Job or Income Loss

Even with the high employment levels we had before the pandemic, 1 out of 4 people who asked us for a consultation came to us after losing their job. When something like this happens, it’s important to quickly take control of the situation to avoid late debt payments and negative effects on your credit rating. Often, it’s not as bad as you might think. The trick is to assess your finances to help you see things more clearly.

First, we will list your debts, monthly payments and interest rates to determine your total monthly debt obligations. Then, we’ll help you prepare a budget to get a better sense of your financial means. Depending on your level of debt, you may be able to balance your budget just by changing some of your spending habits. You can usually put off some variable expenses (e.g. clothes) to help you get through tough times. In other situations, a debt repayment plan is necessary to find a long-term solution. This plan can be achieved through simple budget measures, a debt consolidation, a consumer proposal or a bankruptcy. It all depends on your financial situation and your preferences.

The sooner you have a clear picture of your personal finances and your options, the better your chances of pulling through.