"If you find that you're not making any headway with your debt and you're on the receiving end of a number of calls from creditors or collections agencies, you need to call us," says David Wood of Boale Wood & Company Ltd, a Licensed Insolvency Trustee firm with offices in Coquitlam, Surrey, and Vancouver that also provides services on the Sunshine Coast and in the Yukon Territory.
David and his colleagues at Boale Wood offer a free initial consultation to make sure you have all the information you need to make an informed decision about your debt load.
"Once you've been in to see us and filed a proposal or declared bankruptcy, calls from creditors or collection agencies must stop," notes David. "The only other way they are going to stop is if you pay the debt—and most people are receiving the calls in the first place because they can't afford to pay the debt."
One of the reasons David often hears from people who are hesitant to call Boale Wood for help, is the fear of affecting their credit rating.
"It's one of my pet peeves," says David. "I usually ask, 'what is your credit rating doing for you at the moment?' The answer is typically, 'Nothing,' in which case, it's time to stop worrying about it. People place far too much emphasis on their credit rating."
People struggling with debt often resist applying for a consumer proposal or declaring bankruptcy because of a fear that banks and credit card companies will not lend them money in the future.
"Not so," says David. "Credit card companies are in the business of making money. If people don't have credit cards, they're not making money. There are around 100,000 insolvencies in Canada every year and somewhere along the line, those people are discharged and get loans or credit cards."
What if you owe money to the Canada Revenue Agency?
"As Licensed Insolvency Trustees, we can address the issue of government debt, including student loans," David explains. "It's a big misconception that government debt is somehow different from consumer debt, but it's not true. Again, once a proposal or bankruptcy is filed, any calls and demands from government agencies must cease."