Search site            Home     About us     Contact us     Blog     Forms     Surplus calculator     Corporate recovery      

       


Expert advice

Call us for debt help in Thunder Bay or Northwestern Ontario for a free, no obligation, confidential consultation – in person or over the phone
Toll free: 310-8888
Local: (807) 345-6571

 

Debt Management, debt help in Thunder Bay

If your current finances and debt are causing you stress, we can help. We provide debt management and general debt help services in Thunder Bay and throughout Northwestern Ontario. We can help you find the right debt solution.

Most people believe that when their debt gets out of control that they have to file bankruptcy. But there are other debt management solutions besides bankruptcy. We have helped many people find relief from debt through a consumer proposal, often helping people with a solution that means repaying back only apportion of the amount they owe.

Consumer Proposal

Depending on the amount of debt you have, we can work with you to consolidate your debt into a single proposal to your creditors. Often times through a consumer proposal your creditors will accept a repayment of less than the full amount of what you owe (up to 75% less) and interest will not accumulate. This solution is designed to work with your current situation and finances, helping you find a solution that works without going bankrupt.

Debt consolidation

Debt consolidation groups your debt into a single payment so that you can repay multiple creditors through one payment. A consumer proposal does just this, consolidating all of your debt into one proposal, with no interest, into manageable payments that fit your budget.

Informal debt settlement

With informal debt settlement, creditors expect you to present them with a plan outlining how you can pay them back. Creditors will often negotiate with you, as their goal is to obtain the money that is owed to them. Explain your financial situation honestly and submit a realistic proposal with a reasonable payment schedule.

If you choose to participate in debt consolidation the financial institution will pay your creditors. In exchange, the financial institution will offer you a single monthly payment at a potentially lower interest rate. Your eligibility depends on your overall credit rating and the total amount of your debt. Talk to one of our professionals at Grant Thornton to find out if this is an appropriate option for you.

Orderly payment of debt

An OPD is also referred to as a Consolidation Order and is an Order from the Court.

Under an OPD, the court will consolidate your loans and you will pay an administrator who will pay your unsecured creditors on your behalf at an interest rate of 5% per annum within four years. The term can be extended for longer periods but this may damage your credit rating more than a bankruptcy. An OPD protects you against garnishments and allows you to keep your assets such as your home and car. This is only offered by government approved institutions and is not available in every province, please check to see if it is available in your area.

Contact us

As Proposal Administrators and Licensed Insolvency Trustees, we have helped many people get out of debt.

Debt help available at our offices in Thunder Bay, Dryden and Fort Frances, Ontario, . Contact us today to find the right solutions that will help you on the path of becoming debt free.

979 Alloy Drive, 3rd Floor
Thunder Bay, Ontario   P7B 5Z8

T +1 807 345 6571
F +1 807 346 7304
TF 310 8888

» Getting out of debt

Contact us

© 2017 Grant Thornton Limited, Licensed Insolvency Trustees. All rights reserved.


back to Bankruptcy Ontario home

Confidential callback from a bankruptcy professional

Please call me

As soon as possible
Today at
Next business day at

My Phone # 

Extension  

Ask for  

×


back to Bankruptcy Thunder Bay home

Make an appointment

Name

Phone
- -

Email

Preferred Date (dd/mm/yy)

 


Location

×


back to Bankruptcy Thunder Bay

Ask a question

Name 

Phone  

* Email  

* Question  

* required fields

×

×