Heading Towards Safer Water

Table of Contents

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, call us at 1-844-962-9200 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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I worked primarily with Christine, who was very friendly and outgoing. She was quick to help me, and explained everything I needed to know very well. She's quick to answer any questions I may have as well. The other members I spoke with were also very kind and jovial, and were happy to help me with anything they could. They made sure my proposal fit within my budget, and got everything going very quickly. I was happy to work with them, and would highly recommend their very friendly service!
Melissa McAllister
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Very processional and understanding of my situation. Thanks to all your team.
Luc Valade
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Jennifer Norton's exceptional assistance with my consumer proposal was life-changing. Her professionalism, expertise, and dedication were evident from the start. Jennifer's thorough explanations and attention to detail created a tailored proposal that set a clear path to financial freedom. She went above and beyond, advocating for my best interests and providing invaluable support. Thanks to Jennifer, I'm on track to a stress-free financial future. I wholeheartedly recommend her – she's not just a financial expert; she's a life-changer. Thank you, Jennifer!
Thomas
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They made a difficult situation, easy thank you.
Ray Barkley
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I had a great experience with Christine from David Sklar & associates. Very professional, and easy to get through. Thank you
fukinwith doug
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Great customer service and a smooth process to get your finances on track. Informative and thorough.
Adrian Downey
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From the moment I sat down in the office, I felt welcome and at ease. Grace Cuffaro was both friendly and highly informative. She is extremely knowledgeable and answered all of my questions in detail, making sure I understood before moving on. I was reassured throughout the process that I was making the right decision and that it was not uncommon nor anything to be ashamed of. I didn't expect my appointments to be such positive experiences, but that's exactly what they've been!
P Bains
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I was in a tough financial position and found myself searching for relief. I came across David Sklar & Associates page when doing my research on financial advice. The reviews were amazing, but I was concern because I didn’t know what to expect. I made the decision to set up a consultation and had the pleasure to meet with Jennifer Norton. Right from the beginning, she was attentive, knowledgeable, and pleasant to meet with. The experience was painless and very educational. Jennifer made sure I understood my choices, answered my questions, and concerns promptly, in person, over the phone and via email. I’ve been working with Jennifer for a couple months now and I am pleased that Jennifer is the manager handling my file. I would and have recommend Jennifer Norton, David Sklar & Associates to anyone in need of direction regarding finances.
A.L Thompson-Lawrence
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I had my first meeting with Jennifer, she was really understanding and extremely helpful, and got everything done in a timely manner.
Tamas Wint
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Jennifer Norton has been the most helpful throughout this truly embarrassing situation that I find myself in. She is informative, understanding, and there is absolutely no judgment. She has handled everything in a very professional and respectful manner and I am SO glad that I have them on my side. Definitely a huge weight off my shoulders.
Jody T
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