I Don't Have Enough Money to Pay My Debts: Difference between revisions
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Desy Wahyuni (talk | contribs) |
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If you cannot pay your debts: | If you cannot pay your debts: | ||
# Contact the creditors. If necessary, see if you can negotiate a different repayment plan with each of them. For example, they may give you more time. | # Contact the creditors. If necessary, see if you can negotiate a different repayment plan with each of them. For example, they may give you more time. | ||
# If the creditors won’t agree, see if you can get a '''consolidation loan''' from your bank or credit union to put all the debts together at a lower interest rate than you are now paying. There are for-profit as well as not-for-profit Credit Counselling Services that can assist you in planning and applying for such a loan. [See | # If the creditors won’t agree, see if you can get a '''consolidation loan''' from your bank or credit union to put all the debts together at a lower interest rate than you are now paying. There are for-profit as well as not-for-profit Credit Counselling Services that can assist you in planning and applying for such a loan. [See [[Credit Counselling Society of BC]] in Part 2 of this Guide.] | ||
# If you cannot negotiate a repayment plan or arrange a consolidation loan, you should speak with a credit counsellor about some of the options under the Bankruptcy and Insolvency Act, including: | # If you cannot negotiate a repayment plan or arrange a consolidation loan, you should speak with a credit counsellor about some of the options under the Bankruptcy and Insolvency Act, including: | ||
#* '''Proposals'''; and | #* '''Proposals'''; and |