There are a wide variety of options being promoted as a way of dealing with debt. Whenever you're looking at purchasing any service, you need to do your homework. Moses Advisory Group Inc. is a bricks-and-mortar operation headquartered in Edmonton, Alberta, and licensed by the federal government to provide creditor and court-approved options for dealing with debt for clients in Alberta, the Northwest Territories and Nunavut. Our professional, trained, government-licensed and respectful staff is available to help you find the best solution for dealing with your specific financial concerns. Contact us today, and begin your journey to a fresh start.
Arrangements with Creditors
Your first approach in dealing with your debt should be to see if you can’t make an arrangement with your creditors. Many creditors may discount your debt by 15% or more based on an immediate one-time payment. This is certainly more a possibility if debt has been transferred to a collection agency. Keep in mind that creditors are probably unprepared to accept payments but will take a final one-time cash settlement.
Readjusting Your Spending
A solution that takes a longer time to address an overwhelming debt load is to adjust your spending so that you can really concentrate on paying down your debt. Working with a credit counsellor to address some of the areas where spending could be adjusted might provide additional support and ideas for paying down your unsecured debt over a fixed time period.
Proposals to Creditors
If you’re making monthly payments to service your debt but are finding just making the minimum payment or interest-only payments starting to be difficult to meet each month, filing a proposal can be beneficial. There are many kinds of proposals – some to a single creditor or an arrangement with several creditors. The best way is something like a federal government-approved consumer proposal, which allows for a consolidation of all of your unsecured debt. This is the better solution when trying to work out individual proposals with individual creditors, especially in an environment where there are no legislated rules to protect the creditors’ adherence to the agreement. Some say this is similar to a consolidation loan that they are unable to secure from a financial institution, given their current financial situation.
Fresh Start – Assignment
There are certainly those situations where a person’s unsecured debt load is overwhelming and their ability to be able to make any reasonable payments towards that debt just doesn't exist. This could be a result of health issues, relationship separation, job loss, etc.
In situations like this, it's not unreasonable to look at filing a bankruptcy assignment so that you can use limited resources to be better directed towards meeting the necessities of life (food, shelter, clothing). While there is a cost and there are obligations for you to do, an assignment of bankruptcy allows you to get a fresh start and put your accumulated debt situation behind you.
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