Heading Towards Safer Water

Banking Overdrafts – Protection or Peril

As children, most of us had the unpleasant experience of getting in a little over our heads while swimming. However, once we could feel the bottom, we were able to push with our feet and head towards shallower and safer water.

For the thousands of people in the Toronto area who are struggling to pay their debts – overdrafts can provide a misleading and false sense of touching bottom. Once you feel it, you may not be able to head for safer water.

In an earlier article on the dangers of overdrafts, we discussed the ‘dollar draining cycle of overdrafts‘, how to take back control, and learn to better manage money. We showed how, in addition to being costly and hard to get out of, overdrafts can cultivate a wrong (and potentially harmful) attitude towards money.

But what happens if you cannot break free of overdrafts?

Being unable to pay off and stop using your overdrafts – may be an indication of serious debt problems.

You may have fallen behind during a period of unemployment, illness or family crisis.

You may be using overdrafts in an effort to pay off debts that ultimately are unpayable.

Whatever the reason,

  • if you are too far in debt to stop using your overdraft, and
  • you know you cannot get out of your financial chaos on your own,
  • it may be time to talk to a licensed bankruptcy trustee, such as David Sklar & Associates – about a consumer proposal.

In Ontario, only licensed bankruptcy trustees can determine your eligibility as well as file and administer consumer proposals.

How can a consumer proposal help?

If you qualify for a consumer proposal, your trustee will work with you and present your unsecured creditors with your proposal to repay a portion of your debt. The proposal will help you to avoid bankruptcy and protect your assets from disbursal.

Your unsecured debts can include credit cards, CRA taxes, overdrafts, and more. There are some types of unsecured debts that cannot be included – such as child support, some student loans, court fines, and fraudulent debt. Your trustee will review the details with you.

Your secured debts, such as mortgages, car loans, etc. cannot be included in your proposal. You will be required to make your secured loan payments to keep those assets that have loans against them. However, with the reduced monthly payments for unsecured debts, most people who file for a consumer proposal, find it much easier to make their secured debt payments.

How do your find out if a consumer proposal is in your best interest?

If you are struggling with overdrafts and facing serious debt problems – it may be time to get the help you need to head towards safer water.

If you live in the Toronto area, you are welcome to call David Sklar & Associates at 416-498-9200 to book a free consultation with one of our caring, Licensed Debt Professionals™.

If you live outside the Toronto area, you can find a licensed trustee in your area by using the Superintendent of Bankruptcy’s Trustee Registry.

 

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt and live in the Toronto area, call us at 416-498-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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Ready to live debt free?

The best decision I've made was to contact David Sklar & Associates, they are experts in this matters and also have dedicated Licensed Counsellors that provide the best customer support, like Rhoda Lewis, who I highly recommend. She worked tirelessly on my case, explaining ever detail to me willingly. She demonstrates a true interest in her clients. I appreciate how she patiently walked me through what to do, step by step. I now have control over my finances, as a result my life is much more peaceful and I can focus on what matters. Thank you!
Nilda H.
20:18 16 Jun 22
Very helpful and friendly! I am more than satisfied with my experience here. And more than happy with the outcome! Would definitely recommend .
Peggy Bulger
15:10 14 Jun 22
Jerry at David SKLAR helped me thoroughly understand my options and made me feel at ease. If you are looking at this type of service/help, I 100% recommend you give them a call.
Colleen H
12:50 14 Jun 22
Rhoda is a wonderful person, She help me and guided me throughout the process. I couldn’t do it without her support and expertise. Now I can start fresh and full of hope of a better life ahead of me.
ariezel erandio
21:33 06 Jun 22
The service I recieved from David Sklar and Associates was great. I was able to meet with Christin Sylver. She is kind, understanding and, professional. She was able to answer all the quesions that I had regarding my debt. At the end of our meetings, I felt that there is a heavy burden lifted from my shoulders. I recommend Chistine to anyone who is looking into debt relief.
Aliya H
12:11 04 Jun 22
Jerry is a very patient person, he answered all my questions and made this experience so smooth and easy for me. I was not sure what to expect but dealing with him made me feel so much better. He sure knows what he is doing and how to put people at ease for sure (should have done this long ago). I recommend him to anyone I am so glad I had him on my side and now to do my part. Thanks Jerry ur greatPattie
Patty Murphy
21:34 18 May 22
Rhoda Lewis helped me achieve a fresh start two and half years ago! She was very professional with a very warm, caring personality! I emailed her today with a question and she responded quickly. She's great at her chosen profession!!
Debbie Livingston
01:24 11 May 22
Nothing but good things to say about Jackie. She was so nice and so understand and everything was so quick and easy. In a matter of a week, there was the solution that I never thought was possible. Thank you so very much for everything that you have done. ❤️❤️❤️
Cassandra Keenan
21:05 10 May 22
I was in a lot of debt and stress, Jackie Stanley with David Sklar & Associates was very professional, and extremely helpful with getting out of debt. I should of did this sooner, they take the all the weight and stress of a persons shoulders, amazing team at David Sklar & Associates!!
Hubert Z
03:08 10 May 22
Jackie helped me out during a really tough time and she made the entire process very easy and painless. I highly recommend reaching out to her if you find yourself in any financial trouble. You won’t be disappointed!
prettylush 13
02:42 10 May 22
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