Owing Money and Problems making Payments

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Owing Money and Problems making Payments

If you owe money and you are having problems making the payments, there are options before insolvency to help you deal with your financial situation.

Create and/or review your budget

A budget helps you track how much money is coming in versus how much is going out. You need track of all of your expenses including all the little items. Little expenses can add up quickly over time and impact your ability to pay your bills. Once your budget is started, you should ensure that you are paying your essential bills before anything else. For example, make sure your mortgage, rent, car payment, insurance and utilities are paid first. Budget an appropriate amount for food and other household necessities.  Remaining money should be used to ensure that monthly payments are being made on your debts. Any extras should be used to make extra payments to bring the total debt down.

Be Careful with Debt Consolidation Options

While debt consolidation is an option, you do need to be careful regarding this.  Debt consolidation should result in smaller monthly payment requirements by reducing the average interest rate you are paying. Only having one payment instead of numerous minimum payments each month.  Make sure monthly payments on the consolidation loan is lower than the total payments you are currently making on all of your debts.

Consider reaching out to your creditors

Call your creditors and ask them if they can defer a monthly payment, or reduce your interest rate.  Many times if you ask you creditor, they will do something to help you out.  This option will not work if the creditor has already started collection action.  You need to take this step as early as possible after you notice that you are having trouble making your payments.

Dealing with student loan debt

Canada’s repayment assistance plan is an option available for any that are having problems paying back their student loans. Repayment assistance may provide you with payment deferral and/or interest relief.  Depending on whether your student loan is administered, Provincially or Federally, you will need to contact the appropriate student loan office. Contact them to find out more about this program and how to apply.

Sell some of your assets 

You could consider selling an asset that has some monetary value. This could be an extra vehicle or electronic equipment for example. The proceeds from the sale should be used to pay down your debts and improve your financial situation

If you are still not able to deal with your financial situation you can look to schedule a free initial consultation with our office. We can look at your personal situation and help to determine what the best avenue is for you.

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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Great experience i was in financial trouble and someone of my friends recommended this company. Cori is a wonderful and welcoming person she did a very good job and came up with a smooth and flexible monthly payment after the reduction. i highly recommend this company. Thank you David sklar and special thanks to Cori.❤️🙏🏻
Jasmine Joseph
22:08 13 Jan 23
Met up with Mr. Jason Sklar to discuss more in person, very thorough and clear. He is very kind and thoughtful, I will be referring anyone with the same situation to David Sklar & Associates.
Ariel Domingo
02:33 29 Dec 22
I was a reck talking yo Jason Sklar was easy comfortable he explained everything and put my mind at ease I would recommend the team od sklar to everyone. I have already talked to my ci workers about them
kevin mcweeney
01:13 22 Dec 22
The team at David Sklar & Associates is fantastic.I worked with Jerry whom not only made - what seemed like intimidating process to initiate at first - comfortable.He made everything transparent and took the time to explain the process every step of the way.He was kind, attentive, and professional. Everything was made straightforward and stress free and we found a solution together that worked.Thanks to Jerry and the team.
Jordie Angiolillo
18:22 21 Dec 22
From day one till the end which is today😁 DavidSklar gave me a 5star service and treatment. And I will 100% recommend him and his Associates. This is the best Christmas present ever! Thank you David! More business to come! Merry Christmas and a Happy New Year!!!
barbee diaz
16:37 16 Dec 22
I FOUND DAVID SKLAR & ASSOCIATES BY GOOGLING "BANKRUPTCY" (EARLY NOV. 2021). ON NOV.4, 2021 I HAD A MEETING WITH CORI NARON AT HER OFFICE AT ST CLAIR ANDBATHURST. HER POSITIVE APPROACH TURNED ASTRESSFUL SITUATION INTO A STEP BY STEP UNDERSTANDABLE PROCESSON SEPT. 23, 2022 I OBTAINED MY AUTOMATICDISCHARGE FROM BANKRUPTCY AND MY CERTIFICATE OFDISCHARGE.THANK YOU CORIBRUCE BURGESS
bruce burg
21:35 02 Dec 22
Jerry was wonderful and provided superb service. He is very knowledgeable, trustworthy, and made an intimidating and shame filled time in my life stress free. I hesitated for a long time to take the next step, but Jerry answered all questions, was patient and made the process effortless. I am eternally grateful, and highly recommend Jerry’s services.
M J
18:41 01 Dec 22
Jerry was professional and was easy to deal with
Debbie Asquith
00:09 29 Nov 22
I was quite nervous and a little embarrassed that I needed financial advice. I met with Jerry Janiec and he was very helpful. He made me feel comfortable and explained everything in easy to understand terms so that I understood what my options were. I would recommend David Sklar & Associates for anyone in my position.
Melissa Blackburn
19:53 17 Nov 22
I was fortunate enough to be referred to David Sklar & Associates Inc. by a family member. Now in the10th month of a Consumer Proposal process, I am very impressed with the organization, professionalism and impeccable customer representation that I have experienced. To this effect, I amparticularly thankful to Jerry Janiec and Rhoda Lewis for their excellent work.
Suzanna Vaclavik
12:21 16 Nov 22
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