I Don't Have Enough Money to Pay My Debts: Difference between revisions
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I Don't Have Enough Money to Pay My Debts (view source)
Revision as of 06:32, 30 December 2011
, 30 December 2011→First steps
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# 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. 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]]. | # 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]]. | ||
# 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''' | # 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'''. | ||
== What happens next? == | == What happens next? == | ||