Mortgage/Car Loan Debt
Is your mortgage debt or car loan debt more than you can handle?
If you’re carrying more debt than you can comfortably pay, life is probably feeling quite stressful. The cost of living is getting higher and higher and you might be in a different financial situation now than you were when you borrowed for your home or your car.
Perhaps you’ve refinanced already and in addition to mortgage debt, you have credit card debt, student loan debt, car payments, and all sorts of other household bills.
Your mortgage and car debt are two examples of secured debt. That means that when you borrowed for your house or your car, the bank loaned you the money because they could take the asset back if you can’t make your payments.
Is a consumer proposal for you?
While filing a consumer proposal will not allow you to include forms of secured debt like mortgages or car loans, you will be able to reduce your other forms of debt (including credit card debt, student loans, payday loans, tax debt, and lines of credit) by up to 80%.
By eliminating those expensive debt payments with an interest-free consumer proposal, you may find it more manageable to cover your mortgage and car payments.
If, however, you feel you can no longer afford to make payments towards your vehicle, you can voluntarily surrender your vehicle to David Sklar & Associates. By voluntarily surrendering your vehicle you are no longer required to make car payments and any balance owing from your vehicle loan can be included in the consumer proposal.
Getting into debt is easy. Getting out is a different story.
But it's still possible!
Did you know there is a Debt Program federally regulated by the Canadian Government, designed to help citizens avoid claiming bankruptcy? This amazing program can only be administered by a Licensed Insolvency Trustee (LIT).
If you’re struggling to make your payments every month and creditors won’t stop calling, we can help.
What our clients are saying.
We are David Sklar
Our team of Licensed Insolvency Trustees in Ontario can help you get out of debt and in control of your own financial future. We’ve helped thousands of people and we can help you too.
We know this is stressful, but you're not alone.
It’s going to be okay.
Book your free consultation today. We’ll do the rest.