Knowledge Blog Archives - Page 9 of 12

Debt Management Program and Car Q&As

Consumer Proposals, COVID Debt Help, Knowledge Blog

February 19, 2013

When I start a DMP, can I keep my car? Yes.

In order to qualify for our special Debt Management Program (DMP) there is no obligation to sell your car. Unlike bankruptcy, you are not required to forfeit your non-exempt assets in order to consolidate your debts.

Can I put my car loan on the program? Maybe.

If you have an auto loan and you still own that vehicle, it is considered a secured debt and cannot be added to a DMP. Only unsecured debts qualify for debt consolidation. However, if you no longer possess the vehicle, or the value of the vehicle is so low compared to the amount owing on the loan, then the auto loan may be actually unsecured and it is possible to be added to your debt repayment program.

Debt Isn’t Romantic

Credit Counselling, Debt Help, Financial Literacy, Knowledge Blog

February 13, 2013

This Valentine’s Day, you and your beloved partner may be focused on date night and romantic gestures while putting your money troubles aside, but debt and financial conflict is one of the biggest causes of relationship breakups. Show true commitment to your partner by sorting your money conflicts, and uniting with common financial goals, before it’s too late. Follow these steps to gain financial harmony in your relationship:

Balance Protection Insurance on Credit Cards

Credit Card, Financial Literacy, Knowledge Blog

December 18, 2012

“Peace of Mind” or “Waste of Money”?

Are you aware whether you have balance protection on your credit card or not? Often when applying for a credit card, the applicant is not asked whether he or she wants the protection, it is added automatically and assumed as wanted unless the applicant asks to terminate it. You may think the protection is mandatory, or even part of the interest charge, but that’s not so.

Balance protection insurance is like other insurance in that it’s benefit coverage comes with eligibility requirements, exclusions and conditions. However, unlike other insurance, you are not applying for it to see if you qualify or approve its coverage, you are offered it automatically and then it is up to you to find out if you qualify or if you require the coverage. Therefore if you do not take any action, you will be paying for it even if you don’t qualify, and even if you don’t really need it or want it.

Credit Rating 101

Credit Counselling, Financial Wellness, Knowledge Blog

We have collected information from both of the consumer reporting agencies (credit bureaus), as well as our own research to try to provide a full picture on credit files and…

Payday Loans: The Real Cost

Financial Literacy, Knowledge Blog, Payroll Loans

We look at the real cost of payday loans – how they compare to the cost of other forms of credit, both in the short term and long term, as well as compare the varying cost across Canada. We also look at some intersting stats which reflect on the payday loan cycle, in this eye-opening infographic and blog article. If you are struggling to repay a payday loan, or are trapped in a payday loan cycle, contact Solutions^TM for help with your payday loan debt today.

Financial Literacy for Seniors

Bankruptcy, Debt and Dying, Financial Literacy, Knowledge Blog

November 28, 2012

What do seniors need to know to be financially literate? This is an excellent question, not just for the financial literacy month of November, but one that the BC Centre for Elder Advocacy and Support and the Canadian Centre on Elder Law tried to answer in their detailed publication entitled Financial Literacy 101.