Owing Money and Problems making Payments

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 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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I’m very happy with the services I received for Jackie Stanley who helped me get my finances in order. It was a quick and easy process & all of my questions were answered.
Amanda Frappier
01:18 19 Nov 21
I have had the privilege of being supported by Jackie at David Sklar Associate. She was very helpful, very professional and very friendly. She gave me the help I need. Thank you Jackie for your help.
Alex Taylor
22:03 17 Nov 21
I filed a proposal with another group, which came in as a referral from one of my brokers. My experience went from ok to bad to worse, due to lack of communication and education on the process I was to embark on. I worked with Cori Naron in the past, and I came to her now for help on literally doing the work that the other group should have done. Cori stepped in, educated me, advised on rights, responsibilities, how the process works and what potential outcomes may happen. I do not have enough words of recognition and gratitude for what she did - she alleviated stress, anxiety, dead-end thoughts and she made me live again. Congrats to DSklar for hiring her and retaining such talent.
Giani Kokolakis
18:45 25 Oct 21
Very professional service. Before contacting David Sklar & Associates i contacted bunch of other firms they seemed fishy. After I spoke with Jason Sklar at Hamilton Office I discovered professionalism with hope. I was explained every step of my situation with solution professionally. Thank you David Sklar & Associates.
Wajay Awan
07:29 12 Oct 21
I met David a few months ago and i am glad I did. He has helped me all the way through my bankruptcy with good advice and explained every step of the process. David is a very down to earth and very professional. Anytime I've had a question I was able to reach out to David by phone or email and he always got back to me. If your struggling with your bills and need a way to get help, I strongly recommend David Sklar &Associates to help you. My experience with them on 1-5scale would be a 5;; My life is so much better now, thanks to David Sklar.
Bruce Locke
16:13 08 Oct 21
I have had the privilege of being supported by Jackie S, at David Sklar n Associate.She was helpful, professional and friendly. I was able to get the help I needed at a difficult time in my life. I would recommend anyone who needs support with working out their debts to ask for Jackie, she will be waiting to assist however she can to help you through your debts. She works with a team who is always ready and responsive.Thank you Jackie and your team:)
Denise Simpson
15:17 09 Sep 21
My experience with Ashley Carter at David Sklar and Associates was very pleasant and professional. The process was made easy by Ashley with her help in answering my questions and concerns.
Alex Lamparter
13:07 03 Sep 21
Ashley she was extremely helpful,super friendly and understanding my situation. I am very please for the service I received and I will recommend this Company to anyone in need of consolidating. Thanks so so much.
Nicole Minister
17:43 02 Sep 21
I finally pulled the trigger and seek help from this team. I tried to pay my debt in the way it should be until the pandemic made it even worst and couldn't keep up with my payments anymore. Jackie is an amazing person, I told her the problem, she gave me the solution and gave me a variety of options and walked me through the process. That simple. Thank you so much.
rr 28
12:44 21 Aug 21
Dealing with Jackie made the process so much more comfortable. From my first phone call with her I never felt like I was being looked down on. Jackie made this as easy as being in this situation could be.
Vi Smith
18:09 13 Aug 21
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