Debt Free in 30 minutes– Is it really that simple?

by Ted Michalos on October 1, 2012

I know, it sounds too good to be true – but it’s not.  If you can give us 30 minutes of your time to review your financial situation we will help you develop a plan to achieve it.

How does it work? Well the process involves looking at where you are at financially, right now. How much do you owe and what is it for?  Are you carrying credit card balances every month?  Are you using one credit card to pay another? Do you have to take out pay days loans to get by? Do you owe the government for back taxes?  Have you got personal loans and lines of credit that seem to have grown out of control? Does this all sound too familiar?

Once we know how much you owe we will look at how much it costs you live.   What is your mortgage or rent payment, utilities, car payments, insurance, fuel costs, food, child care, telephone costs, etc, etc, etc.  How much money do you need to have coming in to cover the basics?

Then we compare how much you need to cover these basics with how much you have each month coming in.  The difference between how much you have and how much you spend to live is what you have left over to pay towards your debt.  It’s that simple. Once we know the amount you can afford to pay towards your debt we can lay out your options for you.

So what’s in it for us?  As trustees in Bankruptcy we assist people in filing Consumer Proposals and Personal Bankruptcies.  You may think then that is in our best interest to counsel everyone we see to use one of these two options.  It’s how we get paid. The truth is that 4 out of 5 people that contact us don’t require our services after the first meeting (which is always free).  The 5th person usually does need to file a consumer proposal (a debt repayment plan) or personal bankruptcy.    The other 4 people are referred to a credit counseling agency, their bank or another lender, or maybe they just needed someone to talk through the situation with them.

So how do we get paid? It’s all been laid out by the Federal Government in the Bankruptcy and Insolvency Act – there is no secret formula.

So once it’s done how do you stay debt free? Many continue to set aside the payment (or a portion of the payment) that they are now used to having in their monthly budget, as part of a savings plan.  That way, if you need money in the future you will have some savings and won’t have to rely on credit.

The hardest part of the entire process is taking the first step – you need to make the call or send the e-mail and ask for help.  We will be happy to speak with you on the phone or chat with you on one of our blogs. We will exchange emails with you. When you’re ready, (and only when you are) we’ll book you a free consultation to sit down with one of our professionals to review your situation in detail.  If you can give us 30 minutes of your time, we can help.

Debt free in 30 – it’s that simple.

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