I Don't Have Enough Money to Pay My Debts: Difference between revisions
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== First steps == | == First steps == | ||
If you cannot pay your debts: | If you cannot pay your debts: | ||
#<span class="noglossary">Contact</span> | #<span class="noglossary">Contact</span> your 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. Seek the assistance of a not-for-profit credit counselling agency that can assist you in planning and applying for such a loan. See [[Credit Counselling Society of BC]] in the [[Resource List for Legal Help for British Columbians|Resource List]]. | #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. Seek the assistance of a not-for-profit credit counselling agency that can assist you in planning and applying for such a loan. See [[Credit Counselling Society of BC]] in the [[Resource List for Legal Help for British Columbians|Resource List]]. | ||
#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 ''bankruptcy''. | #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 ''bankruptcy''. |