Financial Stress in the Midst of the COVID-19 Crisis

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Residents of the Greater Toronto Area have had their lives turned upside-down by the pandemic of COVID-19. Here at David Sklar & Associates, we understand that many residents have been thrown into financial instability because of this health crisis and are concerned about what to do next. If you need financial help, we are still here for you.

We offer over-the-phone consultations, video consultations, and electronic document signing so that you can access our credit counselling and other debt-relief services from the safety of your home. We want to encourage our clients to prioritize their health as best as they can during these uncertain times.

The COVID-19 pandemic has reached the Greater Toronto Area. Business owners are shuttering their doors. Schools, daycares, and libraries are closing indefinitely. Preventative measures are being enforced every day to flatten the curve of infection.

While these precautions are essential for health and safety, they have sent shockwaves of concern across the GTA, and some residents are worried about how they’re going to pay the bills. Find out why there’s a sudden surge in financial instability and what David Sklar & Associates can do to help.

Current Common Concerns

There are several things contributing to people’s panic over their finances at the moment. You might be dealing with one of the following four problems or a combination of them.

Inability to Practice Social Distancing

Waiters, retail managers, and ride-share drivers can’t practice social distancing by doing their tasks at home. Jobs like these require public interaction in order to succeed. As a worker, you may feel forced to sacrifice your paycheque or risk your health to stay afloat.

Business Closures

Even if employees feel the pressure to clock-in, customers might not walk through the door. With no profits, employers are closing shop. You are one of the countless employees that have been laid off during the pandemic.

The Kids Are at Home

Parents are also dealing with the additional stress of losing childcare services like school and daycare. Taking care of your children at home might interfere with your ability to work and generate income.

No Savings

Research shows that approximately 53% of Canadians are living from paycheque to paycheque and 49% have no emergency savings to dip into. If you’re one of these Canadians, you’re going to struggle to make ends meet when your main source of income is compromised or taken away completely.

Government Responses to Financial Anxieties

The federal and provincial governments are responding to this problem as quickly as they can to ease financial worries. The federal government has waived the waiting period for Employment Insurance. They have also extended the income tax deadline from April 30th to June 1st, 2020. They announced that they would freeze student loan payments. Ontario’s government has changed policies on paid sick leave and suspended eviction notices so that residents don’t get kicked out in the midst of a crisis.

Watch for more responses about financial relief from the government. Other countries around the world have responded to the economic backlash with rent freezes and bill suspensions. In the upcoming weeks of handling the crisis, Canada may follow suit.

What Can You Do for the Time Being?

The first thing that you should do is to focus on essentials like groceries. The other demands in your life can wait.

You may need to stretch your money for the upcoming weeks, so if you have any bills that are due, pay the minimum. If you’ve experienced a job or income loss, call up the creditor to see whether you can get an extension.

See if you qualify for any government assistance, like EI (Employment Insurance). If you do, sign up as soon as possible to access that relief.

Talk to one of our licensed insolvency trustees. We can offer financial guidance to help you through these stressful times. We have service options including bankruptcy and consumer proposal services that can still be done without breaching social distancing rules.

We can do over-the-phone and video consultations so that you don’t have to visit the firm. We have e-signing so that you can send and sign documents electronically from your computer. You may not have to leave the comfort of your own home. We can do all of these tasks without putting your health and safety at risk.

The weeks ahead will be a challenge, but there are many services with your financial stability in mind. This situation is temporary.

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. 

Share This!

I was a little nervous going into my consumer proposal with David Sklar & Associates as I had a horrible experience attempting to file with a different group.Following the first correspondence, I immediately felt much more relaxed and confident in my decision.Beatriz was incredible! I feel so lucky to have had her working with me.She was friendly and kind, professional, patient, considerate, and caring. I felt no judgment in anyway. Honestly, speaking with her regarding my debt felt like I was speaking with a family member – just very easy to discuss how I ended up in my financial situation and being met with understanding, no judgment.Mark was also very kind and made sure that I understood what was discussed and was open to going over it again if needed prior to signing.David Sklar & Associates is the team you want handling and assisting you with your debt. I have only positive things to say about them and will 100% recommend them to anyone if the situation ever arises.
ally.
1701530179
Helped me with filing for bankruptcy and getting a fresh start and made the whole process seamless and easy.
Sameer Kamal
1701361659
I would like to say "Thank you very much" for David Sklar team that handled my case smoothly and without any issues! I am glad that I ve got consultation by Jerry Janiec. He explained me all process in details and told me right away what options I do have to resolve financial difficulties. I ve proceed with consumer Proposal option and entire process was very smooth. Jerry took care of my case and gave me personal recommendations for future! Thank you very much Jerry and Hernee for your help and really take care of your clients!
Alexander Arepyev
1701306224
Very knowledgeable, helpful and fast service
Anthony Mcfeat
1701299046
I am so delighted to have found this company. They are the best. Everyone in the office is very nice never to busy to assist you. Thank you David Sklar and Shirley and associates for being you. 😊🌺😊
Deborah
1701263894
Trina was amazing and quick. No judgement was made and they all made me feel I made the right decision. Would highly recommend them
Crystal Minaker
1701222756
Trina was very easy to work with. Any questions I had were answered promptly. What seemed like a complicated process was explained in a clear manner that wasn't at all intimidating. It made for a more comfortable experience during a turbulent time.
Eldon Aubie
1701134421
Jackie is very professional...I would recommend David Sklar to anybody especially knowing how understanding they are.
Kimberley Lyder-Niles
1700968057
I had Shirley and Kim take care of my finances. From the very first moment I spoke with Shirley I could sense how caring, professional and patient she was. She was also very understanding with my lack of financial knowledge and never made me feel dumb as some other companies have.Her and Kim were always very quick to respond to emails, always available if I called and answered my abundance of questions in such detail that I now believe I have a thorough understanding of how finances work. I am hopeful about my fresh financial start and very grateful I had the privilege of meeting and working with these two beautiful women.I also spoke briefly with Richard over zoom and he to was extremely friendly, patient and made sure I was well taken care of.I could not recommend David Sklar and Associates more. Thank you again.
Shayleen Muzi
1700875951
Good professional team! Jennifer is the best, helped me through everything and answered all my questions. Made the process easy! Would recommend Jennifer and the team at David Skylar.
gary round
1700868378
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