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  Canada Immigration Forum > About Canada > Financial Planning > credit counseling society in bc
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credit counseling society in bc




hi,
i owe my bank $15000 towards line of credit+$6000 towards credit card. can you suggest a credit counseling society in bc to reduce my debt. live in surrey, bc.

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uday62

Senior Desi
Member since: Aug 04
Posts: 114
Location: Canada

Post ID: 237462 10-01-19 20:13:09
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tamilkuravan
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Member since: Jun 05




Posts: 5749
Location: God's own country

Bankruptcy
Try Bankruptcy route. It will wipe all your debt.

You canot take a loan / line of credit for 7 years from then is the point to note.

Try to be in Welfare and get cash jobs.

Murali from Chennai

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Post ID: 237463 11-01-19 05:10:02
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MITRON
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Member since: Sep 17




Posts: 208
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Quote:
Originally posted by tamilkuravan

Try Bankruptcy route. It will wipe all your debt.

You canot take a loan / line of credit for 7 years from then is the point to note.

Try to be in Welfare and get cash jobs.

Murali from Chennai



Very good advice given to OP.

White people use bankruptcy all the time to live a good life and to get rid of debts. Immigrants should do the same.

Credit counselling and debt consolidation companies are a joke. They make more money of you, they are not there to help you.


 
Post ID: 237464 11-01-19 19:52:03
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tamilkuravan
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Member since: Jun 05




Posts: 5749
Location: God's own country

Bankruptcy route
One of my friends tried the Bankruptcy route in 2009 during financial melt dowon.
He has $ 49,000 debt, all loss of shares.

It is just a one day process and once you say that you have declared bankruptcy, all collection calls will stop.

Try to save 2 months savings before you declare bankruptcy. the Agency fees is only $ 400 or even lesser.

You will be called 2 times within 6 months for credit counselling. Basically they will take you signature and lecture for 2 mins of how useful it would be to stop tim hortons and make your own coffee in flask.

After 7 or 9 months, you will be declared bankrupt.

You will not be able to sponser any of your relatives (except your wife) for PR or visit Visa. You parents can't come to visit you through your welcome letter.

The amount you specified is less but if you have no idea of how to repay it, it is better to decalre bakruptcy and start welfare and cash job.

Just remember, it will take 1 or 2 months for welfare to kick in and so you need money till that time. So save up cash for that.

Once you file for bankruptcy and until you are declared bankrupt (7-9 months), you MAY have to pay a portion of the money that you get, if it is around $ 1000 or so, Basically it is to stop scammers.

After being declared bankrupt, you can earn as much as you can, without paying anything to the Govt.. Second time bankruptcy is more difficult and so use your money wisely.

Murali from Chennai

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Post ID: 237465 12-01-19 04:47:08
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Full House
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Member since: Oct 12




Posts: 2482
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YOU Can make a PROPOSAL and let it ride first. If the Banks and the Creditors ACCEPT Your Proposal, then you can settle the payment issue, for pennies on the dollar. NO STIGMA Attached to you proposal

Bankruptcy is a Last Straw and I suggest you consult a FREE CREDIT COUNCILLOR after filling out the right application. It is a fee based service. It should be a minimum amount. Then PLEASE have copies made of the submission and retain them like dear life till it all blows over. It will take a good SEVEN YEAR period for a clean slate. As said in the above NO CRANK CALLS FROM COLLECTION AGENCIES after that.

FH.

Please see your Mail. (P.M.) If you have any Over Draft Amounts, you can include them also, Credit Card are the hounds that pounce on you first. Include all of the credit card, except one that has minimum amount owed. You be the one to decide which one is suitable, You need one for your gas purchase, internet shopping, (if any) and for sundry usage.


 
Post ID: 237473 16-01-19 02:52:45
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uday62
Senior Desi
Member since: Aug 04




Posts: 114
Location: Canada


i have applied for my family sponsorship. This will affect the application process?



>
Quote:
Originally posted by Full House

YOU Can make a PROPOSAL and let it ride first. If the Banks and the Creditors ACCEPT Your Proposal, then you can settle the payment issue, for pennies on the dollar. NO STIGMA Attached to you proposal

Bankruptcy is a Last Straw and I suggest you consult a FREE CREDIT COUNCILLOR after filling out the right application. It is a fee based service. It should be a minimum amount. Then PLEASE have copies made of the submission and retain them like dear life till it all blows over. It will take a good SEVEN YEAR period for a clean slate. As said in the above NO CRANK CALLS FROM COLLECTION AGENCIES after that.

FH.

Please see your Mail. (P.M.) If you have any Over Draft Amounts, you can include them also, Credit Card are the hounds that pounce on you first. Include all of the credit card, except one that has minimum amount owed. You be the one to decide which one is suitable, You need one for your gas purchase, internet shopping, (if any) and for sundry usage.




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SUCCESS IS NOT A DESTINATION, BUT A JOURNEY...............

 
Post ID: 237479 18-01-19 01:09:40
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Full House
Senior Desi
Member since: Oct 12




Posts: 2482
Location:

Insolvency aqnd Credit Proposal reduces your financial capacity to sponsor.

YES. It does remove the financial capacity that you have currently, even though you are under default in many an instances. Since the CRA also checks to see if you have sufficient wherewithal to sponsor and maintain the additional burden, it becomes onerous on you. But if the family was sponsored by TWO Or MORE sponsors and one is under default and the other one has the capacity to support and sustain, then you are O.K. with the Proposal.

It is a technicality and it needs to get clarified through a legal system and it will hold water at that time, though you are defaulting financially with other creditors. The lawyer will tell you very clearly if it is possible. Then file an application and obtain exemption.

Good Luck.

FH.

--------------
Quote:
Originally posted by uday62

i have applied for my family sponsorship. This will affect the application process?



>
Quote:
Originally posted by Full House

YOU Can make a PROPOSAL and let it ride first. If the Banks and the Creditors ACCEPT Your Proposal, then you can settle the payment issue, for pennies on the dollar. NO STIGMA Attached to you proposal

Bankruptcy is a Last Straw and I suggest you consult a FREE CREDIT COUNCILLOR after filling out the right application. It is a fee based service. It should be a minimum amount. Then PLEASE have copies made of the submission and retain them like dear life till it all blows over. It will take a good SEVEN YEAR period for a clean slate. As said in the above NO CRANK CALLS FROM COLLECTION AGENCIES after that.

FH.

Please see your Mail. (P.M.) If you have any Over Draft Amounts, you can include them also, Credit Card are the hounds that pounce on you first. Include all of the credit card, except one that has minimum amount owed. You be the one to decide which one is suitable, You need one for your gas purchase, internet shopping, (if any) and for sundry usage.






 
Post ID: 237480 18-01-19 02:26:40
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