumer Proposal you must be insolvent (i.e. unable to pay your debts as they become due), have a total debt load of less than $250,000 (excluding the mortgage on your principal residence), have a stable source of income (or a friend or family member who is prepared to underwrite the Proposal monthly payments on your behalf) and have no prior Proposal proceedings still active. If you are currently having difficulty meeting your debt repayments (for example, you miss monthly payments or are paying just the minimum payments on your credit cards), a Consumer Proposal may be a far better solution than some other options, such as a debt consolidation or credit counselling. You will normally end up paying your creditors less in a Consumer Proposal than under those other two options, and interest will stop the moment the proposal is filed with the Official Receiver (the Federal government).